KINGSTON, Jamaica, CMC – The Statistical Institute of Jamaica (STATIN) says the local economy grew in the first three quarters of last year, registering an increase of 5.1 percent in the July to September quarter.
STATIN’s Director General, Leesha Delatie-Budair, said that for the first two quarters of last year, the economy grew by 1.1 percent and 1.7 percent, respectively.
Leesha Delatie-Budair
She said that in the fourth quarter of last year, the economy contracted by 7.1 percent due to US$8.8 billion in damage from Hurricane Melissa, which hit the island on October 28.
Delatie-Budair said the storm’s impact was evident across both the goods-producing and services industries.
“The goods-producing industries declined by 10.7 percent, and this was largely attributed to declines in agriculture, forestry, and fishing, which contracted by 17.7 percent. The services industry contracted by 5.9 percent. We saw all service industries recording a decline except for finance and insurance and the public administration and defense,” she said.
The Director General said that accommodation and food service activities contributed the largest to the decline.
“This industry fell by 31 percent and accounted for 42.4 percent of the overall decline in the services industries,” she explained.
Other notable declines included electricity, water, and waste management, which fell by 11.7 percent, and wholesale and retail trade, repair of motor vehicles, and installation of machinery and equipment, which fell by 2.2 percent.
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