KINGSTON, Jamaica, CMC—The Planning Institute of Jamaica (PIOJ) says the economy grew by an estimated 1.9 percent from January to March 2024.
Speaking during the PIOJ’s quarterly briefing on Tuesday, Senior Director in the Economic Planning and Research Division, James Stewart, said the outturn represents the 12th consecutive quarter of growth.
The performance for the review period primarily reflected the impact of increased external demand, higher levels of business and consumer confidence, increased agricultural output, and continued expansion in capacity utilization at alumina refineries.
Stewart indicated that a contraction in the construction industry tempered further growth in the economy.
Regarding real-sector developments, the goods-producing industry grew by an estimated three percent, driven by improved performances in three of the four industries: agriculture, forestry and fishing, mining and quarrying, and manufacturing.
“Output of the agriculture, forestry, and fishing industry was estimated to have increased by 7.7 percent. The industry’s performance reflected favorable weather conditions, facilitated by higher production levels, relative to the corresponding quarter of 2023 when drought conditions negatively impacted the industry,” Stewart said.
He noted that the quarter’s performance was spurred by greater productivity, as reflected in a 4.7 percent expansion in output per hectare.
“The group’ Other Agricultural Crops’ was estimated to have grown by 10.5 percent, reflecting increased production in all nine crop groups,” the Senior Director indicated.
Stewart informed that the mining and quarrying sector was estimated to have grown by 24.8 percent due to increased alumina and crude bauxite output.
He said increased demand resulted in 27.8 percent higher alumina production, while crude bauxite production rose by 4.6 percent.
Regarding manufacturing, he advised that the industry grew by two percent due to estimated growth in the ‘Food, Beverages and Tobacco’ and ‘Other Manufacturing’ sub-industries.
“Higher output was recorded for the ‘Food Processing’ component, largely due to bakery products, up eight percent; dairy products, up 1.9 percent; and poultry meat, up 2.3 percent. Further expansion of the ‘Food, Beverages and Tobacco’ sub-industry was tempered by lower production of sugar, down 15.1 percent, and beer, down 16.7 percent,” he detailed.
Meanwhile, real value added for the construction industry fell by 4.5 percent, reflecting a downturn in the ‘Building Construction’ component, which outweighed an estimated growth in the ‘Other Construction’ component.
Stewart explained that the performance of the ‘Building Construction’ component was constrained by the National Housing Trust’s (NHT) 56.5 percent contraction in housing starts.
Preliminary sales data further revealed a 10.8 percent decline in the actual sales of construction inputs, primarily hardware, paint, and glass, which fell by 12 percent.
“The estimated growth in the ‘Other Construction’ component was due to increased capital expenditure on civil engineering activities by the National Road Operating and Constructing Company (NROCC), up 609.2 percent to $5.1 billion, due largely to expenditure on the Montego Bay Perimeter Road in western Jamaica, and the Jamaica Public Service Company, up 38.7 percent to J$1.6 billion, due to construction and installation activities related to the transmission and distribution of electricity,” he stated.
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