Review of Jamaica’s Economic Performance April – June 2014

The Planning Institute of Jamaica (PIOJ) published an economic performance report dated August 20, 2014. The report coves the economic performance for the quarter April to June 2014. This report covers sectors of the Jamaican economy such as tourism, agriculture, forestry & fishing, manufacture and construction.

Here are some of what you will find in the report:

Wholesale & Retail Trade

Higher sales were recorded for:

  •  Wholesale & Repair of Household Goods, up 11.8%
  •  Agriculture, Food, Beverages & Tobacco, up 5.7%
  •  Textiles, Clothing, Shoes & Jewellery, up 2.7%
  •  Electronic & Internet Retail, up 7.4%

Tourism

  • Real Value Added for Hotels & Restaurants increased by 2.7%
  •  Total Visitor Arrivals, up 10.0%
  • Stopover Arrivals, up 3.1%
  • Cruise Passenger Arrivals, up 24.7%
  • Visitor Expenditure, up 5.7% to US$541.1 million

Agriculture

Real Value Added in the Agriculture industry grew by 12.5% based on PIOJ’s production index:

  • Traditional Export crops, up 92.1%
  • Other Agricultural Crops up 5.5%
  • Animal Farming up 0.9%

It is also worth noting that:

For January–June 2014 the inflation rate was 2.4%

Revenue & Grants totalled $89.7 billion in April–June 2014, while Expenditure totalled $103.9 billion.

Crude bauxite production (up 13.3%) was impacted by higher global demand resulting in an increase of 11.8 % points in the Bauxite Capacity Utilization rate.

The average nominal exchange rate at the end of June 2014 was $112.2 per US$1.00.

The unemployment rate for April 2014 was 13.6 % compared with a rate of 16.3 % in April 2013.

SOURCE: Planning Institute of Jamaica