Review of Jamaica’s Economic Performance January – March 2014

The Planning Institute of Jamaica (PIOJ) published an economic performance report dated May 15, 2014. This report covers the performances of different sectors of the Jamaican economy such as agriculture, forestry & fishing, manufacture, construction and tourism.

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

Fiscal Accounts
A fiscal surplus of $21.4 billion was recorded during the quarter
Revenue & Grants totalled $122.4 billion in Q1 2014, while expenditure totalled $101.0 billion

Exchange Rate
The average nominal exchange rate at the end of March 2014 was $109.57 per US$1.00, representing 2.9% nominal depreciation compared with end of December 2013.

Agriculture
Real Value Added for the Agriculture industry grew by 18.0%,based on PIOJ’s production index:
Production of Plantains grew by 198.7%
Production of Potatoes grew by 35.5%
Production of Fruits grew by 25.1%
Traditional Export crops up 61.5% reflecting:
Higher output for Bananas up 231.6% to Pre-Hurricane Sandy levels
Cocoa up 260.8%
Sugarcane up 12.8%

Mining & Quarrying
Real Value Added grew by 8.0%.
Total bauxite production increased by 2.8% reflecting the combined effect of:
Higher alumina production by 11.4%
Lower crude bauxite production down 6.2%
This was due to increased demand globally and reflected:
Higher production at WINDALCO’s Ewarton and JAMALCO plants

Tourism
Real Value Added for Hotels & Restaurants grew by 0.6%
Stopover arrivals grew by an estimated 0.2%
Cruise visitor arrivals decreased 5.3%

SOURCE: Planning Institute of Jamaica