Review of Jamaica’s Economic Performance July – September 2014

The Planning Institute of Jamaica (PIOJ) published an economic performance report dated November 19, 2014. The report covesr the economic performance for the quarter July to September 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:

Agriculture, Forestry & Fishing
The Agriculture, Forestry & Fishing industry declined by an estimated 21.0%, reflecting:
Other Agricultural Crops down 32.9% due to declines in production in all crop groups Potatoes, down 47.9%; Vegetables, down 45.0%; Condiments, down 44.4%
Other components which recorded contractions were:  Traditional Export crops, down 1.0%; cent; and Post Harvest activities, down 41.8%
The fall-off in the industry was due to:  Drought conditions which curtailed planting activities and lowered yields for crops.

Mining & Quarrying
Crude bauxite production up 2.2% due to increased demand
Bauxite capacity utilization rate increased by 1.8% points to 86.0%

Transport, Storage & Communication
Real value added for Transport, Storage & Communication grew by 1.3% reflecting an expansion in the Transport & Storage; and the Communication components of the industry.
Transport component grew reflecting increased levels of activities at seaports:
Cargo volume handled at the islands seaports increased by 2.3% to 3.9 million tonnes:
Outports up 3.3% to 2.6 million tonnes – driven largely by increased Bauxite exports; Port of Kingston, up by 408 tonnes to 1.2 million tonnes
Airport activities were estimated to have increased due to 6.4% increase in total air passenger movements

Hotels & Restaurants
Real Value Added for Hotels & Restaurants grew by 3.9% due to increases in:
Cruise passenger arrivals up 27.3%
Stopover arrivals up by 5.0% resulting in
Total arrivals up 11.8%
Provisional visitor expenditure up 6.8% to US$523.0 million

WORTHY OF NOTE

  • For January to September 2014 inflation rate was 7.2%
  •  Remittance inflows for January-July 2014 amounted to US$1,238.3 million, up US$47.6 million relative to January–July 2013.
  • Total employed labour force increased by 16,700 persons to 1,124,600 compared with July 2013.
  • The unemployment rate for July 2014 was 13.8% compared with 15.4 % in July 2013.

SOURCE: Planning Institute of Jamaica