The Numbers Behind Jamaica’s Economic Performance

The Planning Institute of Jamaica publishes economic performance reviews that covers the performance of the Jamaican economy for a given quarter. Listed below are links to some of the recent reviews. What do they reveal?

These reviews show the performances of different sectors of the economy such as agriculture, fishing, food & beverage, hotel & restaurants, transport, mining, manufacture and construction.

It also reveals the amount of money into the country from remittance, the currency exchange rate at the end of each quarter and the rate of inflation.

For January to November 2012 remittance from abroad was US$1859.0 million. Remittance accounted for US$1841.6 million for the first eleven months of fiscal year 2012/13. These numbers tell us that remittance to Jamaica is somewhere between US$150 million and US$170 million per month.

The reviews tell a story about the work force:

Total population in July 2013: 2,715,200
Labour Force: 1,309,700
Employed Labour Force: 1,108,100
Unemployed Labour Force: 201,600 (15.4%)

If you belong to the hotel, restaurants and tourism industries you can use recent trends to help with your planning:

January 2013
Airport arrivals declined by 3.2%
Cruise passenger arrivals increased by 8.9%

April 2013
Airport arrivals declined by 1.9%
Cruise passenger arrivals decreased by 12.2%

July 2013
Airport arrivals declined by 0.2%
Cruise passenger arrivals increased by 7.0% to 7994

October 2013
Airport arrivals grew by 12.5%
Cruise passenger arrivals up by 30.4%

Although numbers can be manipulated to argue for or against a certain position, these stats provided by the Planning Institute of Jamaica are very valuable. They can be used to monitor trends, to make projections and to assess the the likelihood of a business surviving in a given industry.

RECENT ECONOMIC PERFORMANCE REVIEWS

Jul – Sep 2013

Apr – Jun 2013

JanĀ  -Mar 2013

Oct – Dec 2012