Statin reports 1.4% growth in June quarter
STATISTICAL INSTITUTE of Jamaica, the final arbiter on national output, reports that the economy grew 1.4 per cent in the June quarter – a more robust estimate than initially reported.
Statin’s estimate eclipses the 1.1 per cent growth reported by Planning Institute of Jamaica by 0.3 percentage point.
The statistical agency reported last Friday that goods GDP expanded by 3.3 per cent in the second quarter and services GDP by 0.8 per cent.
Statin valued overall economic output at $432.94 billion based on current market prices in the quarter, which was just shy of the $433.58 billion recorded in the March 2016 quarter, but outperformed the $408.45 billion estimated for the June 2015 quarter, according to output values published on its website.
At constant prices, the June 2016 quarter generated $189.3 billion of value, up 1.37 per cent from $186.7 billion at June 2015.
The mining and quarrying industry was the only goods producing sector to underperform in the June quarter, which Statin linked to “reduced activities at the Noranda Bauxite plant in Jamaica resulting from the reduced demand for bauxite from the United States of America”.
In the area of services, the sole underperformer was producers of government services. The hotels and restaurant segment, which captures the tourism sector, grew 1.3 per cent, due to continued growth in both stopover tourists and cruise passengers. The top performing services industry was water supply and electricity services, up five per cent in the quarter.