Statin re­ports 1.4% growth in June quar­ter

Jamaica Gleaner - - ENTERTAINMENT - Busi­ness@glean­

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.

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