Economy Grows by 0.8% in Q4 2017

The Jamaican economy grew by 0.8-percent for the third quarter of 2017 when compared to the corresponding quarter in 2016.

When compared with the second quarter of 2017, the economy grew by 1.4-percent.

The Statistical Institute of Jamaica, STATIN, says the increase was attributed to improved performances in both the Services and Goods Producing industries.

STATIN also says the one percent growth in the Services industries was as a result of increased levels of output in Electricity and Water supply, Hotels and Restaurants, Transport, Storage and Communication as well as the wholesale and retail trade.

It says output for the Goods Producing industries increased by zero point three percent due mainly to a 2.3-percent increase in Manufacturing and a 1.2-percent increase in Construction.

STATIN says agriculture, forestry and fishing declined by 0.8-percent.

Mining and Quarrying declined by 7.8-percent.

The entity says the decline in performance of the agriculture, forestry and fishing sector was largely due to unfavourable weather conditions as a result of heavy rainfall.

It says the decrease in the Mining and Quarrying industry resulted from a fall in alumina production and bauxite mining.

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