Economy Contracted by 3.5% in Third Quarter of 2024

The economy contracted by 3.5 per cent in the third quarter of 2024 compared to the same period in 2023.

This is according to the Statistical Institute of Jamaica, STATIN, which released its Quarterly Gross Domestic Product report on Tuesday.

STATIN says the services industry shrank 2.2 per cent, while the goods producing industry declined by 7.2 per cent.

Further, STATIN says the economy shrank by 1.8 per cent in the July-September quarter of 2024 when compared to the April–June period of the same year.

The agency says the decline resulted from fall offs in both the goods producing and services industries.

The goods-producing industry shrank by 4.5 per cent, while services contracted by 0.8 per cent.

STATIN notes that the passage of Hurricane Beryl in July contributed to the adverse performance.

The reports says Beryl’s impact was most acutely felt in the agriculture, forestry and fishing industries, as well as mining and quarrying.

STATIN says delays in power restoration across several parishes following the hurricane negatively affected the performance of both the electricity and water supply and other services industries.