Jamaica witnessed 2% economy growth in last quarter of 2018: PM Holness

Prime Minister, the Most Hon. Andrew Holness, has informed that the economy grew by two per cent in the fourth quarter of 2018.

Mr. Holness, who made the announcement at the launch of Wigton Windfarm Limited’s initial public offering (IPO), at The Jamaica Pegasus hotel on Tuesday (April 9), said this revised figure was confirmed by the Statistical Institute of Jamaica (STATIN).

The agency reported that gross domestic product (GDP) growth for the October to December quarter was two per cent, compared to the corresponding quarter of 2017.

Preliminary estimates for the calendar year 2018 had indicated a growth of 1.9 per cent.

“We have had 16 consecutive quarters of growth, all increasing inch by inch. We will get to four… and very soon. We are on the runway, we are picking up momentum. We will take off and soar as this country is destined to do,” the Prime Minister asserted.

STATIN attributed this growth to increases in both the services industries and the goods-producing industries of one per cent and 4.9 per cent, respectively.

Growth was achieved in all the goods-producing industries: Agriculture, Forestry and Fishing (3.1 per cent), Mining and Quarrying (25 per cent), Manufacturing (two per cent) and Construction (3.7 per cent).

The services industries showed improved performance, with the exception of Electricity and Water Supply, which declined by 0.3 per cent.