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Decline in mining, quarrying stunt economic growth for past quarter | Business

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The Jamaican economy grew by a mere 0.3 per cent growth for the quarter ending, because of lower output due mainly to the winding down and operational closure of the JISCO-Alpart alumina refinery in St Elizabeth.

Growth was driven by the services industry which expanded by 1.2 per cent.

The industries recording the largest growth were finance and insurance services, up 3.0 per cent; hotels and restaurants, 2.3 per cent, and other services, up 1.5 per cent.

However, the goods producing industry contracted by 2.1 per cent.

That resulted from a decline in mining and quarrying, down 18.5 per cent; construction, down 1.5 per cent, while agriculture, forestry and fishing declined by 0.2 per cent.

Manufacturing, however, grew by 1.6 per cent.

Director General of the Planning Institute of Jamaica, Dr Wayne Henry, in reviewing the economic performance today, said, growth is projected to be in the range of zero to 1.0 per cent for the quarter to December.

business@gleanerjm.com

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