Business
Jamaica: All major indices point to positive economic growth in 2011
(Jamaica Gleaner) – Jamaica’s economy recorded growth of 1.5 percent in 2011 – the first annual expansion in real gross domestic product (GDP) recorded since 2007. This was driven largely by a boost in demand for bauxite and alumina as well as better weather conditions which drove improved performance in the agricultural sector.
For the fourth quarter, October to December 2011, the economy is estimated to have expanded by 1.7 percent compared with the corresponding period in 2010, the Planning Institute of Jamaica (PIOJ) reported Thursday.
During the three-month period reported above, the goods-producing sector grew by 5.8 percent, while the services industry expanded by 0.2 percent, PIOJ Director General Dr Gladstone Hutchinson said, while reviewing the economy’s performance at the institute’s New Kingston offices.
All industries recorded growth in the goods-producing sector during the review period, with agriculture, forestry and fishing evidencing the strongest increase of 16.4 percent.
Growth in agriculture reflected a 28.9 percent improvement in ‘other agricultural crops’, as well as recovery relative to the corresponding period in 2010 when performance was negatively affected by the impact of Tropical Storm Nicole in September that year, in addition to the global recession.
Mining and quarrying was up 8.2 percent, driven by higher production of alumina and crude bauxite of 6.4 percent and 18 percent respectively, “largely reflecting the continued impact of the reopening of the Windalco Ewarton Alumina Plant – in St Catherine, and increased bauxite production by Noranda Bauxite Company in St Ann,” Dr Hutchinson said.
Real value-added in the manufacturing industry grew by 2.1 percent due to increases in food, beverages and tobacco, up 1.8 percent, and ‘other manufacture’, which increased by 2.5 percent.
