According to the Statistical Institute of Jamaica (STATIN), Jamaica’s Gross Domestic Product (GDP) grew during the first quarter ending March 31, 2018 (Q1 2018), by 1.4% relative to the 0.3% recorded during the first quarter of 2017. This is also higher than the Planning Institute of Jamaica’s (PIOJ) 1.2% estimated growth for the quarter and the 1.2% growth recorded during the fourth quarter of 2017.
The increase was due to improved performance in both the Goods Producing and Services Industries. The resumption of production at the Alpart refinery in the latter part of 2017, coupled with the increased demand from overseas markets for crude bauxite, positively impacted the Mining & Quarrying industry. Jamaica’s economy continues to benefit from the Government’s fiscal prudence and improving macroeconomic and global factors. We anticipate that it is likely that the economy may continue to exhibit positive economic growth for the remainder of 2018 however Jamaica still has some distance to go to achieve the 2.5% growth forecasted by the Government of Jamaica.