Mining, Construction Lone Bright Spots for Jamaican Economy

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Above: the PIOJ press briefing

By the Caribbean Journal staff

While Jamaica’s economy continued its decline in the second quarter of 2013, there were some bright spots: mining, quarrying and construction, according to the Planning Institute of Jamaica.

While the economy as a whole fell by 0.4 percent, the mining and quarrying sector grew by 5 percent, while the building component of the construction sector rose by 1.5 percent.

The mining sector’s improvement was driven by increased production of alumina, which rose by 8.6 percent in the period, while crude bauxite production fell by 4.4 percent.

Construction growth was led by increased residential developments by major housing developers, the PIOJ said, with mortgage volume rising 17.7 percent.

The hotel and restaurant sector rose by a slight 0.2 percent, with a corresponding 0.3 percent increase in stopover arrivals.

For the year through June, Jamaica’s real GDP fell by 0.8 percent year over year.

 

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