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Country Report Jamaica Product Image

Country Report Jamaica

  • ID: 2105438
  • May 2015
  • Region: Jamaica
  • 24 Pages
  • The Economist Intelligence Unit

Real GDP rose by a modest 0.3% from year-earlier levels in the first quarter of 2015 as a sharp decline in manufacturing offset fairly strong growth in tourism and construction.

Manufacturing suffered a sharp decline in the quarter, falling by 3.1%. This decline owed to the continued unexpected shutdown of the Petrojam oil refinery to facilitate repairs, which carried over from the final quarter of 2014. The closure led to a reduction in the manufacture of petroleum products during the quarter. Low sugarcane yields also led to a 24% decline in sugar output, while cement and clinker production were down by 20% and 11% respectively.

The fall in manufacturing was offset by strong growth in tourism and hospitality: the total number of visitors to the island during the first three months of 2015 was up by 10% from year-earlier levels. The increase in tourist arrivals led to a 5% increase in visitor expenditure (US$680m for the quarter under review). It also helped to boost output from transport, storage and communication (which was up by 1%), outweighing the 4% decline in maritime cargo handled at the island's seaports.

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Country Report Jamaica

Economy off to slow start in first quarter
Event
Analysis
Impact on forecast

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Note: Product cover images may vary from those shown

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