Jamaica Bauxite Mining Market Overview and Forecast to 2020: Trends, Fiscal Regime, Major Projects and Competitive Landscape
- Published: October 2011
- Region: Jamaica
The Planning Institute of Jamaica (PIOJ) has estimated that the economy grew by 1.4% during the last three months of 2013, which nudged the country's real GDP growth for the full calendar year to 0.1%. Prospects for growth are modestly better this year, thanks mostly to stronger external conditions.
The marginally positive economic outturn last year largely reflected increased external demand for bauxite and alumina as well as tourism services, according to the PIOJ. An increase in construction activities related to road works (the north-south leg of the Highway 2000 project, in particular), residential and hotel development (including the commencement of the Karisma hotel and the continuation of the RIU Palace, Memories and Marriott hotels) also supported growth. The performance and prospects of major sectors are reviewed below.
Agriculture. Output contracted by 1.3%, as recovery from Hurricane Sandy, which affected Jamaica in the last quarter of 2012, took most of the first half of 2013. Drought mitigation measures, improved weather conditions and increased output associated with the operations of agro parks pushed output up in the second half of last year. Consequently, the sector should easily realise higher output than year-earlier levels in the first half of 2014. Also, another four agro parks have commenced operations since the start of this year (20% of a targeted 2,000 acres are under cultivation), and two more are scheduled to be established before March 2015. Meanwhile, while sugar production hit a record low (121,000 tonnes) last year, rum and alcohol production in 2013 was the highest it has been in over a decade. SHOW LESS READ MORE >
Country Report Jamaica
Economy ends 2013 with marginal growth
Risks to growth in 2014