Jamaica’s Economy: Minister of Finance, Nigel Clarke says that an official release from the Statistical Institute of Jamaica shows that the country has fallen in its production of goods and services, referred to as the Gross Domestic Product (GDP).
The country’s economy has declined by 18.4 percent for the April to June quarter, which is the second quarter. Contributing factors were the decline in the Goods Producing Industry, which fell by -12.7 percent. While the Services Industries fell by -20.3 percent.
Of the facets in the Goods Producing Industry, Mining and Quarrying had the most dramatic fall at -25.2 percent. Followed by Construction at -14.5 percent, Manufacturing -11.8 percent and Agriculture, Forestry and Fishing at -7.9 percent.
In the Services Industries, Hotels and Restaurants declined by -85.6 percent. While, Producers of Government Services increased by 0.2 percent.
Other Services that declined were the Real Estate, Renting and Business Activities (-5.5 percent), Finance and Insurance Services (-5.5 percent), Electricity and Water Supply (-8.7 percent), Wholesale and Retail Trade (-15.6 percent), Transport, Storage and Communication (-20.8 percent) and Other Services (-44.3 percent).
The Minister says this is the worst quarterly decline in the country’s history.