It's the Economy: Jamaican economy not much to rave about during April to June quarter 2024.

According to a newly published report by the Planning Institute of Jamaica (PIOJ), Jamaica's economy grew by a measly 0.1% during the quarter between April to June 2024.

The announcement was made at the PIOJ's quarterly media briefing on Wednesday (Sept 4).

The PIOJ also estimated that our economy will contract in the next quarter due to the impact of Hurricane Beryl.

After 12 consecutive quarters of economic growth, the Jamaican economy has stalled.

PIOJ Director General, Dr. Wayne Henry, says GDP for the April to June quarter barely improved by 0.1%.

Both the goods-producing and services industries recorded less than a 1% growth.

On the goods-producing side, average growth was 0.7% for the period.

This was mainly driven by a 6.2% increase in the mining and quarrying sector.

It was followed by a 2.7% improvement in agriculture.

The Services industry grew by only 0.1%.

For the first time in many years, hotels and restaurants did not lead the growth trend in this segment of the economy.

The industry which represents tourism improved by only 0.1%.


Electricity and Water supply was the only sector to significantly improve with a growth rate of 2.7%.

All other sectors in the services industry grew between 1% and 0.1% or declined for the period.

Gross Domestic Product, GDP, for the period was depressingly flat.

Meanwhile, the PIOJ is estimating a potential contraction in the Jamaican economy for the July to September quarter.

It’s anticipated this will be caused by the impact of Hurricane Beryl which passed just south of the island on July 3.