Thu | Feb 27, 2020

Economy contracts 1%

Published:Friday | July 30, 2010 | 12:00 AM

The Jamaican economy created J$121 billion of value in the January to March period, but the Statistical Institute of Jamaica (Statin) is reporting that tourism and transport were stars among the sectors that shed value as a group.

The economy contracted in real terms by one per cent relative to the March 2009 quarter, and by 0.5 per cent since December.

The Planning Institute of Jamaica previously estimated the Q1 contraction at a more pessimistic 1.4 per cent, but Statin is the final arbiter of GDP performance.

Services as a group was relatively unchanged, despite a seven per cent advance by hotels and restaurants, but the output from the goods-producing segment shrunk by four per cent.

Jamaica's real gross domestic product peaked at J$510.7 billion in 2007 but has been falling since, hitting J$490.7 billion last year. Jamaica expects to exit the recession later this year, with projected growth of half-a-point.

Within the past decade, Jamaica's best quarterly GDP outcome of J$128.8 billion was recorded in June 2007; while the best first quarter with output valued at J$127.6 billion was in March 2007.