The overall performance of the Jamaican economy for the July to September quarter was impacted by continued slowdown in the global economy (which tempered the demand for Jamaica’s goods and services) coupled with drought conditions. Real GDP contracted by 0.6 per cent resulting from a decline of 2.4 per cent in the Goods Producing Industry as the Services Industries remained flat. The assessment was made by the Planning Institute of Jamaica’s (POIJ) Director General, Dr. Gladstone Hutchinson, at the Institute’s quarterly press briefing today, Tuesday, November 20, 2012.  He provided details on the performance of the economy as well as an update on the indicators of well-being and progress that track Jamaica’s achievements towards Vision 2030 Jamaica for the 3rd quarter of the calendar year.

Within the Goods Producing Industry, all industries registered declines — Agriculture (down 0.5 per cent); Mining & Quarrying (down 10.4 per cent); Construction (down 3.5 per cent); and Manufacture (down 0.6 per cent). Within the Services Industry, Hotel & Restaurants (Tourism) registered an increase of 2.3 per cent along with Electricity & Water (up 0.2 per cent); Finance & Insurance Services (up 0.8 per cent); and Wholesale & Retail Trade, Repair & Installation of Machinery (up 0.4 per cent). All other industries recorded declines.

Dr. Hutchinson noted that there were gains in the Labour Market.  The total employed labour force grew by 11,100 persons to reach 1,094,700 in July 2012 compared with July 2011.  However the rate of unemployment at 12.8 per cent was 1.5 percentage points lower than recorded in April 2012, but 0.5 percentage point higher than July 2011.

Overall, prospects for the economy in the up-coming quarter, October to December 2012, remain challenging. Dr. Hutchinson pointed out that the continued subdued performance in the global economy as well as the impact of Hurricane Sandy on domestic production will adversely impact the out-turn during the period.

Governance, Social and Environment Indicators
Under the Vision 2030 Jamaica-National Development Plan framework, two areas—Labour Force Quality and Security Status—were examined. Under Labour Force Quality, 24.5 per cent of the total labour force had vocational or professional certification based on the quarterly labour force survey for July 2012. This represents an increase of 0.6 percentage point compared to 23.9 per cent with vocational or professional certification in the July 2011 survey. The overall downward trend in crime which began in June 2010 continued, 276 major crimes per 100,000 population were committed over the period January to September 2012, a decline of 9.6 per cent from 305 per 100,000 population over the similar period in 2011.  The murder rate for January to September 2012 was 31 per 100,000 population, up 1.1 per cent over the similar period in 2011.

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