Economy Contracts in 2012

Source: STATIN

As predicted by the PIOJ in February, data from STATIN revealed that the Jamaican economy contracted in 2012 as GDP fell by 0.35%. This marks Jamaica’s fourth year of contraction in the past five calendar years.

Ranking Of Contribution to GDP:

1. Wholesale & Retail Trade, Repairs; Installation of Machinery & Equipment

2. Producers of Government Services

3. Finance & Insurance

4. Transport, Storage & Communication

5. Real Estate, Renting & Other Business Activities

6. Manufacturing

7. Construction

8. Other Services

9. Agriculture & Fishing

10. Hotels & Restaurants

11. Food, Beverages & Tobacco

12. Other Manufacturing

13. Electricity & Water Supply

14. Mining & Quarrying

Some of the major industries that have contributed to the economic downturn of the last five years include:

1. Mining & Quarrying:

Source: STATIN

2. Agriculture & Fisheries:

Source: STATIN

3. Construction:

Source: STATIN

4. Manufacturing:

Source: STATIN

5. Hotels & Restaurants:

Source: STATIN

6. And last but not least, the second largest category to make up Jamaica’s Gross Domestic Product (GDP) is none other than “Producers Of Government Services”:

Source: STATIN