Jamaica's economy expanded by 1.1% in the first quarter of 2025, compared to the same period last year. The Planning Institute of Jamaica had projected a preliminary estimate of 0.8% growth.
Industry Performance
The goods-producing industry grew by 2.0%, while the services industry expanded by 0.8%. These increases followed two consecutive quarters of economic decline in September and December 2024.
Statistical Updates
Jamaica has adopted the System of National Accounts 2008, using a base year of 2015. The previous base year was 2007. According to acting head of STATIN, Leesha Delatie-Budaire, this change will "…better reflect the international standards and comparability of our estimate."
Rebasing to 2015 allows for constant price estimates that reflect a more current reference point, thereby improving the accuracy of real growth measurements.
Revised Classifications
Changes in GDP reporting include reclassifications across industries. The category "real estate, renting, and business activities" has been renamed "real estate and business services." Additionally, "producers of government services" is now labelled "public administration and defence." A new industry classification has been introduced for education, human health, and social work.
Walata Wallace, acting director of the economic accounting division at STATIN, also attended the press conference. The Statistical Institute of Jamaica made the announcement regarding the adoption of new statistical methodologies.
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