Jamaica’s economy showed signs of recovery, growing by 1.1% in the first quarter of 2025 compared to the same period last year. This figure surpasses the Planning Institute of Jamaica’s preliminary estimate of 0.8% growth for the quarter.
Growth Sectors
The increase stems from expansions in both the goods and services industries. Goods-producing industries saw growth of 2.0%, while the services industry expanded by 0.8%.
Statistical Changes
The Statistical Institute of Jamaica (STATIN) has adopted the System of National Accounts 2008. This adoption includes rebasing to a new base year of 2015, which is updated from 2007. According to acting head of STATIN, Leesha Delatie-Budaire, this change will:
better reflect the international standards and comparability of our estimate
Delatie-Budaire added that:
Rebasing to 2015 allows for constant price estimates that reflect a more current reference point, thereby improving the accuracy of real growth measurements.
Industry Reclassifications
Changes in GDP reporting will result in reclassifications across various industries. The category formerly known as "real estate, renting, and business activities" has been renamed "real estate and business services." Furthermore, "Producers of government services" is now labeled "public administration and defence." A new industry classification has been introduced for education, human health, and social work.
Recent Economic Performance
This growth follows two consecutive quarters of economic decline, with the Jamaican economy decreasing by 3.5% in September and 0.8% in December of 2024. Walata Wallace, acting director of the economic accounting division at STATIN, and Delatie-Budaire presented these findings during a press conference where the adoption of the new statistical methodologies was also announced.
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