The Planning Institute of Jamaica’s Review of Economic Performance,
April–June 2025
Media Brief
August 19, 2025

Before I provide the details on economic performance, let me remind you of the purpose of these quarterly economic estimates provided by the PIOJ. The PIOJ presents preliminary estimates on economic performance for each quarter. This is based on early information provided by major data providers.

The provision of preliminary estimates is consistent with trends in modern economies globally, where it is the common practice to release a 1st, 2nd and even a 3rd preliminary estimate, before the final figures are provided. The PIOJ releases the preliminary growth estimate approximately six weeks following the end of the quarter being reviewed, while STATIN releases the official figures at the end of the 3rd month following the end of the quarter.

Various stakeholders, including our International Development Partners, the Private Sector, as well as the Government, use the preliminary data to inform critical planning and policy-related decisions.

This Quarter’s report, marks the first since the release of the revised GDP format by the Statistical Institute of Jamaica (STATIN), in accordance with the 2008 System of National Accounting (SNA). The update became effective as at the January–March 2025 quarter and currently includes revisions going back to 2015. The adoption of the 2008 SNA replaces the previously used 1993 SNA. This update brings Jamaica’s economic reporting in line with international best practices and enhances the country’s ability to generate timely and relevant data for policy and development planning. As part of the revision, STATIN has also implemented the Jamaica Industrial Classification 2016 (JIC 2016) and rebased the country’s constant price GDP estimates to the year 2015, replacing the previous 2007 base year.

These methodological enhancements—supported by updated classifications, new data sources, and improved measures of household consumption and informal sector activity—resulted in an average increase of 7.8% in GDP levels between 2015 and 2023. It should be noted that the revisions undertaken by STATIN were independently reviewed and accepted by key development partners, reinforcing the credibility of these updates.

Some of the implications from the revisions are:
1. Changes in the National Accounts classification of industries, for example
a. the Electricity & Water Supply industry, is now renamed Electricity, Water Supply & Waste Management industry. Waste Management was previously captured in the Other Services industry
b. the Transport, Storage & Communication industry is now the Transport & Storage industry. To capture Telecommunication activities, a new industry named ‘Information & Communication’ has been added
c. the Producers of Government Services industry is now renamed Public Administration & Defence industry
d. the Hotels & Restaurants industry is now renamed the Accommodation & Food Service Activities Industry
e. the Other Services industry is now renamed Education, Health & Other Services Industry.

2. The increase in nominal GDP levels and its impact on key economic variables, for example the debt to GDP ratio. The debt to GDP ratio for FY 2024/2025 was previously estimated at 67.3%.The more accurate accounting for output levels, has resulted in a higher GDP level for the fiscal year, and as such the debt to GDP ratio is now 62.4%. This brings the country closer to the mandated FY2027/28 debt to GDP target of 60.0%.

Today, we are reporting that the Jamaican economy recorded an estimated growth of 1.4% compared with the corresponding quarter, April to June 2024. READ MORE