Planning Institute of Jamaica’s Review of Economic Performance, July–September 2024
Speaking Notes
November 20, 2024

1. Overview – Current Economic Context
Before I provide the details on economic performance, let me take this opportunity to 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, approximately 6 weeks following the end of the quarter being reviewed. This is based on the latest available information from major data providers.

This release of the preliminary estimate is consistent with protocols in modern economies globally, where it is the common practice to release preliminary estimates, before the final official figures are published. In the case of Jamaica, the PIOJ releases the preliminary growth estimate within the first six weeks following the end of the quarter being reviewed, and STATIN releases the official GDP figures at the end of the 3rd month following the quarter being reviewed.

The preliminary out-turn is used by various stakeholders, including our International Development Partners, the Private Sector, as well as the Government, for whom the magnitude and direction of sectoral performance is critical to inform planning and policy-related decisions.

Today, we are reporting an estimated contraction of 2.8% in Real Value Added during the July–September 2024 quarter, relative to the corresponding quarter of 2023. The estimated out-turn for the review quarter largely reflected the adverse impact of Hurricane Beryl and other hydrological events. . . READ MORE