The Jamaican System of National Accounts has undergone significant revisions to
bring it in line with the United Nations 1993 System of National Accounts (1993
SNA). This included changes in concepts, definitions, and the methodology used
in estimating output for some industries. A comprehensive revision was also
undertaken of the estimates to ensure that all productive activities, including
that of the non-observed economy were captured. This task was aided by the
availability of new and revised data such as the 2004/2005 Household Expenditure
Survey. The measurement of the non-observed economy was also guided by
international best practices and manuals as those offered in the handbook on
measuring the non-observed economy released by Organization for Economic
Cooperation and Development (OECD) in 2002. The classification of industries
used in the revised national accounts system has been adapted to the Jamaica
Industrial Classification (JIC 2005). The base year for the constant price
estimates has been changed from 1996 to 2003.
A REVIEW OF 2007
The Jamaican economy grew by 1.4 per cent in 2007 when compared with 2006. This
growth was achieved despite the contraction of output in the Goods Producing
industries.
The improvement in the value added was the result of improved performance in the
Services industries. Most industries showed positive growth rates for the first
half of the year and declining or lower growth rates in the second half. Adverse
weather conditions and rising commodity prices were some of the factors which
affected the performance in the latter half of the year.
The decline in the Goods Producing industries was 0.1 per cent, due to lower
output levels in Agriculture, Forestry & Fishing and Mining & Quarrying which
fell by 6.0 per cent and 2.7 per cent respectively. The passage of hurricane
Dean in August and heavy rains in September through to November caused severe
damage to crops, livestock and infrastructure. Manufacture and Construction
however recorded growth of 0.2 percent and 4.6 per cent respectively.
Value added for the Services industries moved from J$368,356.5 million in 2006
to J$375,693.2 million in 2007 reflecting an improvement of 2.0 per cent. All
industries within this group experienced growth during the year. Wholesale &
Retail grew by 2.0 per cent, Transport, Storage & Communication by 3.3 per cent,
Real Estate, Renting & Business Activities by 3.2 per cent and Finance &
Insurance Services by 3.4 per cent