REVISION OF THE JAMAICAN SYSTEM
OF NATIONAL ACCOUNTS

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.