PRESS RELEASE
GROSS DOMESTIC PRODUCT
THIRD QUARTER 2004

The Quarterly Gross Domestic Product recently released by the Statistical Institute of Jamaica reveals that the Jamaican economy declined by 1.8 percent in the third quarter of 2004. Hurricanes Charley and Ivan adversely affected economic activity and this was reflected in the performance of some sectors during the quarter. The Productive Sector declined by 2.6 percent while output in the Services sector fell by 1.4 percent.

The Productive Sector was affected by the performance of the Agriculture, Forestry and Fishing and Mining and Quarrying sectors, which declined by 6.8 percent and 16.1 percent respectively.

The decline in the Services Sector reflected lower output levels in Electricity and water of 9.9 percent, Transport, Storage and Communication 5.3 percent, Real Estate and Business Services 0.1 percent and Miscellaneous Services 4.5 percent.

Gross Domestic Product in real terms grew marginally by 0.3 percent when compared to the third quarter of 2003. The Productive Sector declined by 0.9 percent with lower output levels recorded in the Agriculture, Forestry and Fishing and Mining and Quarrying sectors. Manufacturing and Construction and Installation however grew by 1.7 percent and 4.6 percent respectively.

The Services Sector grew by 1.0 percent reflecting the growth in the distributive trade, Financial and Insurance Services, Real Estates and Business Services and Miscellaneous Services sector. Electricity and Water and Transport, Storage and Communication however declined by 6.4 percent and 1.0 percent respectively.

The Quarterly Gross Domestic for the Third Quarter of 2004 further outlines additional information and may be obtained at the Distribution Office located at 7 Cecelio Avenue Kingston 10.