The Planning Institute of Jamaica's 2023 Economic and Social Survey reveals that the local bauxite sector almost doubled its output last year, significantly contributing to an 86.8 per cent growth in the mining and quarrying industry compared to 2022.
This recent edition of the survey, tabled in Parliament on July 17, 2024, provides a comprehensive analysis of Jamaica's economic and social performance for the previous year. The findings highlight mining as the industry with the highest growth rate in 2023.
In 2022, the mining sector experienced a substantial decline, with a -35 per cent reduction in its real value added (RVA). However, last year, mining accounted for 1.8 per cent of Jamaica's total gross RVA, up from 1.0 per cent in 2022. RVA measures an industry's contribution to a nation's output or gross domestic product (GDP).
Since its inception in 1957, the Economic and Social Survey Jamaica has played a crucial role in assessing the country's annual performance. This report has been instrumental in providing valuable insights into the contributions of various sectors to the economy, underscoring its importance and long-standing contribution.
One of the key government policies that contributed to the industry's growth was the National Mineral Policy. This legislative framework was established to support the development of the mineral industry, and help meet global demand.
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