US Market
Jamaica has adopted new statistical methodologies for estimating economic performance.
The System of National Accounts 2008 “better reflect the international standards and comparability of our estimates,” said the acting head of Statin, Leesha Delatie-Budair. The system now uses a base year of 2015, up from 2007.
The changes in reporting economic output, or gross domestic product, has resulted in reclassifications across multiple industries, said Walata Wallace, acting director of the economic accounting division at Statin. For instance, transport and storage has been separated from the information and communication industry, and tour operators – previously grouped under transport, storage, and communication – will now be categorised under real estate and business services.
The category formerly known as ‘real estate, renting, and business activities’ has been renamed ‘real estate and business services’, now encompassing travel agencies, tour operators, private veterinary services, and other previously unclassified activities.
The ‘producers of government services’ category is now labelled ‘public administration and defence’. It excludes public health and education, but includes agencies such as the National Housing Trust and the National Health Fund.