Jamaican economy records growth of 3.8 per cent in fourth quarter of 2022 – STATIN
The Statistical Institute of Jamaica (STATIN) is reporting that the Jamaican economy grew by 3.8 per cent during the December 2022 quarter when compared with the fourth quarter in 2021.
STATIN said this resulted from growth in growth in the Services and Goods Producing Industries of 3.6 per cent and 4.7 per cent respectively.
“This performance reflected the continued recovery of the economy from the adverse effects of the COVID-19 pandemic. All industries within the Services Industries grew, with the exception of the Producers of Government Services which fell by 0.8 per cent,” it added.
STATIN noted that the removal of COVID-19 restrictions significantly benefitted this segment of the economy. Increased activities were recorded for: Hotels & Restaurants (21.6 per cent), Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment (1.3 per cent), Other Services (10.4 per cent), Transport, Storage & Communication (5.9 per cent), Electricity & Water Supply (1.7 per cent), Finance & Insurance Services (1.4 per cent) and Real Estate, Renting & Business Activities (0.6 per cent).
STATIN said the growth in Hotels & Restaurants was mainly influenced by a 36.5 per cent increase in foreign national arrivals during the period. The increase in the Goods Producing Industries was largely due to higher output levels in Agriculture, Forestry & Fishing (5.9 per cent), Manufacturing (5.4 per cent) and Mining & Quarrying (99.0 per cent).
However, value added for the Construction industry declined by 4.8 per cent. The Agriculture, Forestry & Fishing industry benefitted from favourable weather conditions while the resumption of operations at the JAMALCO plant impacted the performance of the Mining & Quarrying industry.
“When compared to the third quarter of 2022, total value added at constant prices grew by 0.3 per cent, a continuation of the trend evident since the third quarter of 2020,” STATIN said.
It added that preliminary estimates indicate the Jamaican economy grew by 5.2 per cent in the calendar year 2022, a performance that reflected the continued recovery of the economy from the impact of the COVID-19 pandemic.
