Economy grew 6.3% in September quarter — PIOJWednesday, November 24, 2021
KINGSTON, Jamaica — The local economy continued its positive growth trajectory expanding 6.3 per cent in the July to September quarter when compared to the similar period last year.
Providing preliminary estimates at a press briefing Wednesday morning, director general of the Planning Institute of Jamaica (PIOJ) Dr Wayne Henry said that growth recorded for the period was led by a general uptick in economic activities as a result of increased operating hours for businesses, higher productivity and employment levels as firms resume or ramp up operations.
Real sector developments show growth across most major sectors of the economy. During the review period the goods producing industry went up by 2.8 per cent while the services industry, again led by substantial growth in the hotels and restaurant sector (up 114.7 per cent) grew 7.3 per cent.
"Generally the prospects for the economy remain positive over the short term. However, the main downside to this positive outlook is the possibility of a fourth wave of COVID-19 infections, given the relatively low rate of vaccinations in the country as well as a spike in cases in the country's main source markets which has implications for the re-imposition of more restrictive public health and social measures," Henry said.
The director general said that given the positive economic outlook expected for the remainder of the year, projections for the current October-December quarter anticipates growth within a range of five to eight per cent.
"This will result in a calendar year (January to December) growth in the range of three to six per cent. For FY2021/22 the projection is for growth to be in the range of six to nine per cent," he further stated.