Economy grows by 6.4 per cent

JAMAICA’S economy grew faster than previously thought in the first quarter of this year, according to final data released by the Statistical Institute of Jamaica (Statin) on Thursday.

Statin figures show the economy expanded by 6.4 per cent between January and March. That was faster than the six per cent growth estimated by the Planning Institute of Jamaica.

Both the services and goods-producing industries reported growth as Statin noted that, “the easing of COVID-19 containment measures, including the withdrawal of the Disaster Risk Management Order during the period, positively impacted economic activity.”

There were improvements in the performance of all categories across the services industry with hotels and restaurants recording the highest growth rate of 107 per cent. Hotels and short-stay accommodations and restaurants, bar and canteens reported increased business on the back of a 230 per cent jump in tourist arrivals when compared to the same period in 2021.

The goods-producing industries, however, had mixed results. While agriculture, forestry and fishing (8.2 per cent), manufacturing (four per cent), and construction (3.5 per cent) recorded increases in output levels, the mining and quarrying industry contracted by 60 per cent.

“The agriculture, forestry and fishing industry benefited from favourable weather conditions,” Statin outlined.

When compared to the fourth quarter of 2021, the economy declined by 1.2 per cent. The economy grew by 8.2 per cent for the fiscal year 2021/2022 compared to the fiscal year 2020/2021.

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