July 6, 2022
It has been reported by the Statistical Institute of Jamaica (STATIN) that the Jamaican economy has grown by 8.2% throughout the 2021/2022 financial year. This growth was assisted by the 6.4% out-turn between January and March 2022, relative to the corresponding period last year.
STATIN indicated in a statement on Thursday, June 30, that the March quarter out-turn was driven by an 8.9% and a 0.4% expansion in the services and goods-producing industries, respectively.
The Institute informed that economic activity on a whole was positively impacted by the easing of COVID-19 precautionary measures, which included the withdrawal of the Disaster Risk Management Order during the period.
Additionally, STATIN advised that all industry subsectors experienced growth, led by ‘Hotels and Restaurants’, which grew by an outstanding 107.1%. Notably, a rise in international arrivals of 230.1 % had a favorable impact.
The results for the other subsectors saw increases in “other services” up by 12.4%, “electricity and water supply” up by 1.4%, “real estate, renting and business activities” up by 1.1%, “finance and insurance services” rose by 0.7%, and “producers of government services” up by 0.4%. ‘Wholesale and retail trade, repairs, installation of machinery and equipment, and ‘transport, storage, and communication’ saw growth of 8.8 % each.
Meanwhile, three of the four goods-producing industry subsectors reported increasing outputs. ‘Agriculture, forestry, and fishing’ took the top spot with an increase of 8.2 %, followed by manufacturing (up 4%) and building (up 3.5%).
Unfortunately, it was reported that mining and quarrying fell by 60%. Finally, STATIN reported that favorable weather conditions were beneficial for ‘agricultural, forestry, and fishing’ industry.
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