KINGSTON, Jamaica,– The Jamaican economy grew by 8.2 percent during the fiscal year 2021-22 compared to the previous financial year, the Statistical Institute of Jamaica (STATIN) reported.
It said that the increase was aided by a 6.4 percent out-turn between January and March 2022, compared to the same period last year.
In a statement, STATIN indicated that the March quarter out-turn was driven by 8.9 and 0.4 percent growth in the services and goods-producing industries, respectively, advising that economic activity was positively impacted by the easing of coronavirus (COVID-19) containment measures, including withdrawal of the Disaster Risk Management Order during the period.
According to STATIN, all services industry subsectors grew, led by ‘Hotels and Restaurants’, which recorded a 107.1 percent out-turn.
The performance of that subsector resulted from growth in hotels and other short-stay accommodations, restaurants, bars, and canteens. It was also positively impacted by a 230.1 percent increase in foreign national arrivals, as the country returns to pre-pandemic tourism arrival numbers.
The out-turns for the other subsectors saw ‘Wholesale and Retail Trade, Repairs, Installation of Machinery and Equipment’ and ‘Transport, Storage and Communication’ growing by 8.8 percent each; ‘Other Services’, up 12.4 percent; ‘Electricity and Water Supply’, up 1.4 percent; ‘Real Estate, Renting and Business Activities’, up 1.1 percent; ‘Finance and Insurance Services’, up 0.7 percent; and ‘Producers of Government Services’, up 0.4 percent.
Meanwhile, higher outputs were recorded for three of the four goods-producing industry subsectors.
‘Agriculture, Forestry and Fishing’ led the way with 8.2 percent, followed by ‘Manufacturing’, up to four percent, and ‘Construction’, up 3.5 percent. Mining and Quarrying declined by 60 percent.
STATIN indicated that ‘Agriculture, Forestry and Fishing’ benefited from favorable weather conditions.
CMC/
