Tue | May 17, 2022

Jamaica records third quarter growth of 5.8 per cent

Published:Saturday | January 1, 2022 | 11:59 AM
STATIN said the economy continued to show signs of recovery from the negative impacts of the coronavirus pandemic in 2020.

JIS:
The Statistical Institute of Jamaica (STATIN) is reporting third quarter growth of 5.8 per cent for July to September, compared to the corresponding period in 2020.

In a statement on Friday STATIN said the outturn was attributable to growth in the services industry, up 7.1 per cent and the goods producing sector, up 2.4 per cent.

The institute said growth in the services industry was spurred by improvements in all eight subsectors led by hotels and restaurants, which recorded a huge 114.6 per cent increase.

Other growth categories
*Other services - up 12.2 per cent
*Transport, storage and communication - up 8.8 per cent
*Wholesale and retail trade, repairs, installation of machinery and equipment - up 4.4 per cent
*Finance and insurance services - up 2.3 per cent
*Real estate, renting and business activities - up 0.7 per cent
*Electricity and water supply - up 0.6 per cent
*Producers of government services - up 0.4 per cent

STATIN indicated, however, that 'mining and quarrying' slipped by 29.7 per cent, largely due to the major fire at the JAMALCO alumina plant in Hayes, Clarendon in August.

The institute noted that the economy grew by 0.6 per cent between July and September, relative to the second quarter, between April and June 2021.

This was due to a 1.1 per cent increase in the services industries, despite a 0.6 per cent decline in the goods producing industries.

STATIN said the economy continued to show signs of recovery from the negative impacts of the coronavirus pandemic in 2020, resulting in a relaxation of some COVID-19 measures, reopening of the entertainment sector in July 2021, and easing of international travel restrictions.

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