Fri | Aug 12, 2022

Economy grew by 8.2 per cent in 2021/22 fiscal year - STATIN

Published:Friday | July 1, 2022 | 10:40 AM
The growth was aided by a 6.4 per cent out-turn between January and March 2022.

The Statistical Institute of Jamaica (STATIN) is reporting that the economy grew by 8.2 per cent for fiscal year 2021/22, compared to 2020/21.

This was aided by a 6.4 per cent out-turn between January and March 2022, compared to the same period last year.

In a statement on Thursday, STATIN indicated that the March quarter out-turn was driven by 8.9 and 0.4 per cent growth in the services and goods-producing industries, respectively.

It stated that economic activity was positively impacted by the easing of COVID-19 containment measures, including the 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 per cent out-turn.

The performance of that subsector resulted from growth in hotels and other short-stay accommodations, and restaurants, bars, and canteens.

It was also positively impacted by a 230.1 per cent increase in foreign visitor arrivals.

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 per cent each; 'Other Services' up 12.4 per cent; 'Electricity and Water Supply' up 1.4 per cent; 'Real Estate, Renting and Business Activities' up 1.1 per cent; 'Finance and Insurance Services' up 0.7 per cent; and 'Producers of Government Services' up 0.4 per cent.

Meanwhile, higher outputs were recorded for three of the four goods-producing industry subsectors.

'Agriculture, Forestry and Fishing' led the way with 8.2 per cent, followed by 'Manufacturing' up four per cent, and 'Construction' up 3.5 per cent.

Mining and Quarrying declined by 60 per cent.

STATIN indicated that 'Agriculture, Forestry and Fishing' benefited from favourable weather conditions.

- JIS News

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