The Statistical Institute of Jamaica (STATIN) is reporting that the economy grew by 8.2 percent for the fiscal year 2021/22, compared to 2020/21.
This was aided by a 6.4 percent out-turn between January and March 2022, compared to the same period last year.
In a statement on Thursday (June 30), 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.
The Institute advised 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 percent 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 percent increase in foreign national 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 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 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.
Source — JIS
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Edited by Jesus Chan
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