Jamaica Sees Third Quarter Economic Growth

The Statistical Institute of Jamaica (STATIN) is reporting third-quarter calendar year growth of 5.8 percent for July to September, compared to the corresponding period in 2020.

In a statement on Friday (December 31), STATIN said the outturn was attributable to growth in the services and goods-producing industries, up 7.1 and 2.4 percent respectively.

The Institute noted that growth in the services industry was spurred by improvements in all eight subsectors led by hotels and restaurants, which recorded a huge 114.6 percent increase.

Significant outturns were also recorded by ‘other services’, up 12.2 percent; ‘transport, storage, and communication’, up 8.8 percent; ‘wholesale and retail trade, repairs, installation of machinery and equipment’, up 4.4 percent; and ‘finance and insurance services’, up 2.3 percent.

‘Real estate, renting and business activities’, up 0.7 percent, ‘electricity and water supply’, up 0.6 percent, and ‘producers of government services’, up 0.4 percent, round out the group.

Three of the four goods-producing industries recorded growth, with ‘agriculture, forestry and fishing’ (7.3 percent) topping the list.

There were also positive outturns for ‘manufacturing’, up 4.6 percent, and ‘construction, up 4.4 percent,

STATIN indicated, however, that ‘mining and quarrying’ slipped by 29.7 percent, largely due to the major fire at the Jamaica Aluminum Company (JAMALCO) plant in Hayes, Clarendon in August.

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

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

STATIN said the economy continued to show signs of recovery from the negative impacts of the coronavirus (COVID-19) 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.

Source: JIS

Readers Bureau

Edited by Jesus Chan

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