Jamaica

Jamaica’s Economy Grew By 6%

Jamaica’s economy grew by an estimated six percent for the October to December 2021 quarter, relative to the corresponding period the previous year.

This was driven by increases of 7.8 and 0.4 percent, respectively, in the Services and Goods Producing Industries, the Planning Institute of Jamaica (PIOJ) reports.

The out-turn also represents the third consecutive period of growth recorded, dating back to the June 2021 quarter, which analysts suggest is a strong signal that Jamaica’s recovery from the economic fallout, sparked by the coronavirus (COVID-19) pandemic, is underway.

Speaking during the PIOJ’s digital quarterly media briefing on Wednesday (February 16), Director General, Dr. Wayne Henry, said the out-turn at the end of December 2021 largely reflected the continued relaxation of COVID-19 containment measures globally, which facilitated increased domestic and external demand, resulting in a general uptick in economic activities.

Dr. Henry said the figure also reflected increased operating hours for businesses, which facilitated higher production rates, higher levels of employment, and increased business and consumer confidence.

Source — JIS

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Edited by Jesus Chan

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