Jamaica’s Economy Takes A Big Hit

According to the Planning Institute of Jamaica (PIOJ), the Jamaican economy contracted by 5.7% in the January to March quarter compared with the corresponding period in 2020. 

PIOJ Director General Dr. Wayne Henry says this out-turn continues to reflect the impact of the global pandemic.

However, there has been a gradual tempering of the rate of contraction as indicated by the preliminary out-turn for the current quarter. 

Dr. Henry says if this materializes, it will represent the lowest rate of decline since the April to June 2020 quarter.

The contraction in the economy was partially tempered by a relatively strong increase in construction activities as well as higher capacity utilization in the mining and quarrying industry.

Readers Bureau, Contributor

Edited by Jesus Chan

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