Tourism Continues To Drive Post-COVID 19 Recovery

Jamaica’s tourism industry continues to figure consistently in Jamaica’s post-COVID-19 economic recovery.

Data from the Planning Institute of Jamaica (PIOJ) shows that the ‘Hotels and Restaurants’ sub-group, which largely captures tourism-related activities, grew by an estimated 23.4 percent for the October to December 2022 quarter on the back of several positive outcomes.

Speaking during the PIOJ’s quarterly media briefing on Tuesday (February 21), Director General Dr. Wayne Henry informed that total stopover visitor arrivals for October to November 2022 increased by 43.8 percent, relative to the same period in 2021.

In addition, he noted that cruise passenger arrivals for the months of October and November amounted to 195,135 passengers from 68 ship calls, relative to 32,719 passengers from 24 ship calls during the corresponding period of 2021.

Total visitor expenditure increased by 46.3 percent to US$543.7 million for the period.

Dr. Henry said that Hotels and Restaurants helped to generate an estimated Services Industry growth outturn of three percent, and this, along with 4.3 percent growth for the Goods Producing Industry, resulted in the overall estimated economic growth of 3.4 percent for the December 2022 quarter.

Hotels and Restaurants, with an estimated 48.9 percent outturn, led all sub-groups recording 2022 calendar year growth.

Dr. Henry noted that this performance helped to spur the Services Industry to a six percent outturn which, along with 2.1 percent recorded by the Goods Producing industry, resulted in an overall estimated growth of 5.1 percent between January and December.

He said that the projected growth of three to five percent for the January to March 2023 quarter is expected to be driven by continued “strong performances” in the Hotels and Restaurants sub-group, pointing out that preliminary airport arrivals for January 2023 grew by 63.8 percent.

Dr. Henry said that the positive outlook for January to March is based on relative stability in the macro-economy; improved optimism about the future among firms; and strengthened demand increased economic activities with most industries projected to grow.

He further cited the continued recovery in the economies of Jamaica’s main trading partners, noting that “which augurs well for increased external demand, for example, for tourism services.”

Source — JIS

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Edited by Jesus Chan

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