The Jamaican economy continues to grow.
The country registered a growth rate of just under 5 per cent for the second quarter of 2022 on the back of further post-Covid-19 recovery.
That’s according to the latest data from the Statistical Institute of Jamaica, STATIN.
Chevon Campbell tells us more.
According to STATIN, the Jamaican economy grew by 4.8 per cent during the second quarter of 2022 when compared to the same period of 2021.
The growth has been attributed to the revocation of the Disaster Risk Management Order, the expiration of the Covid-19 pre-test requirement for travel to the island and the reopening of the entertainment sector.
The services industries recorded an average growth rate of 7.2 per cent driven primarily by tourism as represented by hotels and restaurants.
That section of the economy improved by 56 per cent compared to last year. This was due to a 79 per cent increase in foreign national arrivals to the island during the period. All other sectors in the services industry grew between 10 and .4 per cent.
However, the country’s growth was tempered by a 2 per cent decline in the goods-producing industries. This decline was driven by falloffs in the mining sector which fell by over 62 per cent.
There’s also been a notable downward movement in construction of 5.2 per cent. However, there were increases in agriculture of 6.3 per cent and manufacturing at 5.6 per cent.
Meanwhile, the economy grew by 1.3 per cent quarter over quarter. This was due to an increase of 2.4 per cent in the services industries. However, the goods producing industries declined by 1.9 per cent for the same period.