The Jamaican economy is projected to grow by just under three percent for the January to March quarter this year.
That’s according to the Planning Institute of Jamaica, PIOJ. The PIOJ held its Quarterly Press Briefing on Tuesday.
As other countries continue to lick their economic wounds suffered during the pandemic, Jamaica has made a full recovery.
PIOJ Director General, Dr. Wayne Henry, says the timing has defied previous projections.
According to the PIOJ, the Services Industries, galvanised by tourism, remain the standout performer.
Every sector in this category recorded improvements for the quarter. Tourism, represented by hotels and restaurants, grew by approximately 31 per cent. However, the goods producing industries registered growth of only 0.7 per cent.
Mining and quarrying grew by 95 percent. But agriculture declined by 7 percent and and construction declined by 4 per cent.
Jamaica has the honour of being among the fastest Caribbean nations to recover from Covid-19, earning significant accolades from the International Monetary Fund.
Providing there are no external shocks, Dr. Henry expects this growth rate to continue.
However, over the long term, the PIOJ head warns that a lack of skilled labour could trigger a deceleration in the economy.