Jamaica’s economy is projected to grow by a previously unheard of 13 percent for the April to June quarter after a year-and-a-half of economic down turn.
The prediction is was put forward by the Planning Institute of Jamaica, PIOJ, during a press briefing on Thursday afternoon.
According to the PIOJ all but one sector of the economy recorded significant growth as the country recovers from the damage wrought by Covid-19.
Chevon Campbell reports.
Back to Growth!.
Planning Institute of Jamaica Director General, Dr. Wayne Henry, expects the country to pull off a stunning 12.9 percent growth in GDP for the just concluded April to June quarter of 2021.
While placed in the context of one of the worst economic contractions in Jamaica’s history, the double digit growth figure is also one of the best percentage point figures recorded.
This represents gains in all but one major sector of the economy.
The services industry lead the way with a whopping 14 percent growth for the period.
Tourism by itself according to the PIOJ is set to achieve a jaw dropping 330 percent growth.
This was followed by other services at 50 percent and transport at 16.5 percent.
The goods producing sector was no less significant, growing by nearly 8 percent for the quarter.
This was led by a staggering 18.3 percent growth in construction.
Unfortunately due to reduced demand and fall in production, the mining sector declined by 12.3 percent.
It’s the only industry to suffer a decline during the period.
The Director General says January to June 2021 now reflects growth so far for the year of 2.3 percent compared to the comparative period of 2020.
He says prospects for the economy in the short to medium term are positive, with only limited impact due to the current implementation of no movement days.
However, despite the upward projection Dr. Henry says the economy is not expected to return to pre-Covid levels until fiscal year 2023-2024.
Chevon Campbell for Nationwide News.