The Jamaican economy has recorded its sixth consecutive quarter of economic growth as it maintains a strong recovery.
That’s according to the latest data from the Statistical Institute of Jamaica, STATIN.
According to STATIN for the period ending September the country recorded a 5.9 per cent improvement in Gross Domestic Product, GDP.
Wayne Walker tells us more.
As of September 2022, Jamaica has maintained an average growth rate of 7.3 per cent. There was a peak of 14.2 per cent in the second quarter of 2021 as the country just started to recover from Covid-19.
According to STATIN, for the third quarter of this year, the country recorded growth of 5.9 per cent.
The service industries led by tourism remains a stand-out performer. Tourism represented by hotels and restaurants managed to grow by 35 per cent for the period.
It’s maintained more than double-digit increases over the last six quarters. This was impacted by significant improvements in foreign visitor arrivals which increased by 49 per cent for the third quarter of 2022.
This was followed by other services at 13 per cent and transport and communications at 5.-9 per cent. All other service industries grew between 5.3 and 0.1 per cent.
On the goods-producing side, agriculture led the way at 17 per cent. This was followed by manufacturing which made gains of 9.5 per cent.
However, growth was stymied by declines in mining and construction of 27 and 3 per cent respectively.
When compared to the second quarter of 2022, the economy grew by 2.1 per cent. This was due to growth in both the services and goods producing industries of 1.2 per cent and 4.5 per cent respectively.
