The country has recorded its ninth consecutive quarter of economic growth since it emerged from the Covid-19 pandemic.
That’s according to the latest data released from the Statistical Institute of Jamaica, STATIN.
However, there are indications that the country’s growth momentum is decelerating.
Chevon Campbell tells us more.
STATIN says the Jamaican economy has grown by 2.3% for the second quarter of 2023, when compared to the similar period last year.
The goods producing sectors registered the largest average improvement of 2.6%. This was driven primarily by improvements in mining and quarrying of 160%. Manufacturing also registered an outturn of 3.1%.
However, there were downturns in both agriculture and construction of 8.1% and 0.7% respectively.
Meanwhile, the services industries grew by an average of 2.2% All sectors in this category except wholesale and retail trade and producers of government services grew.
Tourism as measured by hotels and restaurants was the standout performer with a growth rate of 7.8%. This was followed by electricity and water supply at 6.2%
However, the country’s growth rate has fallen from a high of 14% for the second quarter of 2021 to just 4.2% for the first quarter of 2023 to just 2.3% for the second quarter.