The Jamaican economy grew by 2.6% for the calendar year 2023, when compared to 2022.

That’s according to the latest information from the Statistical Institute of Jamaica, STATIN.

The growth was driven primarily by gains in Mining and Tourism.

Chevon Campbell tells us more.

According to STATIN, for the fourth quarter of 2023 the Jamaican economy grew by 1.7%.

That completed 11 consecutive quarters of economic growth since the country emerged from the worst of the COVID-19 pandemic.

The Goods Producing Industries grew by 0.8%, while the Services Industries grew by 2%

On the Goods Producing side, Mining was the standout performer, expanding by 21.5%.

This was followed by agriculture which grew by 2.6% for the quarter.

However, construction declined by 3.8%

Growth in the Services Industries was led by tourism, as represented by Hotels and Restaurants, which improved by 8.3%

All other segments of the Services Industries grew, with the exception of government services.

STATIN says preliminary estimates for the calendar year 2023 indicated that the economy expanded by 2.6%

This was due to annual growth in the Services Industries of 3% and the Goods Producing Industries at 1.6%