The Statistical Institute of Jamaica, STATIN, says Jamaica’s economy grew by 5.8 per cent in the third quarter of 2021, when compared to the similar period of 2020.
In a statement this morning, STATIN says the country’s gross domestic product received boosts from the goods producing industry and the services industry.
STATIN revealed that although mining and quarrying took a big 29.7 per cent hit overall, the goods producing industry grew by 2.4 per cent on the back of an increase of 7.3 per cent in agriculture, forestry and fishery, 4.4 per cent in construction and 4.6 per cent in manufacturing.
According to STATIN, all major sectors in the services industry grew to mark an overall growth of 7.1 per cent. Hotels and Restaurants saw the biggest jump with 114.6 per cent. This number is reflective of an easing of lockdown restrictions designed to restrict the spread of Covid-19 over the quarter and a boost in tourism.
Other services saw the next largest growth at 12.2 per cent, followed by transport, storage and communication, 8.8 per cent, wholesale and retail, 4.4 per cent and finance and insurance, 2.3 per cent.
Real estate, renting and business activity, electricity and water supply and producers of government services all grew by less than 1 per cent.
In reacting to the latest STATIN figures, Minister of Finance and Public Works, Dr. Nigel Clarke wrote on Twitter that, “this is some good news to close out 2021.”
He says the figures represent Jamaica’s economic recovery.
Although, the actual growth of 5.8 percent for the third quarter is slightly below the projected growth of 6.3 per cent that was predicted by the Planning Institute of Jamaica.
The PIOJ’s figure was revealed by Chairman of the Economic Programme Oversight Committee, EPOC, Keith Duncan during a quarterly press briefing two weeks ago.
Keith Duncan, EPOC Chairman.