Jamaica records economic growth for fiscal year 2021-22
KINGSTON, Jamaica, – Jamaica’s economy grew 8.2% in fiscal year 2021-22 compared to the previous fiscal year, the Statistical Institute of Jamaica (STATIN) reported.
He said the increase was helped by a 6.4% result between January and March 2022, compared to the same period last year.
In a statement, STATIN said the March quarter results were driven by growth of 8.9 and 0.4% in the services and goods-producing sectors, respectively, indicating that economic activity had been positively affected by the easing of the coronavirus (COVID-19) lockdown. measures, including the withdrawal of the Disaster Risk Management Order during the period.
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According to STATIN, all subsectors of the service industry grew, led by “hotels and restaurants,” which posted a return of 107.1%.
The performance of this sub-sector results from the growth of hotels and other short-term accommodation, restaurants, bars and canteens. It was also positively impacted by a 230.1% increase in arrivals of foreign nationals, as the country returns to pre-pandemic tourist arrival numbers.
The results of the other sub-sectors saw ‘Wholesale and retail trade, repairs, installation of machinery and equipment’ and ‘Transport, storage and communication’ increasing by 8.8% each; “Other services”, up 12.4%; “Electricity and water supply”, up 1.4%; “Real estate, rental and commercial activities”, up 1.1%; “Financing and insurance services”, up 0.7%; and “Producers of government services”, up 0.4%.
Meanwhile, higher productions were recorded for three of the four sub-sectors of the goods-producing industry.
‘Agriculture, forestry and fishing’ led the way with 8.2%, followed by ‘Manufacturing’, up 4%, and ‘Construction’, up 3.5%. Mines and quarries decreased by 60%.
STATIN said ‘Agriculture, Forestry and Fisheries’ benefited from favorable weather conditions.