Jamaican economy grew by 4.8 percent during second quarter

The Jamaican economy grew by 4.8 percent during the second quarter of this year when compared to the similar period in 2021.

The Statistical Institute, STATIN said the growth is attributed to an increase of 7.2 percent in the services industries.

There was however, a decline of 2 percent in the goods producing industries.

According to STATIN the performance of the economy was impacted by the cancellation of the Disaster Risk Management Order, the expiration of the Covid-19 pre-test requirement for travel to the island on April 15, and the re-opening of the entertainment sector.

It said the growth in the services industries was due to improved performances in sectors, such as hotels and restaurants, wholesale and retail trade; repairs; installation of machinery and equipment, transport, storage and communication.

In the hotels and restaurants sector, there was growth in hotels and other short-stay accommodation, largely due to a 79.2 percent increase, in foreign national arrivals, to the island during the period.

Meanwhile, the decline in the goods producing industries was mainly due to lower output levels in mining and quarrying, and construction.

However, there was no alumina production from the Jamaica Aluminium Company, Jamalco Plant, which remained closed due to a fire that occurred in August last year.


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