Jamaica’s economy grew by 5.9 per cent during third quarter
The Statistical Institute of Jamaica, STATIN has indicated that the economy grew by 5.9 percent during the July to September quarter of this year compared to the same period, last year.
STATIN said the growth resulted from increases in both the services and goods producing industries.
The services industry grew by 6 percent, while the goods producing industry by 5.6 percent.
STATIN said the performance reflected the continued recovery of the economy from the impact of the Covid-19 pandemic.
It said growth was recorded in all services industries, with the hotels and restaurants sector recording the highest growth of 35.3 percent, followed by other services at 13.1 percent, then transport, storage and communication at 5.9 percent.
The increase in the goods producing industries was largely due to higher output levels in agriculture, forestry and fishing and manufacturing.
However, the mining and quarrying and construction industries declined.
When compared to the second quarter of 2022, the economy grew by 2.1 percent.
In response to STATIN’s report, Finance Minister, Dr. Nigel Clarke said economic output in real terms has now surpassed the March 2020 level and is 99.9 percent of the pre-covid level of December 2019.