Planning Institute says Jamaica’s economy grew by 6% last quarter but further growth could be hampered by impacts of Russia-Ukraine war
Jamaica’s economy grew by 6% in the first quarter of this year, when compared with the corresponding period in 2021.
Director-General of the Planning Institute of Jamaica, Dr. Wayne Henry said this represents the fourth consecutive quarter of growth for the country.
He noted that the growth was partially facilitated by the relaxation of measures for the management of COVID-19.
Dr. Henry said positive performances were seen in the transport, hotels, restaurants and other services industries.
Meantime, there was increased domestic demand associated with higher levels of employment and longer operational hours, as more industries returned to normality.
Dr. Henry noted, however, that the growth was tempered.
Dr. Henry added that Jamaica’s economic recovery could be hampered by the impact of the Russia/Ukraine war.
The war has led to increased costs for grain and fuel.
Dr. Henry noted that supply chain challenges induced by COVID-19 have been further compounded by the Russia-Ukraine war.
He said the growth projections for this year have been revised downward due to the uncertainty.