STATIN says Jamaica’s economy saw an estimated growth of 2.6 per cent in 2023

Jamaica’s economy recorded an estimated growth of 2 point 6 per cent last year, compared to 2022.

According to the Statistical Institute of Jamaica, STATIN, this was due to improved performance in the Services and Goods producing industries of 3 per cent and 1.6 per cent, respectively.

Meanwhile, STATIN said the economy grew by 1.7 per cent between October and December, last year,  when compared to the same period in 2022. 

It said this was the result of growth in both the Services and Goods producing industries. 

The Services Industries grew by 2 per cent, while the Goods Producing Industries grew by 0.8 per cent.

According to STATIN, all Services Industries grew, except for the Producers of Government Services sector, which declined by 0.4 per cent.

There were improved performances in the Hotels and Restaurants industry which saw growth of 8.3 per cent, Transport, Storage and Communication at 2.1 per cent, Finance and Insurance Services at 3.6 per cent,  Real Estate, Renting and Business Activities at 1.3 per cent and Electricity and Water supply at 5.2 per cent.

STATIN said higher output levels in some industries resulted in growth in the goods producing sector.

These include Agriculture, Forestry and Fishing at 2.6 per cent,  Manufacturing at 0.3 per cent and Mining and Quarrying at 21.5 per cent.

However, the Construction Industry declined by 3.8 per cent due to building construction.


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