PIOJ Reports 8.1% Growth For 2021/22

• As reported by the Planning Institute of Jamaica (PIOJ), the economy is estimated to have grown by 8.1% during fiscal year 2021/22. 
• This outturn, which falls within the entity’s target range of 7% to 9%, reflects improved performances in all goods producing and service industry subsectors, except mining and quarrying, which contracted by an estimated 39.8% owing to the closure of Jamalco and Alpart. 
• The expansion in economic activity for the fiscal year was spurred, in part, by an estimated 6.0% growth for the January to March 2022 quarter. 
• This outturn represented the fourth consecutive quarter of growth and reflected a continuation of the recovery trend, following contractions in the corresponding quarter [in 2021] as a result of the COVID-19 pandemic and associated public health and social measures implemented to manage its spread. 
• Additionally, the BOJ indicated that growth in 2022/23 is projected to be in the range of 2% to 4%, driven primarily by the resumption of the tourism sector.

(Source: JIS News)