Jamaican Economy Grew by 5.9% Q3 2022  

 

• The Jamaican economy grew by 5.9% during Q3 2022 compared to the same 2021 period. This was primarily due to increases in both the Services and Goods Producing Industries of 6.0% and 5.6%, respectively. The performance reflected the continued recovery of the economy from the impact of the COVID-19 pandemic.
• Growth was recorded in all Services Industries with the Hotels & Restaurants (35.3%), Other Services (13.1%), Transport, Storage & Communication (5.9%), Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment (5.3%) sub-industries leading the pack.
• The expansion in the Hotels & Restaurants industry resulted from increased activities in hotels & other short-stay accommodations, restaurants, bars, and canteens, including from foreign nationals, which increased by 49.2% during the period.
• The increase in the Goods Producing Industries was largely due to higher output levels in Agriculture, Forestry & Fishing (17.0%), and Manufacturing (9.5%). However, the Mining & Quarrying and Construction industries declined by 27.6% and 3.1% respectively. The Agriculture, Forestry & Fishing industry benefited from the continuation of programmes initiated by the Government such as the Production Incentive Programme, aimed specifically at optimizing productivity.
• Meanwhile, the Planning Institute of Jamaica (PIOJ) is projecting a growth of between 2.5% and 3.5% for the October to December quarter, and between 4% and 5% for the full calendar year. Growth is projected to be between 3.5% to 4.5% for the fiscal year ending March 2023.

(Source: STATIN)