MSMEs Increased in 2023

Data from the 2023 Economic and Social Survey of Jamaica (ESSJ) shows that micro, small, and medium-sized enterprises (MSMEs) have made steady gains in their numbers and sales compared to 2022. Sales from MSMEs rose by 1.2%, totalling $207.4Bn, driven by the performance of micro and medium-sized firms across various sectors, including Electricity and Water Supply, Mining and Quarrying, and Manufacturing.
Details were provided by the Director General of the Planning Institute of Jamaica (PIOJ), Dr. Wayne Henry, at the opening of the Ministry of Industry, Investment and Commerce’s ‘MSME Business Roadshow’, on January 16^th.
“Providing micro, small and medium-sized enterprises (MSMEs) with the opportunities to access services and facilitating access to financing to bolster their initiatives, represents a pivotal stride towards advancing economic development and mitigating poverty,” Dr. Henry said.
The Director General noted that data from the Bank of Jamaica (BOJ) showed that Loans to Local Business Firms increased by 18.5% in 2023. Additionally, government initiatives, like the provision of funds to organisations for on-lending, tax incentives, and business development programmes, alongside private-sector initiatives, played crucial roles in fostering this growth.
On average, business and consumer confidence improved, with the Index of Business Confidence averaging 139.8 points and the Index of Consumer Confidence rising to 163.0 points, indicating a positive economic outlook.
Underscoring the critical role of the MSME sector in advancing the fundamental components of Jamaica’s economic structure, Dr Henry said that they play essential roles in promoting equity, preserving wealth, fostering economic growth, generating employment opportunities, facilitating sustained development, encouraging innovation, and expanding the private sector.

(Source: JIS)