Wednesday, December 18, 2024
spot_img
spot_img
HomeBusinessEconomySTATIN reports third-quarter growth

STATIN reports third-quarter growth

By Douglas McIntosh

KINGSTON, Jamaica, (JIS) – The Statistical Institute of Jamaica (STATIN) is reporting third-quarter calendar year growth of 5.8 percent for July to September, compared to the corresponding period in 2020.

In a statement on Friday (December 31), STATIN said the outturn was attributable to growth in the services and goods-producing industries, up 7.1 and 2.4 percent respectively.

The Institute noted that growth in the services industry was spurred by improvements in all eight subsectors led by hotels and restaurants, which recorded a huge 114.6 percent increase.

Significant outturns were also recorded by ‘other services’, up 12.2 percent; ‘transport, storage and communication’, up 8.8 percent; ‘wholesale and retail trade, repairs, installation of machinery and equipment’, up 4.4 percent; and ‘finance and insurance services’, up 2.3 percent.

‘Real estate, renting and business activities’, up 0.7 percent, ‘electricity and water supply’, up 0.6 percent, and ‘producers of government services’, up 0.4 percent, round out the group.

Three of the four goods-producing industries recorded growth, with ‘agriculture, forestry and fishing’ (7.3 percent) topping the list.

There were also positive outturns for ‘manufacturing’, up 4.6 percent, and ‘construction, up 4.4 percent,

STATIN indicated, however, that ‘mining and quarrying’ slipped by 29.7 percent, largely due to the major fire at the Jamaica Aluminium Company (JAMALCO) plant in Hayes, Clarendon in August.

The Institute noted that the economy grew by 0.6 percent between July and September, relative to the second quarter, between April and June 2021.

This was due to a 1.1 percent increase in the services industries, despite a 0.6 percent decline in the goods-producing industries.

STATIN said the economy continued to show signs of recovery from the negative impacts of the coronavirus (COVID-19) pandemic in 2020, resulting in a relaxation of some COVID-19 measures, reopening of the entertainment sector in July 2021, and easing of international travel restrictions.

spot_img
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img
spot_img
spot_img

Caribbean News

BELIZE – Taiwan ICDF inauguration ceremony for new Sheep Barn in Yo Creek

BELMOPAN, Belize - Jose Abelardo Mai, minister of agriculture, food security and enterprise, together with Her Excellency Lily Li-Wen Hsu, ambassador of the Republic...

Global News

President Macron – WHO director-general, and global health leaders inaugurate WHO Academy in Lyon

LYON, France - The World Health Organization (WHO) Academy in Lyon, France, officially opened its doors with a high-profile inauguration ceremony. The event was...