Friday, June 14, 2024
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HomeBusinessEconomyJamaica discloses 8.2 percent growth for fiscal year 2021/22

Jamaica discloses 8.2 percent growth for fiscal year 2021/22

By Douglas McIntosh

KINGSTON, Jamaica, (JIS) – The Statistical Institute of Jamaica (STATIN) is reporting that the economy grew by 8.2 percent for fiscal year 2021/22, compared to 2020/21.

This was aided by a 6.4 percent out-turn between January and March 2022, compared to the same period last year.

In a statement on Thursday, June 30, STATIN indicated that the March quarter out-turn was driven by 8.9 and 0.4 percent growth in the services and goods-producing industries, respectively.

The Institute advised that economic activity was positively impacted by the easing of COVID-19 containment measures, including the withdrawal of the Disaster Risk Management Order during the period.

According to STATIN, all services industry subsectors grew, led by ‘Hotels and Restaurants’, which recorded a 107.1 percent out-turn.

The performance of that subsector resulted from growth in hotels and other short-stay accommodations, restaurants, bars, and canteens.

It was also positively impacted by a 230.1 percent increase in foreign national arrivals.

The out-turns for the other subsectors saw ‘wholesale and retail trade, repairs, installation of machinery and equipment’ and ‘transport, storage and communication’ growing by 8.8 percent each; ‘other services’, up 12.4 percent; ‘electricity and water supply,’ up 1.4 percent; ‘real estate, renting and business activities’, up 1.1 percent; ‘finance and insurance services’, up 0.7 percent; and ‘producers of government services’, up 0.4 percent.

Meanwhile, higher outputs were recorded for three of the four goods-producing industry subsectors.

‘Agriculture, forestry and fishing’ led the way with 8.2 percent, followed by ‘manufacturing’, up 4 percent, and ‘construction’, up 3.5 percent. Mining and quarrying declined by 60 percent.

STATIN indicated that ‘agriculture, forestry and fishing’ benefited from favourable weather conditions.

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