STATIN Reports Jamaica’s Economy Grew By An Estimated 2.6 Per Cent in 2023
The Statistical Institute of Jamaica (STATIN) has released its latest figures indicating a promising upturn in Jamaica’s economic performance.
According to their estimations, the nation’s economy expanded by 2.6 per cent in 2023.
This growth trajectory, as outlined by STATIN, is primarily attributed to the enhanced performance observed across both the Services and Goods producing industries.
The Services sector demonstrated a commendable surge of 3 per cent, while the Goods producing sector displayed a respectable growth rate of 1.6 per cent.
Examining the final quarter of 2023, STATIN reveals further positive developments. Between October and December, Jamaica experienced a 1.7 per cent growth compared to the same period in 2022.
This growth was propelled by advancements in both the Services and Goods producing industries, with the former expanding by 2 per cent and the latter by 0.8 per cent.
Among the Services Industries, all sectors witnessed growth except for the Producers of Government Services, which saw a minor decline of 0.4 per cent.
Particularly noteworthy were the impressive performances in the Hotels and Restaurants industry which saw growth of 8.3 per cent, Transport, Storage and Communication at 2.1 per cent, Finance and Insurance Services at 3.6 per cent, Real Estate, Renting and Business Activities at 1.3 per cent and Electricity and Water supply at 5.2 per cent.
Agriculture, Forestry, and Fishing registered a solid growth of 2.6 per cent, while Mining and Quarrying surged impressively by 21.5 per cent.
However, the Construction Industry declined by 3.8 per cent, primarily due to challenges within the building construction segment.
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