Jamaica’s Economy Grew By Over 5 Percent In 2022!
Jamaica’s economy grew by an estimated 5.1% between January and December 2022, according to the Director General of the Planning Institute of Jamaica (PIOJ), Dr Wayne Henry.
The services industry is said to have grown by around 6%, while the goods-producing industry grew by 2.1%, with all sub-industries, except construction and mining and quarrying, showing growth in output.
Notably, hotels and restaurants saw a significant increase in output, up 48.9%, while agriculture, forestry and fishing were up 9%, transport, storage, and communication up 6%, and other services up 11.1%.
For the October to December 2022 quarter, the Jamaican economy is estimated to have grown by 3.4%.
This growth was largely due to a positive impact of strengthened economic activity, including external demand, supported by growth in the economies of Jamaica’s main trading partners.
The goods-producing industry rose by an estimated 4.3%, with the mining and quarrying, agriculture, forestry and fishing, and manufacturing sub-industries all showing improved performance.
However, the construction industry declined by 4.7%. The services industry grew by an estimated 3%, with hotels and restaurants and transport, storage, and communication leading the way.
According to Dr Henry, the economy’s short-term prospects remain positive, with the economy projected to grow within the range of 3-5% for the January-March 2023 quarter.
The hotels and restaurants and mining and quarrying industries are expected to perform strongly, and the economy is projected to grow within the range of 4-6% for fiscal year 2022/23.
The economy is also projected to grow in the range of 1-3% for fiscal year 2023/24, reflecting a faster-than-expected pace of recovery.
Dr Henry added that if the economy performs as expected for the remainder of 2022/23, Jamaica’s GDP would fully recover to pre-COVID-19 levels in this fiscal year, earlier than the initially projected date of 2023/24.
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