The Jamaican economy grew by 6.3% for the July-September 2021 quarter relative to the similar quarter in 2020, reflecting continued recovery in most sectors, except mining, growth estimates from the Planning Institute of Jamaica, PIOJ, reveal.
The mining sector declined 31% given the closure of a principal alumina plant and is expected to contract by 20 to 25% in 2021. For the July-September quarter, the goodsproducing sector grew by 2.8%, due to an improved performance in agriculture, manufacture and construction. The services sector increased by 7.3% relative to the corresponding quarter of the previous year.
Agriculture, forestry and fishing industry grew 7.2% while manufacturing grew by 8.5%, construction by 1.7% and transport, storage and communications, jumped by 9.0%. The hotels and restaurants industry grew by 115%, with stopover visitor arrivals for the months of July and August 2021 up 293%. Visitor expenditure was estimated to have increased by 186% to US$463 million for the months of July and August. The PIOJ also estimates that the economy recorded growth of 4% for the 9-month period January – September 2021. (JG)
Extract from CARICOM BUSINESS Newsletter, Vol 4 No 47
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