Jamaica has recorded growth of 8.1% for Fiscal Year 2021/22 well within the range of 7.0% to 9.0% previously projected.
According to the Planning Institute of Jamaica, the growth was supported by improved performances in all industries, except Mining & Quarrying which contracted by an estimated 39.8%, due mainly to the closure of the JAMALCO alumina plant. The heavier weighted Services Industry was estimated to have grown by 9.6%, and the Goods Producing Industry, by 3.0%. The industries which recorded the strongest growth during the fiscal year were Hotels & Restaurants (up 125.0%); Other Services (up 14.5%); Agriculture (up 11.2%); Wholesale & Retail Trade; Repair & Installation of Machinery & Equipment (up 10.9%), and Transport, Storage & Communication (up 10.1%).
For January—March 2022 , the economy grew by 6.0% relative to the corresponding quarter of 2021. The growth was led by Agriculture (up 8.6%) and Hotels and Restaurants (up 105.7%) but tempered by the decline of 64.3% in Mining and Quarrying. It is projected that the economy will grow within the range 2.0% to 4.0% relative to April–June 2021. (PIOJ)
Extract from CARICOM BUSINESS Newsletter Vol 5 No 23
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