Total value added for the Jamaican economy increased by 5.8% during the third quarter of 2021 relative to the third quarter of 2020.
According to the Statistical Institute of Jamaica, this was attributable to growth in both the Services and Goods Producing Industries of 7.1 and 2.4% respectively. The growth in the Services Industries was due to improved performance in all eight (8) industries: Hotels & Restaurants (114.6%), Transport, Storage & Communication (8.8%), Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment (4.4%), Other Services (12.2%), Finance & Insurance Services (2.3%), Real Estate, Renting & Business Activities (0.7%), Electricity & Water Supply (0.6%) and Producers of Government Services (0.4%).
The increase in the Goods Producing Industries was mainly due to higher output levels in Agriculture, Forestry & Fishing (7.3%), Manufacturing (4.6%) and Construction (4.4%). Mining & Quarrying however, declined by 29.7%. Relative to the second quarter of 2021, total value added grew by 0.6%. This was due to an increase of 1.1% in the Services Industries. However, the Goods Producing Industries declined by 0.6%. (STATIN)
Extract from CARICOM BUSINESS Vol 5 No 1
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