Jamaica’s economy grew by 4.2 per cent during the first quarter of the calendar year from January to March 2023.
Data from the Statistical Institute of Jamaica (STATIN) indicates that this outturn was spurred by 5.4 per cent growth in the Services Industry and one per cent in the Goods Producing Industry.
STATIN, in a statement, said that all industries, with the exception of ‘Producers of Government Services’, expanded.
‘Hotels and Restaurants’ led the way with a 29.7 per cent outturn, which was sparked by a 45.5-percentage point increase in arrivals.
The other subsectors recording growth were: ‘Transport, Storage and Communication’, up 7.1 per cent; ‘Wholesale and Retail Trade, Repairs, Installation of Machinery and Equipment’, up 2.8 per cent; ‘Real Estate, Renting and Business Activities’, up 2.3 per cent; ‘Finance and Insurance Services’, up 1.9 per cent; ‘Electricity and Water’, up 0.7 per cent; and ‘Other Services’ rose by 13 per cent.
There was a 0.3 per cent decline in ‘Producers of Government Services.’
Only two of the four Goods Producing Industries subsectors recorded higher levels of output.
‘Mining and Quarrying’ topped the group with an impressive 114.7 per cent outturn, while ‘Manufacturing’ expanded by 3.6 per cent.
STATIN indicated that growth in ‘Mining and Quarrying’ was due to increased output from the JAMALCO plant, which was closed in the corresponding period of 2022, due to a fire the previous year. The facility subsequently reopened and resumed operations in mid-2022.
Conversely, ‘Agriculture, Forestry and Fishing’ declined by 6.9 per cent, while ‘Construction’ contracted by 4.2 per cent.
STATIN said the economy’s performance during the review period reflected sustained recovery from the impact of the COVID-19 pandemic and represented one per cent growth on the October to December 2022 outturn.
“This was the result of a 1.5 per cent increase in the Services Industries and a 0.6 per cent fall in the Goods Producing Industries. The economy grew by 4.7 per cent for the fiscal year 2022/2023 compared to fiscal year 2021/2022,” the agency added.