Jamaica records first quarter growth of 6.4% – CARICOM Business

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The Jamaican economy grew by 6.4% per cent for the period January – March 2022 relative to the first quarter of 2021. This was due to growth in both the Services and Goods Producing Industries of 8.9% and 0.4% respectively.

All industries within the Services Industries grew: Hotels & Restaurants (107.1%), Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment (8.8%), Transport, Storage & Communication (8.8%), Other Services (12.4%), Finance & Insurance Services (0.7%), Real Estate, Renting & Business Activities (1.1%), Producers of Government Services (0.4%) and Electricity & Water (1.4%). Within the Goods Producing Industries, higher output levels were recorded for Agriculture, Forestry & Fishing (8.2%), Manufacturing (4.0%) and Construction (3.5%).

However, the Mining & Quarrying Industry declined by 60.0%. The economy grew by 8.2% for the fiscal year 2021/2022 relative to fiscal year 2020/2021.

Extract from the CARICOM BUSINESS Newsletter, Vol 5. No. 27

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