Jamaica Records More Growth in Economy

The Statistical Institute Of Jamaica has reported that the economy of Jamaica, has grown by 5.8 percent in several industry sectors in the third quarter of its financial year.

The growth took place between July and September and in comparison to 2020, the sectors that saw growth as published by the Jamaica Gleaner was the Services industry, which grew by 7.1 percent, as a result of 8 sub-sectors being led by the restaurant and hotel industry that grew by a massive 114.6 percent.

Other service industries grew by 12.2 percent while Transportation and communication increased by an amount of 8.8 percent. Other areas of growth were finance and insurance services which had an up movement of 2.3 percent along with renting, real estate, and business activities which rose 0.7 percent.

The growth was also recorded to be an improvement in contrast to April and June 2020, which is remarkable because it shows that the country has been well on the way to recovery amid the pandemic.

In November 2021 the International Monetary Fund(IMF) gave its prediction that the island’s economy will grow more than 8 per cent for 2021. PM Holness also took to Twitter to share the good news.

The financial institution identified that there had been an improvement to the Country’s GDP, as the second quarter of the year recorded 14.2% higher than the first. For the financial year 2021/2022, an amount of 8 and a quarter per cent is said to be the amount projected for growth while for the year 2022/23 a moderation of 3.5 per cent is being expected to be moderated.

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