Durrant Pate/Contributor

The Jamaican economy continues its post-pandemic rebound, growing 2.3 per cent during the second quarter of 2023 when compared to the second quarter of 2022.

This resulted from growth in the ‘Services and Goods Producing Industries’ of 2.2 per cent and 2.6 per cent, respectively. This performance reflected the continued recovery of the economy, as all industries within the ‘Services Industries’ grew, with the exception of ‘Wholesale & Retail Trade’ and ‘Repairs, Installation of Machinery & Equipment and Producers of Government Services’, which both declined 0.1 per cent.

Higher levels of activity were recorded for ‘Transport, Storage & Communication’ (5.6 per cent), ‘Hotels & Restaurants’ (7.8 per cent), ‘Electricity & Water Supply’ (6.2 per cent), ‘Other Services’ (2.2 per cent), ‘Finance & Insurance Services’ (2.1 per cent) and ‘Real Estate, Renting & Business Activities’ (1.8 per cent). The ‘Transport, Storage & Communication’ industry increased by 5.6 per cent, as a result of growth in the post & telecommunications and transport sub-industries.

The increase in the ‘Goods Producing Industries’ was due to growth in ‘Mining & Quarrying’, up by a whopping 164.2 per cent and ‘Manufacturing’, advancing by 3.1 per cent. However, value added for the ‘Agriculture, Forestry & Fishing’ and ‘Construction’ industries declined by 8.1 per cent and 0.7 per cent respectively.

The growth in the ‘Mining & Quarrying’ industry was largely due to higher output of alumina due to increased production at the JAMALCO plant in Halse Hall, Clarendon, which was closed in the similar period of 2022.

When compared to the first quarter of 2023, total value added at constant prices grew by 0.2 per cent. This was the result of a 0.8 per cent increase in the ‘Goods Producing Industries’, as the ‘Services Industries’ declined by 0.1 per cent.