The Jamaican economy continues its strong rebound, growing by 4.2 per cent cent during in the first quarter of 2023, according to the latest economic out-turn by the Statistical Institute of Jamaica (STATIN).

This growth was led by a rise in the ‘Services and Goods Producing Industries’ of 5.4 per cent and 1.0 per cent, respectively. STATIN says the performance of the economy reflected the sustained recovery from the impact of the COVID-19 pandemic.

The growth in the ‘Services Industries’ was due to improved performance in all industries with the exception of the ‘Producers of Government Services’, which declined by 0.3 per cent. Growth was recorded for Hotels & Restaurants (29.7 per cent), Other Services (13.0 per cent), Transport, Storage & Communication (7.1 per cent), Wholesale & Retail Trade (2.8 per cent); Installation of Machinery & Equipment (2.8 per cent), Real Estate, Renting & Business Activities (2.3 per cent), Finance & Insurance Services (1.9 per cent) and Electricity & Water Supply (0.7 per cent).

Hotels & Restaurants register strong growth

The performance of the Hotels & Restaurants industry was positively impacted by a 45.5 per cent growth in foreign national arrivals to the island. Within the Goods Producing Industries category, higher output levels were recorded for Mining & Quarrying (114.7 per cent) and Manufacturing (3.6 per cent).

However, there were declines in Agriculture, Forestry & Fishing and Construction of 6.9 per cent and 4.2 per cent, respectively. The growth in the Mining & Quarrying industry was due to increased output from the JAMALCO bauxite plant in Clarendon, which was closed in the comparable period of 2022.

When compared to the fourth quarter of 2022, the Jamaican economy grew by 1.0 per cent. This was the result of a 1.5 per cent rise 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.