Growth & Jobs | STATIN reports third-quarter growth for economy
Published:Tuesday | January 4, 2022 | 12:06 AM
The Statistical Institute of Jamaica (STATIN) is reporting third-quarter calendar year growth of 5.8 per cent for July to September 2021, compared to the corresponding period in 2020.
In a statement on Friday (December 31), STATIN said the outturn was attributable to growth in the services and goods-producing industries, up 7.1 and 2.4 per cent, respectively.
The institute noted that growth in the services industry was spurred by improvements in all eight subsectors, led by hotels and restaurants, which recorded a huge 114.6 per cent increase.
Significant outturns were also recorded by ‘other services’, up 12.2 per cent; transport, storage, and communication, up 8.8 per cent; wholesale and retail trade, repairs, installation of machinery and equipment, up 4.4 per cent; and finance and insurance services, up 2.3 per cent.
Real estate, renting, and business activities, up 0.7 per cent; electricity and water supply, up 0.6 per cent; and producers of government services, up 0.4 per cent, round out the group.
Three of the four goods-producing industries recorded growth, with agriculture, forestry, and fishing (7.3 per cent) topping the list.
There were also positive outturns for manufacturing, up 4.6 per cent, and construction, up 4.4 per cent.
STATIN indicated, however, that mining and quarrying slipped by 29.7 per cent, largely due to the major fire at the Jamaica Aluminium Company (JAMALCO) plant in Hayes, Clarendon, in August.
The institute noted that the economy grew by 0.6 per cent between July and September, relative to the second quarter, between April and June 2021.
This was due to a 1.1 per cent increase in the services industries despite a 0.6 per cent decline in the goods-producing industries.
STATIN said the economy continued to show signs of recovery from the negative impacts of the COVID-19 pandemic in 2020, resulting in a relaxation of some COVID-19 measures, reopening of the entertainment sector in July 2021, and easing of international travel restrictions.