STATIN Reports 6.7 Per Cent For October To December Quarter

The Statistical Institute of Jamaica (STATIN) is reporting a 6.7 per cent growth out-turn for the October to December 2021 quarter as Jamaica continues to rebound from the impact of the coronavirus (COVID-19) pandemic.

It is the sixth consecutive quarter of growth since a 15.6 per cent decline in the June 2020 quarter.

The expansion in economic activity for the review period, which was a 1.4 per cent increase over the July to September quarter, was driven by growth of nine and 0.5 per cent, respectively, in the services and goods producing industries.

STATIN, in a statement on Thursday (March 31), noted that the economy was positively impacted by the relaxation of some COVID-19 measures, including the easing of global travel restrictions and reduced curfew hours.

All services industry subsectors grew during the December 2021 quarter, except for the Producers of Government Services, which declined by 0.1 per cent.

The Institute said improved performances were recorded for ‘Hotels and Restaurants’, up 79.5 per cent; ‘Wholesale and Retail Trade, Repairs, Installation of Machinery and Equipment’, up 10.6 per cent; ‘Transport, Storage and Communication’, up 10.1 per cent; ‘Other Services’, up 10.4 per cent; ‘Electricity and Water Supply’, up 5.8 per cent; Finance and Insurance Services, up 2.7 per cent; and Real Estate, Renting and Business Activities, up 2.1 per cent.

STATIN indicated that within the goods producing industry, there were higher outputs for ‘Agriculture, Forestry and Fishing’, up 13.8 per cent, and ‘Construction’, which expanded by 5.9 per cent.

However, ‘Manufacturing’, and ‘Mining and Quarrying’ contracted by 2.2 and 60.5 per cent, respectively.

STATIN pointed out that the latter subsector’s decline was primarily attributed to the major fire occurring at the Jamaica Aluminium Company (Jamalco) plant in Clarendon last August, which resulted in reduced activities at the facility during the review quarter.

Meanwhile, preliminary estimates for the 2021 calendar year show that the economy grew by 4.6 per cent.

STATIN said this was due to improved performances of approximately 4.7 and 4.3 per cent, respectively, in the services and goods producing industries.