The Jamaican economy grew by 6.4 percent during the first quarter of 2022 over the first quarter of 2021 due to growth in both the Services and Goods producer sectors, the Planning Institute of Jamaica reported, which comes against a fall of 6.7 percent in the first quarter of 2021 due to the 9.9 percent fall in service industries.
Tourism sector growth surged 107%.
Services and Goods Producing Industries recorded growth of 8.9 percent and 0.4 percent respectively, the Statin stated. All industries within the Services Industries grew. Growth in the Hotels & Restaurants was the most outstanding after surging 107.1 percent.
Wholesale and Retail Trade; Repairs; Installation of Machinery and Equipment, Transport, Storage and Communication increased by a more sedate 8.8 percent, Other Services rose by 12.4 percent.
Higher output levels were recorded for Agriculture, Forestry and Fishing up 8.2 percent, Manufacturing 4 percent and Construction 3.5 percent. The mining and quarrying industry declined by 60 percent.
The economy grew by 8.2 percent for the fiscal year ending March 2022 compared to the previous fiscal year but slipped by 1.2 percent against the 2021 fourth quarter.
