The Jamaican economy grew 5.2 percent in 2022, preliminary data released by the Statistical Institute of Jamaica (Statin) states, with GDP marginally surpassing the previous highest fourth quarter performance in 2019. The latest results reflect an increase of 6.3 percent in Services and 2.1 percent in the Production of goods, the release states.
During the fourth quarter of last year, the total value added at constant prices for the Jamaican economy grew by 3.8 percent, compared to the fourth quarter of 2021 and resulted from growth in the Services and Goods Producing Industries of 3.6 percent and 4.7 percent, respectively.
According to Statin, all industries within the Services Industries grew, except the Producers of Government Services, which fell by 0.8 per cent. The main area for growth was increased activities in Hotels & Restaurants 21.6 percent, Other Services 10.4 percent, Transport, Storage & Communication 5.9 percent.
The growth in Hotels & Restaurants was mainly influenced by a 36.5 percent increase in foreign national arrivals during the period. The increase in the Goods Producing Industries was primarily due to higher output levels in Agriculture, Forestry & Fishing 5.9 percent, Manufacturing 5.4 percent and Mining & Quarrying, 99 percent due to the resumption of operations at the JAMALCO plant, impacted the performance of the Mining & Quarrying industry. The Construction industry that has been buoyant in the past few years, declined 4.8 percent in the December quarter.