JAMAICA-Jamaica’s economy grew by over two percent during the second quarter of 2023

KINGSTON, Jamaica, CMC – The Statistical Institute of Jamaica’s (STATIN) Wednesday said the country’s economy grew by 2.3 percent during the second quarter of this year compared to the corresponding period in 2022.

STATIN” ‘s Director General, Carol Coy, speaking at a virtual news conference, said that the growth was reflected in the services and goods-producing industries, which grew by 2.2 and 2.6 percent, respectively.

She said that the value added of all service industries increased, except for wholesale and retail trade, repairs, installation of machinery and equipment, and producers of government services.

STATIN said the higher economic activity recorded by the other service industries included transportation, storage, and communication, which grew by 5.6 percent; hotels and restaurants up 7.8 percent; electricity and water supply up 6.2 percent, with other services increased by 2.2 percent.

It said finance and insurance services increased 2.1 percent, and real estate, renting, and business activities increased 1.8 percent.

A 0.1 percent decline in wholesale and retail trade and ‘producers of government services.’

In terms of the goods-producing industries, mining and quarrying led the way with growth of 164.2 percent.

Coy said this outturn “resulted from higher alumina output, as there was increased production at the JAMALCO plant, closed in the similar period of 2022. Manufacturing also grew, up 3.2 percent.

However, value added for agriculture, forestry, fishing, and ‘construction’ declined by 8.1 and 0.7 percent, respectively.

“Compared to the first quarter of 2023, total value added at constant prices grew by 0.2 percent. This resulted from a 0.8 percent increase in the goods-producing industries, while the services industries declined by 0.1 percent,” Coy added.

The director general noted that the economy’s performance demonstrates “continued recovery.”