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Jamaica’s economy grew 5,2% from January to September

Jamaica’s economy grew 5,2% from January to September

Kingston, Nov 27 (Prensa Latina) Jamaica's economy grew by 5,2% during the first nine months of 2022, from January to September, the director general of the Planning Institute, Wayne Henry, reported.

The increase reflects a positive performance for services, with an increase of 6,7%, and the production of goods, 0,6, the executive detailed. He added that all industries recorded increases, except mining and quarrying.

Hotels and restaurants inter sectors were the main engine of growth, with a 58,2% increase, and agriculture, forestry and fishing, with a 9,8% increase, Henry said.

He placed economic expansion at 4,3% from July to September, largely due to the impact of the removal of the global Covid-19 restraint measures, which facilitated stronger domestic and foreign demand.

In the last quarter under review, a 42% increase in stopover arrivals boosted results, he said.

During August, 218,849 people arrived in Jamaica, representing the highest level ever recorded for that month in history, he emphasized.

Cruise arrivals totaled 156,609 in July and August, compared to 3,496 in the corresponding period of 2021, the director general of the Planning Institute also informed.

Mining and quarrying fell by 30,4% due to reductions in alumina and crude bauxite production, and construction by 2,2%, due to drops in civil engineering capital expenditures, he explained.

The short- and medium-term outlook for the economy is generally positive, he highlighted, adding that this will continue to support the expansion of activities in most industries.

For FY 2022/23, the growth projection will be in the range of 3,5 to 4,5%, Henry anticipated.

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