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STATIN reports 14 per cent economic growth for April-June

Thursday, October 21, 2021

KINGSTON, Jamaica---The Statistical Institute of Jamaica (STATIN) is reporting that when compared to the corresponding period last year, the economy has grown by 14.2 per cent for the April-June 2021 quarter.

Director-General Carol Coy made the revelation during STATIN's digital quarterly media briefing on Wednesday.

Coy said the growth resulted from outturns of 14.8 and 12.7 per cent respectively for the services and goods-producing industries led by hotels and restaurants.

Other sectors recording notable increases include wholesale and retail trade, repairs, installation of machinery and equipment, up 19.3 per cent; transport, storage and communication, up 13.9 per cent; real estate, renting and business activities, up 5.2 per cent; electricity and water supply, up four per cent; and finance and insurance services, up 2.8 per cent.

The director-general said that factors such as a relaxation of some COVID-19 measures by the government to stem transmission contributed to the quarter's performance.

She noted that a reduction in curfew hours and the easing of travel restrictions, in particular, positively impacted commerce and tourism-related activities.

“Other factors, such as favourable weather conditions and the Flood Relief Programme, implemented by the government to assist farmers, also played a part in the quarter's performance. These had a positive impact on the agriculture, forestry and fishing industry,” Coy added.

 Agriculture, forestry and fishing grew by 15 per cent over the last quarter.