In the Economic Programme Oversight Committee (EPOC) quarterly report recently, the Planning Institute of Jamaica (PIOJ) estimated that real Gross Domestic Product (GDP) growth. The period covered the July to September 2021 quarter. It showed an increase of 6.3 percent in comparison to the corresponding period in 2020.
According to the report, this performance continues to be championed by the hotel and restaurants industry, which grew by 114.7% and reflected a 293.3% increase in stop-over visitors.
Chairman Keith Duncan highlighted the PIOJ projection regarding the Gross Domestic Product (GDP). He notes that Jamaica would start to see the economy rebounding by the end of 2022.
The PIOJ also projects growth within a range of five to eight percent for October to December 2021, as preliminary indicators estimate a 141.5% increase in airport arrivals for October 2021.
Meanwhile, Duncan says the unemployment rate continues to improve in the labour market. He believes that Jamaica has done more than a credible job in managing macro-fiscal, in spite of inflation and the pandemic. We have also done well in “balancing the opening of the economy with the risks of the COVID-19 virus”, says Duncan also adding that Jamaica still has a low vaccination rate.
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