JA economy is booming

Jamaica’s economy is exceptionally strong having grown by 2.1 per cent in the third quarter of last year when compared to the same quarter in 2022.

According to the Statistical Institute of Jamaica, Statin, this was as a result of 2.1 percentage growth in the services and goods producing industries.

Statin said growth was recorded for Transport, Storage and Communication at 6 per cent, Hotels and Restaurants 6.7 per cent, Finance and Insurance Services at 1.5 per cent, Electricity and Water Supply at 6.7 per cent, Real Estate, Renting and Business Activities at 0.9 per cent, wholesale & Retail Trade; Repairs: Installation of Machinery & Equipment at 0.3 per cent and other services at 4.5 per cent. 

Growth in the Goods Producing Industries was influenced by higher output levels in Mining and Quarrying at 103.1 per cent, Manufacturing at 2.1 per cent and Construction at 0.7 per cent.

However, the Agriculture, Forestry and Fishing Industry continued to be impacted by dry conditions resulting in a 9.3 per cent decline in its value added. 

Along with its unique visitor and tourist attractions, Jamaica stands among the “ideal locations” to operate businesses, said Alando Terrelonge, Minister of State in the Ministry of Foreign Affairs and Foreign Trade, recently.  

Terrelonge said in promoting Jamaica as a place for leisure, they should also seek to highlight the many economic strides that the country has made.

“Jamaica is also one of the most ideal locations for trade, investment and commerce. Our investment market has been booming over the last seven years, and we have one of the best stock exchanges in the world,” he said.

“We can use our own resources to build out the space. It also means providing greater opportunities for our young persons. Our real estate market continues to grow, so we want you to see Jamaica also as a destination for trade and investment,” he added.

While highlighting the low unemployment rate that the country now enjoys, Terrelonge said a “a lot of entrepreneurs are looking to Jamaica for real estate, Airbnb, as well as using the stock market”.

Citing the creative industries as areas of growth and innovation too, Terrelonge said there are scores of millennials in the diaspora who have “amazing skillsets” in animation, and they are encouraged to do business in their home country.

Jamaica has been previously criticised by the World Bank in 2019 for having too many rules and practices that make it difficult for that country to trade internationally. That has changed considerably recently.