The Planning Institute of Jamaica (PIOJ) has announced that the Jamaican economy grew by 2.7 per cent for the first quarter of this year.
 
According to PIOJ’s Director General, Dr. Wayne Henry, this growth was tempered by several factors.

Particularly, the ongoing drought affecting the country, pointing out that it has caused contractions in several major industries.

Except for the mining and construction sectors, all industries demonstrated improved performance.

Dr. Henry says hotels and restaurants emerged as the leading contributors to growth, experiencing an upswing of 34.9 per cent for the fiscal year.

This marks the eighth consecutive quarter of growth for the nation.

Meanwhile, Jamaica surpassed its pre-COVID-19 high, expanding by 4.3 per cent in the fiscal year 2022-2023.

The growth achieved in the January to March quarter has led to a fiscal year out-turn that signifies a complete recovery in overall output levels from the adverse impact of COVID-19.

Notably, the PIOJ says this recovery occurred one year earlier than the initially projected fiscal year 2023/24.