The Statistical Institute of Jamaica (Statin) has reported a 6.7 per cent decline in the economy for January to March or during the first quarter of this year when compared to the same period in 2020.
This latest output by Statin is one percentage point more than that released earlier by the Planning Institute of Jamaica (PIOJ) in its preliminary estimates last month, which reported a 5.7 per cent contraction.
Statin in its report said that this performance follows previous quarters of contractions and stems from the continued adverse effects of the novel coronavirus pandemic on real value added to gross domestic product (GDP).
During the period the impact was predominantly noticeable in the services industries, which includes the severely affected tourism sector, which fell by 9.9 per cent. The goods producing industries, however, saw a better performance as it went up by 2.6 per cent.
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