Jamaica records lowest ever poverty rate in 2023

 

Jamaica recorded its lowest poverty rate ever in 2023. 

 

That's according to the 2023 Prevalence of Poverty data, released by the Planning Institute of Jamaica (PIOJ), which shows that the rate fell from 16.7% in 2021 to 8.2% in 2023.

 

This represents the lowest ever since the country began to measure the poverty rate in 1989. 

 

The PIOJ released the data on Wednesday morning at its quarterly press briefing. 

 

The rate was computed using the findings of the Jamaica Survey of Living Conditions (JSLC) administered by the Statistical Institute of Jamaica (STATIN).

 

Presenting the findings, PIOJ's Director General Dr. Wayne Henry said the decline was largely driven by the country's strong post-COVID recovery.

 

"By 2023, the country had officially recovered from the shock of COVID-19 and had entered into a new growth phase. The Jamaican economy grew by 2.6%, marking the third consecutive year of economic growth since the height of the COVID-19 pandemic. It is important to note that prior to the pandemic, Jamaica had already embarked on a sustained growth trajectory, recording seven consecutive years of growth up to 2019. COVID-19 disrupted that path, but we remained committed. Our post-pandemic rebound has been strong. Real value added in 2023 surpassed 2019 levels, confirming a full recovery and new forward momentum," he explained. 

 

Noting that growth in 2023 was broad-based, Dr. Henry said this is an indication that more Jamaicans were actively participating in the labour force and earning incomes that enabled them to meet their families' needs and improve their standards of living.

 

"It was driven by increased employment, expanded output in nine of 12 industries and higher external demand for Jamaica's services, particularly in tourism and business process outsourcing. This growth created jobs, raised household income and supported the reduction in poverty. Employment levels reached historic highs. In October 2023, 1.32 million Jamaicans were employed, an increase of more than 85,000 persons compared with October 2021."

 

He said the unemployment rate fell by 2.9 percentage points to a then-historic low of 4.2%, with notable declines across gender and age group. Youth unemployment fell by nearly 6.3 percentage points.

 

The estimate for 2024 will be provided later this year, once the JSLC data is received from STATIN.