The Gross Domestic Product (GDP) in Jamaica contracted 0.50 percent in the fourth quarter of 2019 over the previous quarter.

GDP Growth Rate in Jamaica averaged 0.16 percent from 1997 until 2019, reaching an all time high of 2.10 percent in the fourth quarter of 2003 and a record low of -1.80 percent in the third quarter of 2008. This page provides - Jamaica GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Jamaica GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2020.

GDP Growth Rate in Jamaica is expected to be -2.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Jamaica to stand at 0.70 in 12 months time. In the long-term, the Jamaica GDP Growth Rate is projected to trend around 0.90 percent in 2021 and 1.30 percent in 2022, according to our econometric models.

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Jamaica GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-0.50 -0.20 2.10 -1.80 1997 - 2019 percent Quarterly

Calendar GMT Actual Previous Consensus TEForecast
2019-06-28 11:00 PM Q1 -0.4% -0.8% -0.2%
2019-10-02 10:00 PM Q2 0.1% 0.3% 0.1%
2019-12-31 09:00 PM Q3 -0.1% 0.3% 0.3%
2020-03-31 09:00 PM Q4 -0.5% -0.2% -0.3%
2020-06-29 11:00 PM Q1 -0.5% -0.6%
2020-10-02 10:00 PM Q2 -2%
2020-12-28 06:00 PM Q3 -0.8%

News Stream
Jamaica GDP Growth Loses Steam
The economy of Jamaica expanded 0.6 percent year-on-year in the third quarter of 2019, following a 1.3 percent growth for the previous quarter. It was the weakest growth rate since the second quarter of 2017, as the construction sector contracted 2.1 percent after declining 1.4 percent in Q2; primary activity fell 0.1 percent (vs -1.6 percent), and mining plunged 17.6 percent (vs 4.7 percent). Also, wholesale & retail trade (0.6 percent vs 1 percent), hotels and restaurants (2.5 percent vs 5.8 percent), finance & insurance services (3.4 percent vs 4.4 percent lost dynamism. In contrast, food, beverages & tobacco (2.4 percent vs 0.1 percent), manufacturing (4.9 percent vs 3.2 percent), and other manufacturing (8.8 percent vs 8 percent) accelerated, while utilities rebounded 0.8 percent after edging down 0.1 percent. On a quarterly basis, the economy declined 0.1 percent after growing 0.3 percent in the prior period.
Jamaica GDP Growth Loses Steam
The economy of Jamaica expanded 1.7 percent year-on-year in the first quarter of 2019, following a 2 percent growth for the previous quarter. Slower expansion was mainly explained by primary activity (+0.3 percent vs +3.1 percent in Q4 2018), mining (+11.1 vs +25.0 percent) manufacturing (-1.4 percent vs +2.0 percent), and construction (+3.4 percent vs +3.7 percent). In contrast, utilities rebounded 1.9 percent after shrinking 0.3 percent in the previous three months. On a quarterly basis, the economy shrank 0.4 percent following a 0.8 percent contraction.

Jamaica GDP Growth Rate
Jamaica, is a small island nation situated in a strategic position near the Panama Canal, and one of the slowest growing economy in the Caribbean. Services, with tourism employing 10 percent of the population, is the most important sector of the economy and accounts for around 60 percent of GDP.