The economy of Jamaica shrank 18.4 percent year-on-year in the second quarter of 2020, following an upwardly revised 2.4 percent drop in the previous period. It was the second consecutive contraction and the sharpest on record, officially entering into recession as the economy was hit by the coronavirus pandemic and drought. Output shrank in manufacturing (-11.8% vs 2.4% in Q1); real estate (-5.5% vs 0.3%); utilities (-8.7% vs 2.1%); food, beverages & tobacco (-8.6% vs 0.1%); and agriculture, forestry & fishing (-7.9% vs 7.8%). Also, production contracted further in hotels & restaurants (-85.6% vs -14.1%); wholesale & retail trade (-15.6 percent vs -1.4%); transport, storage & communication (-20.8% vs -2.7%); finance & insurance services (-5.5% vs -1.2%); construction (-14.5% vs -3.3%). Meantime, mining output declined 25.2%, less than a 35.8% in the prior period. On a seasonally adjusted quarterly basis, the economy slumped a record 15.7%, after an upwardly revised 1.9% fall in Q1. source: Statistical Institute of Jamaica

GDP Annual Growth Rate in Jamaica averaged 0.34 percent from 1997 until 2020, reaching an all time high of 4.30 percent in the fourth quarter of 2006 and a record low of -18.40 percent in the second quarter of 2020. This page provides - Jamaica GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Jamaica GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2020.

GDP Annual Growth Rate in Jamaica is expected to be -6.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Jamaica to stand at 7.00 in 12 months time. In the long-term, the Jamaica GDP Annual Growth Rate is projected to trend around 4.20 percent in 2021 and 2.30 percent in 2022, according to our econometric models.

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Jamaica GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-18.40 -2.40 4.30 -18.40 1997 - 2020 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2019-12-31 09:00 PM YoY Q3 0.6% 1.3% 1%
2020-03-31 09:00 PM YoY Q4 0.0% 0.6% 1.7%
2020-07-02 02:30 PM YoY Q1 -2.3% 0.0% -1.5%
2020-10-06 03:30 PM YoY Q2 -18.4% -2.4% -18%
2020-12-28 06:00 PM YoY Q3 -18.4% -8%
2021-03-31 09:00 PM YoY Q4
2021-07-02 02:30 PM YoY Q1
2021-10-06 03:30 PM YoY Q2


News Stream
Jamaica Economy Enters Recession
The economy of Jamaica shrank 18.4 percent year-on-year in the second quarter of 2020, following an upwardly revised 2.4 percent drop in the previous period. It was the second consecutive contraction and the sharpest on record, officially entering into recession as the economy was hit by the coronavirus pandemic and drought. Output shrank in manufacturing (-11.8% vs 2.4% in Q1); real estate (-5.5% vs 0.3%); utilities (-8.7% vs 2.1%); food, beverages & tobacco (-8.6% vs 0.1%); and agriculture, forestry & fishing (-7.9% vs 7.8%). Also, production contracted further in hotels & restaurants (-85.6% vs -14.1%); wholesale & retail trade (-15.6 percent vs -1.4%); transport, storage & communication (-20.8% vs -2.7%); finance & insurance services (-5.5% vs -1.2%); construction (-14.5% vs -3.3%). Meantime, mining output declined 25.2%, less than a 35.8% in the prior period. On a seasonally adjusted quarterly basis, the economy slumped a record 15.7%, after an upwardly revised 1.9% fall in Q1.
2020-10-06
Jamaica Economy Shrinks the Most in Nearly 10 Years
The economy of Jamaica shrank 2.3 percent year-on-year in the first quarter of 2020, after stalling in the previous period. It was the sharpest contraction since the second quarter of 2010, as the coronavirus pandemic began to hit the economy. Output shrank in wholesale & retail trade (-1.3 percent vs 0.7% in Q4 2019); hotels & restaurants (-14.1% vs 3.7%); transport, storage & communication (-2.5% vs 0.5%); finance & insurance services (-1.2% vs 3.3%). Also, construction output fell 3.3 percent, faster than a 1.9 percent contraction in the prior quarter. In addition, growth slowed in real estate (0.2% vs 0.7%); utilities (2.1% vs 2.8%); and food, beverages & tobacco (0.1% vs 1.8%). On a seasonally adjusted quarterly basis, the economy contracted 1.7 percent, the most since Q1 2009, after shrinking 0.5 percent in the previous period.
2020-07-02
Jamaica Economy Stalls in Q4
The economy of Jamaica stalled in the fourth quarter of 2019, following a 0.6 percent expansion for the previous quarter. It was the weakest figure since the last quarter of 2014, when the economy shrank 0.2 percent, as the mining sector contracted 40.4 percent (vs -17.5 percent). Also, output growth slowed in manufacturing (0.4 percent vs 4.9 percent in Q3); food, beverages & tobacco (1.8 percent vs 2.3 percent); transportation & communication (0.5 percent vs 1.2 percent); and real estate (0.7 percent vs 0.9 percent). Meanwhile, construction output shrank 1.9 percent, less than a 2.1 percent contraction in Q3. On a quarterly basis, the economy contracted 0.5 percent, after shrinking 0.2 percent in the previous period.
2020-03-31

Jamaica GDP Annual 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.