Jamaica GDP Annual Growth Rate1997-2021 Data | 2022-2023 Forecast | Calendar

The economy of Jamaica shrank 6.7 percent year-on-year in the first quarter of 2021, a fifth consecutive period of contraction, as the coronavirus crisis continued to weigh on demand and activity. The hotels and restaurants industry was the hardest hit sector of the economy, followed by transport storage and communication. wholesale and retail trade, and other services. On a quarterly basis, the economy grew 0.6 percent in January-March, easing from a 0.9 percent expansion in the previous period.

The economy of Jamaica shrank 8.3% year-on-year in the final quarter of 2020, following a 10.7% plunge in the previous period. It was the fourth consecutive contraction, as the economy continued to be affected by the coronavirus pandemic and the measures implemented to limit its spread. The services industries plunged 11.1 percent, mainly in hotels & restaurants (-53.8 percent); installation of machinery & equipment (-8.8 percent); other services (-21.6 percent); and transport, storage & communication (-10.4 percent). Meantime, the goods producing industries inched higher by 0.2 percent, mainly due to increases in construction (6.3 percent) and mining & quarrying (6.3 percent). On a seasonally adjusted quarterly basis, the economy edged higher by 0.9 percent, following an 8.3 percent surge in the prior period. Considering full 2020, the Jamaican economy contracted 9.9 percent, after seven consecutive years of expansion.

The economy of Jamaica shrank 10.7% year-on-year in the third quarter of 2020, following an 18.4% drop in the previous period. It was the third consecutive contraction and follows the sharpest on record, as the economy continued to be affected by the continued spread of the coronavirus and the measures implemented to limit its spread. Both the services and goods producing industries fell, with declines of 13.1% and 3.5% respectively. Within services, declines were recorded for: electricity & water Supply (7.0%), wholesale & retail trade; installation of machinery & equipment (8.1%); hotels & restaurants (65.2%); transport & communication (14.8%); finance & insurance (5.6%), and real estate, renting & business activities (2.8%). On a seasonally adjusted quarterly basis, the economy rebounded 8.3% following a 15.7% contraction.

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.