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.

GDP Annual Growth Rate in Jamaica averaged 0.54 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 -4.60 percent in the second quarter of 2009. 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 September of 2020.

GDP Annual Growth Rate in Jamaica is expected to be -4.60 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 1.10 in 12 months time. In the long-term, the Jamaica GDP Annual Growth Rate is projected to trend around 1.80 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
-2.30 0.00 4.30 -4.60 1997 - 2020 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2019-10-02 10:00 PM YoY Q2 1.3% 1.8% 1.5%
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%
2020-10-02 10:00 PM YoY Q2 -2.3% -8%
2020-12-28 06:00 PM YoY Q3 -4.6%
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
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 Q2 GDP Growth Slows to 1-1/2-Year Low
The economy of Jamaica expanded 1.3 percent year-on-year in the second quarter of 2019, following an upwardly revised 1.8 percent growth for the previous quarter. It was the weakest growth rate since the last quarter of 2017, as primary activity (-1.7 percent vs 0.3 percent in Q1); construction (-1.4 percent vs 3.4 percent); and utilities (-0.1 percent vs 1.9 percent) shrank. Also, output growth slowed in mining & quarrying (4.6 percent vs 11.1 percent); wholesale & retail trade (1 percent vs 1.3 percent); hotels & restaurants (5.8 percent vs 7.3 percent); transportation & communication (0.8 percent vs 1.2 percent) and other services (1.8 percent vs 2 percent). In contrast, manufacturing output expanded 3.3 percent, rebounding from a 1.3 percent contraction in the first quarter of the year. On a quarterly basis, the economy grew 0.1 percent, easing from a 0.3 percent expansion in the prior period.
2019-10-02

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.