Jamaica GDP Annual Growth Rate1997-2020 Data | 2021-2023 Forecast | Calendar

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.

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.

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.