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. GDP Annual Growth Rate in Jamaica averaged 0.57 percent from 1997 until 2019, 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.
GDP Annual Growth Rate in Jamaica is expected to be 1.70 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 2.20 in 12 months time. In the long-term, the Jamaica GDP Annual Growth Rate is projected to trend around 2.30 percent in 2020, according to our econometric models.