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. This page provides - Jamaica GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

GDP Annual Growth Rate in Jamaica is expected to be 1.90 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 2.30 in 12 months time. In the long-term, the Jamaica GDP Annual Growth Rate is projected to trend around 2.30 percent in 2021, according to our econometric models.


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Jamaica GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.60 1.30 4.30 -4.60 1997 - 2019 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2019-03-29 09:00 PM YoY Q4 2% 1.9% 2.1%
2019-06-28 11:00 PM YoY Q1 1.7% 2% 1.8%
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 0.6% 1.7%
2020-06-29 11:00 PM YoY Q1 1.9%
2020-10-02 10:00 PM YoY Q2 2.1%
2020-12-28 06:00 PM YoY Q3 2.2%


News Stream
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 Economy Grows 2% in Q4
The economy of Jamaica expanded 2 percent year-on-year in the fourth quarter, following a 2 percent growth for the previous quarter, supported mainly by manufacturing (2 percent vs -0.4 percent in Q3); agriculture (3.1 percent vs unchanged); food, beverages & tobacco (2 percent vs unchanged); wholesale & retail trade (1.6 percent vs 0.9 percent); hotels & restaurants (2.8 percent vs 2.1 percent); transport storage & communication (1.9 percent vs 1.4 percent); finance & insurance services (0.8 percent vs 0.7 percent); and real estate (0.7 percent vs 0.6 percent). On a seasonally adjusted quarterly basis, the economy contracted 0.8 percent.
2019-03-29

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.