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. source: Statistical Institute of Jamaica
GDP Annual Growth Rate in Jamaica averaged 0.34 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 -18.40 percent in the second quarter of 2020. 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 February of 2021.
GDP Annual Growth Rate in Jamaica is expected to be -6.00 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 7.00 in 12 months time. In the long-term, the Jamaica GDP Annual Growth Rate is projected to trend around 4.20 percent in 2021 and 2.30 percent in 2022, according to our econometric models.