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.
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 October of 2020.
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.