The economy of Jamaica expanded by 5.6 percent year-on-year in the third quarter of 2022, picking up from the 4.6 percent growth in the previous quarter. It was the sixth consecutive period of yearly growth, with support from both the goods and the services-producing industries as the economy continued to recover from the impact of the pandemic. Output growth accelerated for agriculture, forestry, and fishing (17 percent vs 6.3 percent) and manufacturing (9.7 percent vs 5.7 percent). Despite slowing down, output was also high for hotels and restaurants (35.3 percent vs 56 percent), largely due to short-stay accommodation and restaurants, bars, and canteens. On a seasonally adjusted quarterly basis, the Jamaican economy grew by 2.1 percent, the most in five quarters, and compared to the 1.3 percent increase in the previous period. source: Statistical Institute of Jamaica
GDP Annual Growth Rate in Jamaica averaged 0.49 percent from 1997 until 2022, reaching an all time high of 14.20 percent in the second quarter of 2021 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 2023.
GDP Annual Growth Rate in Jamaica is expected to be 1.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Jamaica GDP Annual Growth Rate is projected to trend around 3.00 percent in 2023 and 1.50 percent in 2024, according to our econometric models.