The Gross Domestic Product (GDP) in Jamaica expanded 4.80 percent in the second quarter of 2022 over the same quarter of the previous year. This was attributed to an increase of 7.2 percent in value added at constant prices for the Services Industries. The growth in the Services Industries was due to improved performance in all eight (8) industries: Hotels & Restaurants (56.0%), Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment (7.6%), Transport, Storage & Communication (5.7%), Other Services (9.8%), Finance & Insurance Services (1.1%), Real Estate, Renting & Business Activities (2.1%), Producers of Government Services (0.4%) and Electricity & Water Supply (2.0%). source: Statistical Institute of Jamaica

GDP Annual Growth Rate in Jamaica averaged 0.43 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 October of 2022.

GDP Annual Growth Rate in Jamaica is expected to be 3.70 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.

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Jamaica GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-07-01 03:00 PM Q1 6.4% 6.7% 5.8%
2022-09-30 09:00 PM Q2 4.8% 6.4% 2.6%
2022-12-28 06:00 PM Q3 3.7%


Related Last Previous Unit Reference
GDP Growth Rate 1.30 -1.20 percent Jun 2022
GDP Annual Growth Rate 4.80 6.40 percent Jun 2022
GDP from Utilities 5825.00 5873.00 USD Million Mar 2022
GDP from Transport 20405.00 21067.00 USD Million Mar 2022
GDP from Services 34461.00 35387.00 USD Million Mar 2022
GDP from Public Administration 22955.00 23783.00 USD Million Mar 2022
GDP from Mining 1493.00 1362.00 USD Million Mar 2022
GDP from Manufacturing 17144.00 16360.00 USD Million Mar 2022
GDP from Construction 16701.00 16768.00 USD Million Mar 2022
GDP from Agriculture 16013.00 14568.00 USD Million Mar 2022
GDP Constant Prices 189919.00 192709.00 USD Million Mar 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
4.80 6.40 14.20 -18.40 1997 - 2022 percent Quarterly
NSA

News Stream
Jamaica GDP Growth Moderates in Q1
The economy of Jamaica expanded 6.4 percent year-on-year in the first quarter of 2022, slowing slightly from a 6.7 percent growth in the previous quarter. Output growth lost significant momentum in agriculture, forestry and fishing (8.2 percent vs 13.8 percent in Q4), electricity and water supply (1.4 percent vs 5.8 percent), construction (3.5 percent vs 5.9 percent), and wholesale and retail trade (8.8 percent vs 10.6 percent). Meanwhile, the key hospitality and restaurant activities experienced soaring levels of growth (107.1 percent vs 79.5 percent), and manufacturing showed a more modest recovery (4.0 percent vs -2.2). On a seasonally adjusted quarterly basis, the economy contracted by 1.2 percent, following a 1.4 percent rise in the previous quarter.
2022-07-01
Jamaica GDP Growth Advances to 6.7% in Q4
The economy of Jamaica expanded 6.7 percent over a year in the fourth quarter of 2021, accelerating from an upwardly revised 5.9 percent growth in the previous quarter. Output grew at at a faster pace mainly for agriculture, forestry and fishing (13.8 percent vs 7.3 percent in Q3), electricity and water supply (5.8 percent vs 0.6 percent), construction (5.9 percent vs 4.4 percent) and wholesale and retail trade (10.6 percent vs 4.4 percent). Meanwhile, output declined faster for mining and quarrying (-60.5 percent vs -29.1 percent). On a seasonally adjusted quarterly basis, the economy advanced by 1.4 percent, compared to an upwardly revised 0.8 percent rise in the previous quarter.
2022-03-31
Jamaica GDP Growth Eases From Record Pace
The economy of Jamaica rose 5.8 percent over a year in the third quarter of 2021, after recording a 14.4 percent increase in the previous quarter, the strongest growth pace since 1997. Output grew at a slower pace for all activities, mainly for hotels & restaurants (4.4 percent vs 19.3 percent), wholesale & retail trade (4.4 percent vs 17.4 percent), construction (4.4 percent vs 17.4 percent), agriculture & forestry & fishing (7.3 percent vs 15 percent), manufacturing (4.6 percent 13.5 percent), food & beverages & tobacco (4.2 percent vs 10.2 percent), and utilities (0.6 percent vs 4 percent). Meanwhile, mining & quarrying accelerated the fall (-29.7 percent vs -9.2 percent). On a seasonally adjusted quarterly basis, the economy advanced by 0.6 percent, compared to an upwardly revised 2.5 percent in the previous quarter.
2022-01-03