The economy of Jamaica shrank 8.3% year-on-year in the final quarter of 2020, following a 10.7% plunge in the previous period. It was the fourth consecutive contraction, as the economy continued to be affected by the coronavirus pandemic and the measures implemented to limit its spread. The services industries plunged 11.1 percent, mainly in hotels & restaurants (-53.8 percent); installation of machinery & equipment (-8.8 percent); other services (-21.6 percent); and transport, storage & communication (-10.4 percent). Meantime, the goods producing industries inched higher by 0.2 percent, mainly due to increases in construction (6.3 percent) and mining & quarrying (6.3 percent). On a seasonally adjusted quarterly basis, the economy edged higher by 0.9 percent, following an 8.3 percent surge in the prior period. Considering full 2020, the Jamaican economy contracted 9.9 percent, after seven consecutive years of expansion. source: Statistical Institute of Jamaica
GDP Annual Growth Rate in Jamaica averaged 0.13 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 May of 2021.
GDP Annual Growth Rate in Jamaica is expected to be 13.00 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 4.10 in 12 months time. In the long-term, the Jamaica GDP Annual Growth Rate is projected to trend around 5.30 percent in 2022 and 3.20 percent in 2023, according to our econometric models.