Jamaica's economy shrank 15.7 percent on quarter in the three months to June 2020, following a 1.9 percent drop in the previous period. It was the second consecutive quarterly contraction and the steepest on record, officially entering into recession as the economy was hit by the coronavirus pandemic and drought.
GDP Growth Rate in Jamaica averaged -0.03 percent from 1997 until 2020, reaching an all time high of 2.10 percent in the fourth quarter of 2003 and a record low of -15.70 percent in the second quarter of 2020. This page provides - Jamaica GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Jamaica GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020.
GDP Growth Rate in Jamaica is expected to be 1.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Jamaica to stand at 0.60 in 12 months time. In the long-term, the Jamaica GDP Growth Rate is projected to trend around 0.90 percent in 2021 and 1.30 percent in 2022, according to our econometric models.