Jamaican GDP Growth Slows to 0.2% in Q2

The economy of Jamaica expanded by 0.2% year-on-year in the second quarter of 2024, slowing from a downwardly revised growth of 1.2% in the previous quarter.

This marks the thirteenth consecutive period of annual growth, although it is the slowest in the series.

The slowdown was driven by lower growth in several sectors, including agriculture, forestry, and fishing (3.4% vs.

7.4% in Q1), transportation and communication (0.7% vs.

3.5%), utilities (2.3% vs.

6.5%), hotels and restaurants (1.0% vs.

6.9%), and mining and quarrying (4.0% vs.

18.7%).

Conversely, construction declined at a slower pace (-1.9% vs.

-3.7%), while manufacturing rebounded (1.8% vs.

-2.2%).

On a seasonally adjusted quarterly basis, the Jamaican economy contracted by 0.7%, compared to a 0.2% increase in the previous period.