The economy of Jamaica surged 14.2 percent over a year in the second quarter of 2021, following five consecutive quarters of contraction. It was the highest growth rate since at least 1997, largely due to low base effects from the start of the pandemic last year and prolonged restrictive lockdowns. Output rebounded for most of the sectors of the economy, primarily hotels and restaurants (334.6 percent vs -55.9 percent in Q1), wholesale and retail trade (19.3 percent vs -5.1 percent), transportation (13.9 percent vs -7.8 percent), real estate and business (5.2 percent vs -1.9 percent), manufacturing (12.9 percent vs -0.9 percent) and agriculture, forestry and fishing (15 percent vs -1.9 percent). At the same time, the construction sector grew much faster (17.4 percent vs 10.5 percent). On a seasonally adjusted quarterly basis, the economy advanced by 2.4 percent, compared to an upwardly revised 0.7 percent in the first quarter. source: Statistical Institute of Jamaica

GDP Annual Growth Rate in Jamaica averaged 0.21 percent from 1997 until 2021, 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 2021.

GDP Annual 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. In the long-term, the Jamaica GDP Annual Growth Rate is projected to trend around 5.50 percent in 2022 and 4.50 percent in 2023, according to our econometric models.

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Jamaica GDP Annual Growth Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-07-02 03:00 PM Q1 -6.7% -8.3% -3.5%
2021-10-06 03:30 PM Q2 14.2% -6.6% 14.6%
2021-12-28 06:00 PM Q3 14.2%


News Stream
Jamaica GDP Rebounds at Record Pace
The economy of Jamaica surged 14.2 percent over a year in the second quarter of 2021, following five consecutive quarters of contraction. It was the highest growth rate since at least 1997, largely due to low base effects from the start of the pandemic last year and prolonged restrictive lockdowns. Output rebounded for most of the sectors of the economy, primarily hotels and restaurants (334.6 percent vs -55.9 percent in Q1), wholesale and retail trade (19.3 percent vs -5.1 percent), transportation (13.9 percent vs -7.8 percent), real estate and business (5.2 percent vs -1.9 percent), manufacturing (12.9 percent vs -0.9 percent) and agriculture, forestry and fishing (15 percent vs -1.9 percent). At the same time, the construction sector grew much faster (17.4 percent vs 10.5 percent). On a seasonally adjusted quarterly basis, the economy advanced by 2.4 percent, compared to an upwardly revised 0.7 percent in the first quarter.
2021-10-06
Jamaica GDP Contracts for 5th Quarter
The economy of Jamaica shrank 6.7 percent year-on-year in the first quarter of 2021, a fifth consecutive period of contraction, as the coronavirus crisis continued to weigh on demand and activity. The hotels and restaurants industry was the hardest hit sector of the economy, followed by transport storage and communication. wholesale and retail trade, and other services. On a quarterly basis, the economy grew 0.6 percent in January-March, easing from a 0.9 percent expansion in the previous period.
2021-07-02
Jamaican GDP Contracts Less in Q4
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.
2021-04-01

Jamaica Last Unit Reference Previous Highest Lowest
GDP Growth Rate 2.40 percent Jun/21 0.60 8.50 -15.60
GDP Annual Growth Rate 14.20 percent Jun/21 -6.60 14.20 -18.40
GDP From Services 33865.00 USD Million Jun/21 31677.00 36733.00 28377.00
GDP From Public Administration 24573.00 USD Million Jun/21 22859.00 25935.00 22427.00
GDP From Mining 3585.00 USD Million Jun/21 3720.00 8526.00 3161.00
GDP From Manufacturing 16380.00 USD Million Jun/21 16547.00 23548.00 14506.00
GDP From Construction 12641.00 USD Million Jun/21 16143.00 18118.00 10766.00
GDP From Agriculture 16178.00 USD Million Jun/21 14798.00 16178.00 7631.00
GDP Constant Prices 183643.00 USD Million Jun/21 178429.00 197012.00 160780.00
GDP From Utilities 5891.00 USD Million Jun/21 5746.00 6618.00 4158.00
GDP From Transport 18734.00 USD Million Mar/21 19130.00 23461.00 13697.00


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.