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.