Jamaica GDP Annual Growth Rate

Last Release

Dec 31, 2023

Actual

1.7

Units In

4.2

Frequency

Quarterly

Next Release

Jul 01, 2025

Time to Release

2 Months 28 Days 22 Hours

Highest	Lowest	Average	Date Range	Source
14.2 Jun 2021	-18.4 Jun 2020	0.56 %	1997-2023	Statistical Institute of Jamaica

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.

Latest Updates

The economy of Jamaica contracted by 0.8% year-on-year in the fourth quarter of 2024, following a revised decline of 3.3% in the previous quarter. This marks the first back-to-back quarterly contractions since the pandemic, driven by sharp declines in several sectors, including agriculture, forestry, and fishing (-10.6% vs. -12.5% in Q3), mining and quarrying (-2.3% vs. -17.4%), utilities (-1.4% vs. -5.8%), hotels and restaurants (-0.3% vs. -4.9%), and manufacturing (-0.5% vs. -4.0%). Meanwhile, construction continued to decline but at a slower pace (-2.7% vs. -3.3%), while wholesale and retail trade rebounded slightly (0.2% vs. -3.0%). On a seasonally adjusted quarterly basis, the Jamaican economy expanded by 1.4% in Q4, rebounding from the 1.5% downturn from Q3.