Jamaica Economic Outlook
March 17, 2020Economic momentum appears to have ebbed in the final three months of last year. Tourist arrivals fell sharply as the sector continued to feel the pinch from lingering crime-related issues. Moreover, increasing inflationary pressures—inflation reached a five-year high in December—could have dragged on private consumption. More positively, the unemployment rate fell to its lowest level in October since current records began over eight years ago, which should have propped up household spending somewhat. Turning to this year, economic activity likely remains muted. Although inflation eased somewhat in January, it remained the second-highest reading in over two years, while the outbreak of the coronavirus and first confirmed cases are likely weighing on the already-depressed tourism sector.
Jamaica Economic GrowthEconomic growth is expected to remain lackluster this year as the closure of the Alpart alumina refinery for up to two years should weigh on output and exports while weaker economic growth in the U.S. will further drag on exports and tourism. Moreover, the outbreak of the coronavirus poses an additional downside risk. The panel sees the economy growing 1.2% in 2020, which is unchanged from last month’s forecast, and 1.7% in 2021.
Jamaica Economy Data
5 years of Jamaica economic forecasts for more than 30 economic indicators.
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