Consumption in Jamaica
Jamaica - ConsumptionGrowth accelerated in Q4 as the services sector strengthened amid looser Covid-19 measures and stronger year-on-year remittances growth. Turning to Q1, activity has likely picked up further thanks to a recovery in tourism, with non-cruise arrivals approaching 75% of pre-pandemic levels by February. Moreover, the unemployment rate decreased in January relative to the prior reading from October. However, rising price pressures could have dented private spending. Turning to the current quarter, the removal of all remaining Covid-19 restrictions for travelers from 15 April should be giving tourism a further boost, although rising interest rates and inflation could be hampering investment and household consumption. Finally, the cautious new 2022 budget and the government’s limited fiscal space means it is unlikely households will receive much purchasing power support.
Jamaica - Consumption Data
|Consumption (annual variation in %)||-0.1||0.1||1.1||0.7||-|
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