Current Account in Jamaica
Jamaica - Current AccountGrowth improved in Q4 in both year-on-year and quarter-on-quarter terms. The services sector strengthened amid falling Covid-19 cases, looser restrictions and stronger year-on-year remittances growth, despite an ebb in tourist activity. Although an Omicron-induced spike in Covid-19 cases in January may have dented momentum at the outset of the year, activity has likely picked up since, with cases falling and the government easing restrictions in February. However, tighter monetary policy could be hampering investment, while private spending plus external and fiscal balances are likely being hit by the recent surge in commodity prices, with inflation reaching a near-decade high in February. Limited fiscal space means the government is unlikely to be able to effectively cushion the blow to households’ purchasing power, as suggested by the cautious new budget for FY 2022.
Jamaica - Current Account Data
|Current Account (% of GDP)||-3.0||-0.3||-2.6||-1.8||-2.0|
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Jamaica Current Account Chart
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