01.04.202517:32:27UTC+00Jamaica GDP Contracts for 2nd Quarter

Jamaica's economy experienced a contraction of 0.8% on an annual basis in the fourth quarter of 2024, subsequent to a revised 3.3% decline observed in the third quarter. This signifies the first instance of consecutive quarterly contractions since the pandemic era, influenced primarily by notable decreases across multiple sectors. The agriculture, forestry, and fishing sector saw a decrease of 10.6% compared to a 12.5% drop in Q3. Similarly, the mining and quarrying industry declined by 2.3%, improving from a 17.4% drop previously, while utilities decreased by 1.4% compared to 5.8% in the prior quarter. The hotels and restaurants sector contracted by 0.3% following a 4.9% decline, and manufacturing saw a slight dip of 0.5% after a 4.0% reduction. Conversely, the construction sector continued its downturn but at a more modest rate of 2.7% compared to 3.3%, while wholesale and retail trade showed a slight recovery with a 0.2% increase, improving from a 3.0% decline. When assessed on a seasonally adjusted quarterly basis, Jamaica's economy expanded by 1.4% in the fourth quarter, bouncing back from the 1.5% contraction experienced in the third quarter.