Quarterly Gross Domestic Product (GDP) Fourth Quarter 2020

Gross value added for the Jamaican economy declined by 8.3 per cent in the fourth quarter of 2020 when compared to the similar quarter of 2019. This was largely due to a decline in the Services Industries of 11.1 per cent.

All industries within the Services Industries fell, with the exception of the Producers of Government Services which grew by 0.2 per cent. The measures implemented to limit the spread of COVID-19 as well as the decline in the global travel industry had a significant impact on this segment of the economy. The industries that primarily contributed to the decline were: Hotels & Restaurants (53.8%), Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment (8.8%), Other Services (21.6%) and Transport, Storage & Communication (10.4%).

The Goods Producing Industries grew by 0.2 per cent mainly due to increased output levels in Construction (6.3%) and Mining & Quarrying (6.3%). However, Agriculture, Forestry & Fishing and Manufacturing declined by 7.2 per cent and 0.4 per cent respectively.

The economy increased by 0.9 per cent for the fourth quarter of 2020 when compared to the previous quarter. This was a continuation of the growth recorded in the third quarter when compared to the second quarter and was influenced by the relaxation in some of the measures instituted since March to limit the spread of COVID-19.

Preliminary estimates showed that the Gross value added declined by 9.9 per cent for the calendar year 2020. This decline occurred after seven consecutive years of growth and largely reflects the impact of COVID-19 on the Jamaican economy. Production fell in both the Services and Goods Producing Industries of 11.8 per cent and 4.5 per cent respectively.

GDP 4th Quarter 2020 pdf