Jamaica Economic Outlook
December 4, 2018After five years of sluggish growth, the Jamaican economy accelerated in the first half of the year, powered by the agricultural and extractive sectors. Coupled with the fact that the size of the workforce also shrank, unemployment reached its lowest rate in 12 years. In less positive news, in spite of strong export growth, the trade deficit widened in the first nine months of the year on a higher oil bill. In early November, the IMF completed its fourth review under the standby arrangement. Although the Fund applauded the government for improvements within the economy, it stressed the necessity for further reforms to facilitate private sector investment.
Jamaica Economic GrowthPrivate consumption, driven by a tightening labor market and robust tourism, should drive the economy next year. However, fiscal consolidation efforts from the government will likely drag on growth. Panelists expect the economy to grow 1.9% in 2019, which is unchanged from last month, and 1.8% in 2020.
Jamaica Economy Data
5 years of Jamaica economic forecasts for more than 30 economic indicators.
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