Jamaica Economic Outlook
August 7, 2018Unemployment continued to fall year-on-year through April, which, coupled with robust tourist arrivals growth in recent months, bodes well for the Q2 GDP outturn. The trade deficit, however, widened in the January–May period, due to a higher oil import bill and despite strong export growth. On 20 July, Moody’s upgraded Jamaica’s credit rating outlook from stable to positive, citing ongoing fiscal consolidation efforts, which have lowered the debt-to-GDP ratio and the interest burden. Moreover, moving from direct to indirect taxation has widened the tax base and further improved the macroeconomic outlook.
Jamaica Economic GrowthIncreased mining output and a robust global economy should drive growth this year. Moreover, private consumption is expected to benefit from falling unemployment, while public sector reforms should free up government resources. Panelists expect GDP growth of 1.6% in 2018, down 0.1 percentage points from last month’s forecast, and 2.3% in 2019.
Jamaica Economy Data
5 years of Jamaica economic forecasts for more than 30 economic indicators.
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