Jamaica Economic Outlook
April 9, 2019Economic growth inched up in Q4 2018 to round off a strong year during which the Jamaican economy grew at the fastest pace in 12 years. The services sector and manufacturing activity drove the quarterly acceleration, with the hotels and restaurants subsector posting a robust pace of expansion despite weak tourist arrivals in the quarter. Looking at Q1 2019, tourist arrivals jumped in January–February, boding well for private consumption in the quarter. In early March, the IMF applauded the government’s reform commitment and saw improvements in public debt dynamics. The Fund also gave a nod of approval to the government’s JMD 14 billion tax cut, effective 1 April, which followed the expansion of the country’s tax base.
Jamaica Economic GrowthJamaica’s economy is expected to continue growing at a relatively modest rate this year. The government’s tax cut, which could spur economic activity, provides an upside risk to economic growth. On the other hand, the ongoing fiscal consolidation efforts overall could limit the overall expansion. The panel sees the economy growing 1.8% in 2019, unchanged from last month’s forecast, and 1.7% in 2020.
Jamaica Economy Data
5 years of Jamaica economic forecasts for more than 30 economic indicators.
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