Jamaica Economic Outlook
May 15, 2018Consumer confidence increased in Q1 2018 on the back of higher income expectations, underpinned by declining unemployment—which fell to a fresh multi-year low in January—and boding well for private consumption. Business sentiment, however, moderated somewhat on less optimistic views on the economy. Moreover, in February the trade deficit widened despite a jump in exports. Economic growth last year was lackluster, and Jamaica ranked among the slowest growing economies in the region for the sixth consecutive year, despite stronger macroeconomic fundamentals since it exited a recession in 2013. In a recent Article IV visit, the IMF praised Jamaica for improving its macroeconomic stability. It also stated, however, that the country needs to drastically reduce the size of its public sector payroll.
Jamaica Economic GrowthThe economy is expected to accelerate this year, supported by a still-healthy global economy, sound labor market dynamics and a pick-up in fixed investment. The slow progress on public sector reforms cloud the outlook, however. Panelist expect GDP growth of 1.7% in 2018, which is unchanged from last month, and 2.1% in 2019.
Jamaica Economy Data
5 years of Jamaica economic forecasts for more than 30 economic indicators.
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