Economy estimated to have contracted by 9.4% in 2020 fourth quarter

by February 23rd, 2021

The Jamaican economy is estimated to have contracted by 9.4 per cent in the fourth quarter of 2020 when compared to the same period in 2019.

Director General of the Planning Institute of Jamaica, PIOJ, Dr. Wayne Henry made the announcement during a press briefing this morning (February 23).

He said this brings real Gross Domestic Product, GDP outturn for 2020 to -10.2%, the first negative annual contraction in 9 years.

Meantime, Dr. Henry said real GDP declined by 10.2 per cent for January to December 2020 when compared to the corresponding period in 2019.

He stated that for the 2020-2021 fiscal year, the economy is projected to contract within a range of 10.5 to 12. 5 per cent reflecting expected declines in all quarters.

However, growth is expected shortly after.