Jamaica GDP Contracts the Most Since 2021 in Q1
2025-01-02 22:40
By
Mojdeh Kazemi
1 min. read
The Jamaican economy saw a 3.5% decline in the third quarter of 2024 compared to the same period in 2023.
It was the biggest contraction since March 2021, with both the Services and Goods Producing sectors contributing to the downturn.
The Services sector contracted by 2.2%, while the Goods Producing Industries saw a steeper decline of 7.2%.
The impact of Hurricane Beryl in July 2024 was a major factor, particularly affecting the Agriculture, Forestry & Fishing, and Mining & Quarrying industries.
The storm caused extensive damage to crops, delayed planting, and disrupted harvesting, while a key alumina-producing plant was also heavily affected.
In addition, infrastructure damage to the Jamaica Public Service Company led to power outages, reducing electricity and water consumption, which negatively impacted the Electricity, Water Supply, and Other Services sectors.
On a seasonally adjusted basis, the economy contracted 1.7% quarter-on-quarter, worsening from a 0.7% decline previously.