Jamaica

Jamaica’s Economy Shows 10% Decline

The Jamaican economy declined by more than 10 percent in the third quarter of 2020 when compared to the similar quarter of 2019. 

The 10.7 per cent decline reported by the Statistical Institute of Jamaica (STATIN) on Thursday is lower than the Planning Institute of Jamaica’s estimate last month of an eleven-point three percent contraction.

STATIN said the downturn was due to declines in of 13.1 per cent in the Services industry and 3.5 per cent in the Goods Producing industry. 

According to STATIN, the economy was impacted by the continued spread of the COVID-19 pandemic and the measures implemented to limit its spread.

It said all industries within the Services Industries declined, except for the Producers of Government Services which grew by 0.1 per cent. 

The negative impact of COVID-19 was felt more severely in the Hotels and Restaurants, Transport, Storage and Communication and Other Services industries.

There was an 81.8 per cent decline in stopover arrivals to the island and there were no cruise passenger arrivals for the period under review.

STATIN also noted that the economy saw an 8.3 per cent increase for the third quarter compared with the second quarter this year.

It said this was due to increases in the Services and Goods Producing industries.

This performance reflected relaxation of some COVID-19 measures in the second quarter of 2020.

Readers Bureau, Contributor

Edited by Jesus Chan

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