The Gross Domestic Product (GDP) in Jamaica contracted 1.10 percent in the fourth quarter of 2016 over the previous quarter. GDP Growth Rate in Jamaica averaged 0.11 percent from 2003 until 2016, reaching an all time high of 2.20 percent in the fourth quarter of 2003 and a record low of -2.10 percent in the third quarter of 2014.
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Jamaica, a small island nation situated in a strategic position near the Panama Canal, and one of the slowest growing economy in the Caribbean. Services, with tourism employing 10 percent of the population, is the most important sector of the economy and accounts for around 60 percent of GDP. Jamaica’s large shadow economy and lax tax regulations have translated into persistent fiscal deficits and heavy dependence on remittances. Bureaucracy, high energy costs and a slow, inefficient legal system are hampering foreign direct investments and private initiative. High unemployment and drug related crime are also issues that need to be addressed. This page provides – Jamaica GDP Growth Rate – actual values, historical data, forecast, chart, statistics, economic calendar and news. Jamaica GDP Growth Rate – actual data, historical chart and calendar of releases – was last updated on April of 2017.