Newly released Statin data shows Jamaica’s Q3 output at 5-year low

Jamaica’s economy shrank more than previously estimated during the July to September quarter of 2024, according to updated data released on Tuesday. The Statistical Institute of Jamaica (Statin) reported a 3.5 percent contraction in GDP for the third quarter, a sharp revision from the earlier estimate of a 2.8 percent decline.

This marks the first negative growth in Jamaica’s economy since the 6.6 percent contraction in the January to March quarter of 2021, which capped a recession caused by the COVID-19 pandemic. That recession saw the economy contract for five consecutive quarters.

Since the pandemic-induced recession, Jamaica’s economy had experienced a recovery, expanding for 13 consecutive quarters. However, the growth rate had been slowing over the past five quarters before the third-quarter decline was recorded. When adjusted for inflation, the output in the third quarter of 2024 was lower than it was during the same period in 2019, prior to the pandemic’s impact.