Economy falls sharply in first quarter 2020

The Jamaican economy declined by 2.3 per cent in the first quarter of 2020 when compared to the similar quarter of 2019. The Statistical Institute of Jamaica (STATIN) reports that this was the result of declines in both the services and goods producing industries. The economy declined by 0.1 per cent in the fiscal year 2019/2020 compared to the fiscal year 2018/2019.

The report says, the performance of the economy in the January to March quarter 2020 was negatively impacted by the spread of the novel coronavirus, COVID-19 and the
measures adopted by the Government to limit its spread. Jamaica recorded its first COVID-19 case on March 10 and by the end of that month had closed the borders, hitting the vital tourism industry, and taken several containment steps.

Hotels & Restaurants with a 14.1 % decline led the sectors with decreased output. In the Goods Producing industries, lower levels of output were recorded, Mining & Quarrying, down 35.8 per cent and Construction, down by 3.3%.

However, Agriculture, Forestry & Fishing and Manufacturing grew by 7.8 per cent and 2.2 per cent respectively, STATIN said.
Relative to the fourth quarter of 2019, the economy declined by 1.7 per cent.

 

Chetna Sharma 

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