The Jamaican economy declined by 6.7 per cent in the first quarter of 2021 when compared to the similar quarter of 2020, but is showing signs of recovery when compared to the last three quarters of the year 2020.
When compared to the fourth quarter of 2020, total value added for the economy grew by 0.6 per cent and strengthened even further when compared to a 10.6 per cent decline for July to September 2020 and 18 per cent decline recorded for the quarter April to June 2020.
According to reports from the Statistical Institute of Jamaica, (STATIN), the dip in economic performance for the first quarter of 2021 was largely as a result of declines in the services industries from fallouts associated with the COVID-19 pandemic.
The performance of Jamaica’s services industries fell by 9.9 per cent for the three months up to March 2021.
All industries within the services industries declined, with the exception of the producers of Government services which remained relatively unchanged.