The Jamaican economy contracted by 9.4 per cent in the December quarter, dragged down by the services sector.

While the goods sector declined by a marginal 0.6 per cent, services shrank by 11.5 per cent in the October-December 2020 period, amid continued weakness in the tourism and travel markets.

The PIOJ stated that the economy suffered from weakened business and consumer confidence associated with uncertainties regarding the duration and impact of the pandemic; and weakened demand associated with lower disposable income due to job losses and reduced work hours.

“The prevalence of COVID-19 cases globally and locally which has negatively impacted economic activities through reduced demand and a slowing in the pace of reopening. There were renewed restrictions and logistical challenges of COVID-19 vaccination programmes in some economies,” said director general Dr Wayne Henry during his quarterly economic briefing on Tuesday.

http://jamaica-gleaner.com/article/business/20210224/jamaican-economy-shrinks-94