The Jamaican economy, which has been undergoing a sustained period of growth for the past couple of years, is now showing signs of weakness because of COVID-19 with latest estimates showing a contraction in the range of 1.5 per cent to 2.5 per cent for the March 2020 quarter.

This is well below the 0.0 per cent recorded for the December 2019 quarter and the previous projection for growth of 0.3 per cent. The Bank of Jamaica (BOJ) in its Quarterly Monetary Report for May estimated that the decline for the March quarter occurred in the context of the adverse impact of the novel coronavirus on the economy and measures implemented to contain its spread.

The report, which was released on Thursday, showed reductions in the economy were chiefly reflected in hotels & restaurants, mining & quarrying, construction, and other services.

http://www.jamaicaobserver.com/sunday-finance/jamaican-economy-contracted-by-1-5-to-2-5-in-march-quarter-poor-quality-of-bauxite-available-led-to-decline-in-the-sector_194766