The Statistical Institute of Jamaica (STATIN) has reported that the economy declined by 10.7 per cent during the third quarter of 2020 when compared to the same quarter in the previous year.
“This was due to declines in both the services and goods-producing industries of 13.1 per cent and 3.5 per cent, respectively. The economy was impacted by the continued spread of the novel coronavirus and the measures implemented to limit its spread,” the State agency said in a quarterly news release last Thursday.
The performance was a 0.6 percentage point reduction on the 11.3 per cent decline previously projected by the Planning Institute of Jamaica (PIOJ) in its preliminary estimates for the quarter.
Despite the overall contraction for the quarter, STATIN said there was an 8.3 per cent increase in the economy for the third quarter of 2020, when compared to the previous quarter.