This estimated decline is in comparison to the corresponding period last year.
Director General of the Planning Institute of Jamaica (PIOJ), Dr. Wayne Henry, made the disclosure while providing a preliminary estimate on the performance of the economy for the period, during a virtual media briefing on Wednesday (June 2).
Dr. Henry noted that the out-turn for the January to March 2021 quarter largely reflected the impact of an increase in the COVID-19 confirmed cases to 39,543 at the end of March 31, 2021, relative to 12,915 confirmed cases in December 2020.
âThis represented the largest quarterly increase in COVID-19 cases, quarter over quarter,â he said.
Also significantly impacting the performance of the economy was the implementation of measures globally and locally to manage the COVID-19 pandemic relative to the corresponding quarter of 2020, when the economy operated normally for the first two months.
Luke Douglas
Director General of the Planning Institute of Jamaica Dr Wayne Henry.
Output from the Jamaican economy contracted by 5.7 per cent for the quarter ending March 2021 compared with the first quarter of 2020 but is expected to grow by as much as nine per cent in the current quarter.
This is despite double-digit growth in the construction sector during the period.
This is according to the preliminary estimates of the country’s economic performance, released by the Planning Institute of Jamaica (PIOJ) on Tuesday (June 2).
The PIOJ said the contraction in Gross Domestic Product (GDP) reflected the impact of the COVID-19 pandemic but said the rate of decline was lowest since the pandemic began in March last year.
The Planning Institute of Jamaica (PIOJ) is projecting that the economy will grow within the range of seven per cent to nine per cent during the April to June 2021 quarter.
Director General of the PIOJ, Dr. Wayne Henry, who made the announcement, said this outlook is based on âthe commencement of the recovery process relative to the low output levels recorded in the corresponding period of 2020â.
Dr. Henry was speaking during a virtual media briefing on Wednesday (June 2).
The Director General noted as well that the projected growth will also be dependent on the relaxation of some coronavirus (COVID-19) containment measures relative to the lockdown, which occurred in the corresponding quarter of 2020.
The Violence Prevention Alliance (VPA) is recommending that the Zones of Special Operations (ZOSO) be positioned as a force for economic development.
The VPA made the recommendation while making a submission to the Joint Select Committee of Parlia