Jamaica's Remittances Climbed 4.2% Even as the Economy Shrank Sharply Last Quarter

The Bank of Jamaica reports US$542 million in remittance inflows over the first two months of 2026, up 4.2% year on year, with February the strongest month since 2022. The inflows landed against a hard backdrop: the economy contracted in the January–March quarter as the island continued recovering from Hurricane Melissa, and remittances now account for roughly 15% of GDP — overwhelmingly from the United States, then Britain, Canada and Cayman.

The pattern confirms what the diaspora already lives: family money rises precisely when the home economy weakens, because it is need-driven, not return-driven. The policy conversation is shifting in parallel — Jamaican officials are urging the diaspora to move from household remittances toward structured investment in enterprise and reconstruction. For senders, the practical note is the channel: route transfers electronically to sidestep the new US cash-transfer tax covered elsewhere in today’s brief.

Source: Bank of Jamaica (via Caribbean Life); Jamaica Gleaner; Caribbean National Weekly.