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Jamaican GDP Contracted 0.6% in Third Quarter on Mining Drop

Nov. 21 (Bloomberg) -- Jamaica’s economy contracted for the third consecutive quarter in the three months through September, led by a drop in mining production, the Finance Ministry’s planning agency said.

The Caribbean country’s economy shrank 0.6 percent from the same period a year ago after contracting 0.2 percent in the second quarter and 0.1 percent in the first, the agency said yesterday on its website.

Economic growth will “remain challenging” during the last three months of this year because of damage from Hurricane Sandy, according to the agency.

Yields on Jamaica’s dollar bonds due in 2019 reached a record high 8.36 percent on Nov. 19 and traded at 8.26 percent yesterday, data from Bloomberg show.

To contact the reporter on this story: Eric Sabo in Panama City at esabo1@bloomberg.net.

To contact the editor responsible for this story: Bill Faries at wfaries@bloomberg.net.

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