Overview: The economy is based on sugar, bauxite, and tourism. In 1985 it suffered a setback with the closure of some facilities in the bauxite and alumina industry, a major source of hard currency earnings. Since 1986 an economic recovery has been under way. In 1987 conditions began to improve for the bauxite and alumina industry because of increases in world metal prices. The recovery has also been supported by growth in the manufacturing and tourism sectors.

GDP: $2.9 billion, per capita $1,160; real growth rate 5% (1987)

Inflation rate (consumer prices): 6.7% (1987)

Unemployment rate: 21% (April 1987)

Budget: revenues $914 million; expenditures $973 million, including capital expenditures of $211 million (FY87 est.)

Exports: $0.65 billion (f.o.b., 1987); @m5commodities--bauxite, alumina, sugar, bananas; @m5partners--US 40%, UK, Canada, Trinidad and Tobago, Norway

Imports: $1.21 billion (c.i.f., 1987); @m5commodities--petroleum, machinery, food, consumer goods, construction goods; @m5partners--US 46%, UK, Venezuela, Canada, Japan, Trinidad and Tobago

External debt: $3.5 billion (April 1987)

Industrial production: growth rate 4.4% (1986)

Electricity: 1,437,000 kW capacity; 2,400 million kWh produced, 980 kWh per capita (1988)

Industries: tourism, bauxite mining, textiles, food processing, light manufactures

Agriculture: sugarcane, citrus fruits, bananas, pimento, coconuts, coffee, cocoa, tobacco; an illegal producer of cannabis for the international drug trade

Aid: NA

Currency: Jamaican dollar (plural--dollars); 1 Jamaican dollar (J$) = 100 cents

Exchange rates: Jamaican dollars (J$) per US$1--5.4843 (January 1989), 5.4886 (1988), 5.4867 (1987), 5.4778 (1986), 5.5586 (1985)

Fiscal year: 1 April-31 March

NOTE: The information regarding Jamaica on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Jamaica Economy 1989 information contained here. All suggestions for corrections of any errors about Jamaica Economy 1989 should be addressed to the CIA.