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. In September 1988, Hurricane Gilbert inflicted severe damage on crops and the electric power system, a sharp but temporary setback to the economy. By October 1989 the economic recovery from the hurricane was largely complete and real growth was up about 3% for 1989.

GDP: $3.8 billion, per capita $1,529; real growth rate 3.0% (1989 est.)

Inflation rate (consumer prices): 15% (1989)

Unemployment rate: 18.7% (1988)

Budget: revenues $1.1 billion; expenditures $1.5 billion, including capital expenditures of $NA (FY88 est.)

Exports: $948 million (f.o.b., 1989 est.); commodities--bauxite, alumina, sugar, bananas; partners--US 40%, UK, Canada, Trinidad and Tobago, Norway

Imports: $1.6 billion (c.i.f., 1989 est.); commodities--petroleum, machinery, food, consumer goods, construction goods; partners--US 46%, UK, Venezuela, Canada, Japan, Trinidad and Tobago

External debt: $4.4 billion (1989 est.)

Industrial production: growth rate 3% (1989 est.)

Electricity: 1,437,000 kW capacity; 2,390 million kWh produced, 960 kWh per capita (1989)

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

Agriculture: accounts for about 9% of GDP, one-third of work force, and 17% of exports; commercial crops--sugarcane, bananas, coffee, citrus, potatoes, and vegetables; livestock and livestock products include poultry, goats, milk; not self-sufficient in grain, meat, and dairy products

Illicit drugs: illicit cultivation of cannabis has decreased, with production shifting from large to small plots and nurseries to evade aerial detection and eradication

Aid: US commitments, including Ex-Im (FY70-88), $1.1 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $1.2 billion; OPEC bilateral aid (1979-89), $27 million; Communist countries (1974-88), $349 million

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

Exchange rates: Jamaican dollars (J$) per US$1--6.5013 (January 1990), 5.7446 (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 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Jamaica Economy 1990 information contained here. All suggestions for corrections of any errors about Jamaica Economy 1990 should be addressed to the CIA.