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    Jamaica Economy - 1991

      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. In 1990, 3.5% economic growth was led by mining and tourism.

      GDP: $3.9 billion, per capita $1,580; real growth rate 3.5% (1990)

      Inflation rate (consumer prices): 16.0% (1990)

      Unemployment rate: 18.2% (1990)

      Budget: revenues $1.0 billion; expenditures $1.1 billion, including capital expenditures of $197 million (FY90 est.)

      Exports: $1.02 billion (f.o.b., 1990); commodities--bauxite, alumina, sugar, bananas; partners--US 36%, UK, Canada, Norway, Trinidad and Tobago

      Imports: $1.83 billion (c.i.f., 1990); commodities--petroleum, machinery, food, consumer goods, construction goods; partners--US 48%, UK, Venezuela, Canada, Japan, Trinidad and Tobago

      External debt: $4.1 billion (1990 est.)

      Industrial production: growth rate 3% (1989 est.); accounts for almost 25% of GDP

      Electricity: 1,122,000 kW capacity; 2,508 million kWh produced, 1,030 kWh per capita (1990)

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

      Agriculture: accounts for about 9% of GDP, 22% 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; transshipment point for ships carrying cocaine and cannabis from central and South America to North America

      Economic aid: US commitments, including Ex-Im (FY70-89), $1.2 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $1.45 billion; OPEC bilateral aid (1979-89), $27 million; Communist countries (1974-89), $349 million

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

      Exchange rates: Jamaican dollars (J$) per US$1--8.106 (January 1991), 7.184 (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 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Jamaica Economy 1991 information contained here. All suggestions for corrections of any errors about Jamaica Economy 1991 should be addressed to the CIA.

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    Revised 08-Feb-03
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