Economy - overview:
The Jamaican economy is heavily dependent on services, which now account for more than 60% of GDP. The country continues to derive most of its foreign exchange from tourism, remittances, and bauxite/alumina. Remittances account for nearly 15% of GDP and exports of bauxite and alumina make up about 10%. Tourism revenues account for roughly 10% of GDP, and both arrivals and revenues grew in 2010, up 4% and 6% respectively. The Economic growth faces many challenges: high crime and corruption, large-scale unemployment and underemployment, and a debt-to-GDP ratio of more than 120%. Jamaica's onerous debt burden - the fourth highest per capita - is the result of government bailouts to ailing sectors of the economy, most notably to the financial sector in the mid-to-late 1990s. The Government of Jamaica signed a $1.27 billion, 27-month Standby Agreement with the International Monetary Fund for balance of payment support in February 2010. Other multilaterals have also provided millions of dollars in loans and grants. The government's difficult fiscal position hinders spending on infrastructure and social programs, particularly as job losses rise in a shrinking economy. The GOLDING administration faces the difficult prospect of having to achieve fiscal discipline in order to maintain debt payments, while simultaneously attacking a serious and growing crime problem that is hampering economic growth. High unemployment exacerbates the crime problem, including gang violence that is fueled by the drug trade.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition by sector: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Investment (gross fixed): Budget: Public debt: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Agriculture - products: Industries: Industrial production growth rate: Electricity - production: Electricity - consumption: Electricity - exports: Electricity - imports: Oil - production: Oil - consumption: Oil - exports: Oil - imports: Oil - proved reserves: Natural gas - production: Natural gas - consumption: Natural gas - exports: Natural gas - imports: Natural gas - proved reserves: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Exchange rates:
NOTE: The information regarding Jamaica on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Jamaica Economy 2011 information contained here. All suggestions for corrections of any errors about Jamaica Economy 2011 should be addressed to the CIA.
$23.93 billion (2010 est.)
country comparison to the world: 116
note:
data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]
$13.74 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]
-0.8% (2010 est.)
country comparison to the world: 199
[see also: GDP - real growth rate country ranks ]
$8,400 (2010 est.)
country comparison to the world: 122
note:
data are in 2010 US dollars
[see also: GDP - per capita country ranks ]
agriculture: 5.7%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
29.7%
[see also: GDP - composition by sector - industry country ranks ]
services:
64.6% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]
1.317 million (2009 est.)
country comparison to the world: 136
[see also: Labor force country ranks ]
agriculture: 17%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
19%
[see also: Labor force - by occupation - industry country ranks ]
services:
64% (2006)
[see also: Labor force - by occupation - services country ranks ]
12.9% (2010 est.)
country comparison to the world: 135
[see also: Unemployment rate country ranks ]
14.8% (2003 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 2.1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
35.8% (2004)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
45.5 (2004)
country comparison to the world: 40
[see also: Distribution of family income - Gini index country ranks ]
25.1% of GDP (2009 est.)
country comparison to the world: 43
[see also: Investment (gross fixed) country ranks ]
revenues: $3.611 billion
[see also: Budget - revenues country ranks ]
expenditures:
$4.644 billion (2009 est.)
[see also: Budget - expenditures country ranks ]
123.2% of GDP (2010 est.)
country comparison to the world: 7
[see also: Public debt country ranks ]
13% (2010 est.)
country comparison to the world: 213
[see also: Inflation rate (consumer prices) country ranks ]
NA% (31 December 2009)
[see also: Central bank discount rate country ranks ]
16.43% (31 December 2009 est.)
country comparison to the world: 34
[see also: Commercial bank prime lending rate country ranks ]
$1.432 billion (31 December 2010 est)
[see also: Stock of narrow money country ranks ]
$5.782 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]
$7.922 billion (31 December 2010 est.)
country comparison to the world: 102
[see also: Stock of domestic credit country ranks ]
$6.201 billion (31 December 2009)
country comparison to the world: 73
[see also: Market value of publicly traded shares country ranks ]
sugarcane, bananas, coffee, citrus, yams, ackees, vegetables; poultry, goats, milk; crustaceans, mollusks
tourism, bauxite/alumina, agro processing, light manufactures, rum, cement, metal, paper, chemical products, telecommunications
-2% (2009 est.)
country comparison to the world: 161
[see also: Industrial production growth rate country ranks ]
7.324 billion kWh (2007 est.)
country comparison to the world: 100
[see also: Electricity - production country ranks ]
6.345 billion kWh (2007 est.)
country comparison to the world: 104
[see also: Electricity - consumption country ranks ]
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]
0 kWh (2008 est.)
[see also: Electricity - imports country ranks ]
0 bbl/day (2008 est.)
country comparison to the world: 171
[see also: Oil - production country ranks ]
77,000 bbl/day (2009 est.)
country comparison to the world: 87
[see also: Oil - consumption country ranks ]
0 bbl/day (2007 est.)
country comparison to the world: 147
[see also: Oil - exports country ranks ]
77,720 bbl/day (2007 est.)
country comparison to the world: 75
[see also: Oil - imports country ranks ]
0 bbl (1 January 2010 est.)
country comparison to the world: 167
[see also: Oil - proved reserves country ranks ]
0 cu m (2008 est.)
country comparison to the world: 174
[see also: Natural gas - production country ranks ]
0 cu m (2008 est.)
country comparison to the world: 127
[see also: Natural gas - consumption country ranks ]
0 cu m (2008 est.)
country comparison to the world: 85
[see also: Natural gas - exports country ranks ]
0 cu m (2008 est.)
country comparison to the world: 159
[see also: Natural gas - imports country ranks ]
0 cu m (1 January 2010 est.)
country comparison to the world: 161
[see also: Natural gas - proved reserves country ranks ]
-$1.382 billion (2010 est.)
country comparison to the world: 145
[see also: Current account balance country ranks ]
$1.487 billion (2010 est.)
country comparison to the world: 137
[see also: Exports country ranks ]
alumina, bauxite, sugar, rum, coffee, yams, beverages, chemicals, wearing apparel, mineral fuels
US 38.19%, Canada 12.2%, UK 10.79%, Norway 4.89%, Netherlands 4.69% (2009)
$5.378 billion (2010 est.)
country comparison to the world: 109
[see also: Imports country ranks ]
food and other consumer goods, industrial supplies, fuel, parts and accessories of capital goods, machinery and transport equipment, construction materials
US 28.32%, Trinidad and Tobago 22.98%, Venezuela 12.14%, China 4.61%, Brazil 4.18% (2009)
$1.85 billion (31 December 2010 est.)
country comparison to the world: 102
[see also: Reserves of foreign exchange and gold country ranks ]
$12.66 billion (31 December 2010 est.)
country comparison to the world: 84
[see also: Debt - external country ranks ]
Jamaican dollars (JMD) per US dollar - 87.41 (2010), 87.894 (2009), 72.236 (2008), 69.034 (2007), 65.768 (2006)
This page was last modified 09-Feb-11