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Jamaica Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Jamaica Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
The Jamaican economy is heavily dependent on services, which accounts for more than 70% of GDP. The country continues to derive most of its foreign exchange from tourism, remittances, and bauxite/alumina. Earnings from remittances and tourism each account for about 15% of GDP, while bauxite/alumina exports have declined to less than 5% of GDP.Jamaica's economy has grown on average less than 1% a year for the last three decades and many impediments remain to growth: a bloated public sector which crowds out spending on important projects; high crime and corruption; red-tape; and a high debt-to-GDP ratio. Jamaica, however, has made steady progress in reducing its debt-to-GDP ratio from a high of almost 150% in 2012 to about 115% in 2017, in close collaboration with the International Monetary Fund. The existing Stand By Agreement requires Jamaica to produce an annual primary surplus of 7%, in an attempt to reduce its debt burden below 60% by 2025.Economic growth reached 1.6% in 2016. The HOLNESS administration faces the difficult prospect of maintaining fiscal discipline to make debt payments while simultaneously attacking a serious crime problem. High unemployment exacerbates the crime problem, including gang violence fueled by the drug trade.

GDP (purchasing power parity):
$26.2 billion (2017 est.) $25.77 billion (2016 est.) $25.44 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 141

GDP (official exchange rate):
$14.29 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.7% (2017 est.) 1.3% (2016 est.) 0.9% (2015 est.)
country comparison to the world: 168
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$9,200 (2017 est.) $9,100 (2016 est.) $9,000 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 143

Gross national saving:
16.5% of GDP (2017 est.) 17% of GDP (2016 est.) 18.1% of GDP (2015 est.)
country comparison to the world: 113
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 81.9%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 13.5%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 21.1%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 29.4%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -46% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 7.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 21.3%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 71.2% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
sugarcane, bananas, coffee, citrus, yams, ackees, vegetables; poultry, goats, milk; shellfish

Industries:
tourism, bauxite/alumina, agricultural-processing, light manufactures, rum, cement, metal, paper, chemical products, telecommunications

Industrial production growth rate:
1.7% (2017 est.)
country comparison to the world: 145
[see also: Industrial production growth rate country ranks ]

Labor force:
1.325 million (2017 est.)
country comparison to the world: 136
[see also: Labor force country ranks ]

Labor force - by occupation:
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 ]

Unemployment rate:
12.2% (2017 est.) 12.8% (2016 est.)
country comparison to the world: 157
[see also: Unemployment rate country ranks ]

Population below poverty line:
16.5% (2009 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 35.8% (2004)

Distribution of family income - Gini index:
45.5 (2004) 37.9 (2000)
country comparison to the world: 38
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $4.207 billion
[see also: Budget - revenues country ranks ]
expenditures: $4.15 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
29.4% of GDP (2017 est.)
country comparison to the world: 85
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0.4% of GDP (2017 est.)
country comparison to the world: 25
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
117.8% of GDP (2017 est.) 127.1% of GDP (2016 est.)
country comparison to the world: 9
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
3.4% (2017 est.) 2.3% (2016 est.)
country comparison to the world: 138
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
2% (31 December 2010)
country comparison to the world: 115
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
16.6% (31 December 2017 est.) 16.5% (31 December 2016 est.)
country comparison to the world: 29
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$3.634 billion (31 December 2017 est.) $3.409 billion (31 December 2016 est.)
country comparison to the world: 113
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$8.888 billion (31 December 2017 est.) $8.429 billion (31 December 2016 est.)
country comparison to the world: 110
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$7.902 billion (31 December 2017 est.) $7.343 billion (31 December 2016 est.)
country comparison to the world: 115
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$6.39 billion (31 December 2012 est.) $7.223 billion (31 December 2011 est.) $6.626 billion (31 December 2010 est.)
country comparison to the world: 82
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$390 million (2017 est.) -$309 million (2016 est.)
country comparison to the world: 98
[see also: Current account balance country ranks ]

Exports:
$1.123 billion (2017 est.) $1.195 billion (2016 est.)
country comparison to the world: 156
[see also: Exports country ranks ]

Exports - commodities:
alumina, bauxite, sugar, rum, coffee, yams, beverages, chemicals, apparel, mineral fuels

Exports - partners:
US 40.8%, Canada 11.9%, Netherlands 10.2%, Russia 5.8%, UK 4.1% (2016)

Imports:
$4.197 billion (2017 est.) $4.169 billion (2016 est.)
country comparison to the world: 130
[see also: Imports country ranks ]

Imports - commodities:
food and other consumer goods, industrial supplies, fuel, parts and accessories of capital goods, machinery and transport equipment, construction materials

Imports - partners:
US 39%, Trinidad and Tobago 7.2%, China 6.4%, Japan 6.2%, Mexico 4.1% (2016)

Reserves of foreign exchange and gold:
$3.1 billion (31 December 2017 est.) $3.291 billion (31 December 2016 est.)
country comparison to the world: 105
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$14.9 billion (31 December 2017 est.) $15.17 billion (31 December 2016 est.)
country comparison to the world: 102
[see also: Debt - external country ranks ]

Exchange rates:
Jamaican dollars (JMD) per US dollar - 128.5 (2017 est.) 125.126 (2016 est.) 125.126 (2015 est.) 116.898 (2014 est.) 110.935 (2013 est.)


NOTE: 1) The information regarding Jamaica on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Jamaica Economy 2018 information contained here. All suggestions for corrections of any errors about Jamaica Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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