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Jamaica Economy 2017
https://theodora.com/wfbcurrent/jamaica/jamaica_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Jamaica Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

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. Remittances and tourism each account for 30% of GDP, while bauxite/alumina exports make up roughly 5% of GDP. The bauxite/alumina sector was most affected by the global downturn while the tourism industry and remittance flow remained resilient.Jamaica's economy faces many challenges to growth: high crime and corruption, large-scale unemployment and underemployment, and a debt-to-GDP ratio of about 130%. The attendant debt servicing cost consumes a large portion of the government's budget, limiting its ability to fund the critical infrastructure and social programs required to drive growth. Jamaica's economic growth rate in the recent past has been stagnant, averaging less than 1% per year for over 20 years.Jamaica's onerous public debt burden is largely the result of government bailouts to ailing sectors of the economy, most notably the financial sector. In early 2010, the Jamaican Government initiated the Jamaica Debt Exchange to retire high-priced domestic bonds and reduce annual debt servicing. Despite these efforts, debt continued to be a serious concern, forcing the government to negotiate and sign a new IMF agreement in May 2013 to gain access to approximately $1 billion in additional funds. As a precursor, the government instigated a second National Debt Exchange in 2012. The IMF deal requires the government to reform its tax system, eliminate discretionary tax exemptions and waivers, and achieve an annual surplus of 7.5%, excluding debt payments, to reduce its debt below 100% of GDP by 2020. The SIMPSON-MILLER administration now faces the difficult prospect of having to achieve fiscal discipline to maintain debt payments while simultaneously attacking a serious crime problem that is hampering economic growth. High unemployment exacerbates the crime problem, including gang violence, which is fueled by the drug trade.

GDP (purchasing power parity):
$25.39 billion (2016 est.) $25.01 billion (2015 est.) $24.78 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 140
[see also: GDP country ranks ]

GDP (official exchange rate):
$13.78 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.5% (2016 est.) 0.9% (2015 est.) 0.5% (2014 est.)
country comparison to the world: 157
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$9,000 (2016 est.) $8,900 (2015 est.) $8,900 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 143
[see also: GDP - per capita country ranks ]

Gross national saving:
12.9% of GDP (2016 est.) 12% of GDP (2015 est.) 14.1% of GDP (2014 est.)
country comparison to the world: 137
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 84.5%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 14.8%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 22.4%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.5%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 33.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -56.1% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 6.7%
[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: 72% (2016 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% (2016 est.)
country comparison to the world: 117
[see also: Industrial production growth rate country ranks ]

Labor force:
1.312 million (2016 est.)
country comparison to the world: 135
[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:
13.8% (2016 est.) 14% (2015 est.)
country comparison to the world: 150
[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)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
45.5 (2004) 37.9 (2000)
country comparison to the world: 40
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $3.885 billion
[see also: Budget revenues country ranks ]
expenditures: $4.033 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
28.2% of GDP (2016 est.)
country comparison to the world: 88
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.1% of GDP (2016 est.)
country comparison to the world: 51
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
130.1% of GDP (2016 est.) 126.8% of GDP (2015 est.)
country comparison to the world: 5
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
2.5% (2016 est.) 3.7% (2015 est.)
country comparison to the world: 127
[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 2016 est.) 16.98% (31 December 2015 est.)
country comparison to the world: 29
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$3.567 billion (31 December 2016 est.) $3.542 billion (31 December 2015 est.)
country comparison to the world: 109
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$8.241 billion (31 December 2016 est.) $8.182 billion (31 December 2015 est.)
country comparison to the world: 113
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$6.995 billion (31 December 2016 est.) $6.881 billion (31 December 2015 est.)
country comparison to the world: 113
[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: 81
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$456 million (2016 est.) -$484 million (2015 est.)
country comparison to the world: 101
[see also: Current account balance country ranks ]

Exports:
$1.278 billion (2016 est.) $1.261 billion (2015 est.)
country comparison to the world: 148
[see also: Exports country ranks ]

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

Exports - partners:
US 24.4%, Canada 16.5%, Russia 9.3%, Netherlands 8.9%, Iceland 7.2%, UK 6.5% (2015)

Imports:
$3.772 billion (2016 est.) $4.414 billion (2015 est.)
country comparison to the world: 129
[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 32.6%, Venezuela 12.4%, China 12%, Trinidad and Tobago 11.1% (2015)

Reserves of foreign exchange and gold:
$2.9 billion (31 December 2016 est.) $2.914 billion (31 December 2015 est.)
country comparison to the world: 104
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$16.76 billion (31 December 2016 est.) $16.49 billion (31 December 2015 est.)
country comparison to the world: 97
[see also: Debt - external country ranks ]

Exchange rates:
Jamaican dollars (JMD) per US dollar - 125.2 (2016 est.) 116.898 (2015 est.) 116.898 (2014 est.) 110.935 (2013 est.) 88.75 (2012 est.)


NOTE: The information regarding Jamaica on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Jamaica Economy 2017 information contained here. All suggestions for corrections of any errors about Jamaica Economy 2017 should be addressed to the CIA.




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