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Jamaica Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Jamaica Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
The Jamaican economy is heavily dependent on services, which accounts for more than 70% of GDP. The country derives most of its foreign exchange from tourism, remittances, and bauxite/alumina. Earnings from remittances and tourism each account for 14% and 20% 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 less than 110% in 2017, in close collaboration with the International Monetary Fund (IMF). The current IMF 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, but declined to 0.9% in 2017 after intense rainfall, demonstrating the vulnerability of the economy to weather-related events. The HOLNESS administration therefore faces the difficult prospect of maintaining fiscal discipline to reduce the debt load while simultaneously implementing growth inducing policies and attacking a serious crime problem. High unemployment exacerbates the crime problem, including gang violence fueled by advanced fee fraud (lottery scamming) and the drug trade.

GDP (purchasing power parity):
$26.06 billion (2017 est.)
$25.89 billion (2016 est.)
$25.51 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 140
[see also: GDP country ranks ]

GDP (official exchange rate):
$14.77 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.7% (2017 est.)
1.5% (2016 est.)
0.9% (2015 est.)
country comparison to the world: 189
[see also: GDP - real growth rate country ranks ]

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

Gross national saving:
18.3% of GDP (2017 est.)
20.6% of GDP (2016 est.)
18% of GDP (2015 est.)
country comparison to the world: 109
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 81.9% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 13.7% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 21.3% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.1% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 30.1% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -47.1% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 7% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 21.1% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 71.9% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

Industries:
agriculture, mining, manufacture, construction, financial and insurance services, tourism, telecommunications

Industrial production growth rate:
0.9% (2017 est.)
country comparison to the world: 162
[see also: Industrial production growth rate country ranks ]

Labor force:
1.348 million (2017 est.)
country comparison to the world: 135
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 16.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 16%
[see also: Labor force - by occupation - industry country ranks ]
services: 67.9% (2017)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
12.2% (2017 est.)
12.8% (2016 est.)
country comparison to the world: 162
[see also: Unemployment rate country ranks ]

Population below poverty line:
17.1% (2016 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.6%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 29.3% (2015)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
35 (2016)
38 (2015)
country comparison to the world: 97
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 4.382 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 4.314 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
29.7% (of GDP) (2017 est.)
country comparison to the world: 81
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0.5% (of GDP) (2017 est.)
country comparison to the world: 37
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
101% of GDP (2017 est.)
113.6% of GDP (2016 est.)
country comparison to the world: 16
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
4.4% (2017 est.)
2.3% (2016 est.)
country comparison to the world: 166
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
3.25% (31 December 2017)
3% (31 December 2016)
country comparison to the world: 105
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
14.91% (31 December 2017 est.)
16.49% (31 December 2016 est.)
country comparison to the world: 41
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$3.55 billion (31 December 2017 est.)
$3.427 billion (31 December 2016 est.)
country comparison to the world: 115
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$3.55 billion (31 December 2017 est.)
$3.427 billion (31 December 2016 est.)
country comparison to the world: 121
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$7.326 billion (31 December 2017 est.)
$7.382 billion (31 December 2016 est.)
country comparison to the world: 118
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$8.393 billion (31 December 2017 est.)
$5.715 billion (31 December 2016 est.)
$5.38 billion (31 December 2015 est.)
country comparison to the world: 76
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$679 million (2017 est.)
-$381 million (2016 est.)
country comparison to the world: 126
[see also: Current account balance country ranks ]

Exports:
$1.296 billion (2017 est.)
$1.195 billion (2016 est.)
country comparison to the world: 151
[see also: Exports country ranks ]

Exports - partners:
US 39.1%, Netherlands 12.3%, Canada 8.4% (2017)

Exports - commodities:
alumina, bauxite, chemicals, coffee, mineral fuels, waste and scrap metals, sugar, yams

Imports:
$5.151 billion (2017 est.)
$4.169 billion (2016 est.)
country comparison to the world: 126
[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 40.6%, Colombia 6.8%, Japan 5.8%, China 5.8%, Trinidad and Tobago 4.7% (2017)

Reserves of foreign exchange and gold:
$3.781 billion (31 December 2017 est.)
$2.719 billion (31 December 2016 est.)
country comparison to the world: 100
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$14.94 billion (31 December 2017 est.)
$10.24 billion (31 December 2016 est.)
country comparison to the world: 103
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$15.03 billion (2016)
$10.86 billion (2010)
country comparison to the world: 90
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$604 million (2016)
$176 million (2010)
country comparison to the world: 96
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Jamaican dollars (JMD) per US dollar -
128.36 (2017 est.)
125.14 (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 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Jamaica Economy 2019 information contained here. All suggestions for corrections of any errors about Jamaica Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They 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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