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 (CIA rank, may be based on non-current data): 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 (CIA rank, may be based on non-current data): 189
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$9,200 (2017 est.)
$9,200 (2016 est.)
$9,100 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 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 (CIA rank, may be based on non-current data): 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 (CIA rank, may be based on non-current data): 162
[see also: Industrial production growth rate country ranks ]

Labor force:
1.348 million (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 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 (CIA rank, may be based on non-current data): 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 (CIA rank, may be based on non-current data): 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 (CIA rank, may be based on non-current data): 81
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0.5% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 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 (CIA rank, may be based on non-current data): 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 (CIA rank, may be based on non-current data): 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 (CIA rank, may be based on non-current data): 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 (CIA rank, may be based on non-current data): 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 (CIA rank, may be based on non-current data): 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 (CIA rank, may be based on non-current data): 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 (CIA rank, may be based on non-current data): 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 (CIA rank, may be based on non-current data): 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 (CIA rank, may be based on non-current data): 126
[see also: Current account balance country ranks ]

Exports:
$1.296 billion (2017 est.)
$1.195 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 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 (CIA rank, may be based on non-current data): 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 (CIA rank, may be based on non-current data): 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 (CIA rank, may be based on non-current data): 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 (CIA rank, may be based on non-current data): 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 (CIA rank, may be based on non-current data): 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.)