Jamaica Economy - 2022

GEOGRAPHICAL NAMES 

Economic 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.

Real GDP (purchasing power parity)

$25.89 billion (2020 est.)

$28.83 billion (2019 est.)

$28.57 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

0.7% (2017 est.)

1.5% (2016 est.)

0.9% (2015 est.)

Real GDP per capita

$8,700 (2020 est.)

$9,800 (2019 est.)

$9,700 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$15.847 billion (2019 est.)

Inflation rate (consumer prices)

3.9% (2019 est.)

3.7% (2018 est.)

4.3% (2017 est.)

Credit ratings

Fitch rating: B+ (2019)

Moody's rating: B2 (2019)

Standard & Poors rating: B+ (2019)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 7% (2017 est.)

industry: 21.1% (2017 est.)

services: 71.9% (2017 est.)

GDP - composition, by end use

household consumption: 81.9% (2017 est.)

government consumption: 13.7% (2017 est.)

investment in fixed capital: 21.3% (2017 est.)

investment in inventories: 0.1% (2017 est.)

exports of goods and services: 30.1% (2017 est.)

imports of goods and services: -47.1% (2017 est.)

Agricultural products

sugar cane, goat milk, yams, poultry, coconuts, oranges, bananas, gourds, plantains, grapefruit

Industries

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

Industrial production growth rate

0.9% (2017 est.)

Labor force

1.113 million (2020 est.)

Labor force - by occupation

agriculture: 16.1%

industry: 16%

services: 67.9% (2017)

Unemployment rate

7.72% (2019 est.)

9.13% (2018 est.)

Youth unemployment rate (ages 15-24)

total: 22.4%

male: 19%

female: 26.7% (2021 est.)

Population below poverty line

17.1% (2016 est.)

Gini Index coefficient - distribution of family income

35 (2016)

38 (2015)

Household income or consumption by percentage share

lowest 10%: 2.6%

highest 10%: 29.3% (2015)

Budget

revenues: 4.382 billion (2017 est.)

expenditures: 4.314 billion (2017 est.)

Budget surplus (+) or deficit (-)

0.5% (of GDP) (2017 est.)

Public debt

101% of GDP (2017 est.)

113.6% of GDP (2016 est.)

Taxes and other revenues

29.7% (of GDP) (2017 est.)

Fiscal year

1 April - 31 March

Current account balance

-$298 million (2019 est.)

-$288 million (2018 est.)

Exports

$5.92 billion (2019 est.) note: data are in current year dollars

$5.79 billion (2018 est.) note: data are in current year dollars

Exports - partners

United States 32%, Netherlands 11%, Germany 9%, Canada 7%, Iceland 7% (2019)

Exports - commodities

bauxite, refined petroleum, aluminum, rum, fruits, nuts (2019)

Imports

$8.25 billion (2019 est.) note: data are in current year dollars

$7.89 billion (2018 est.) note: data are in current year dollars

Imports - partners

United States 43%, China 11% (2019)

Imports - commodities

refined petroleum, cars, crude petroleum, natural gas, packaged medicines (2019)

Reserves of foreign exchange and gold

$3.781 billion (31 December 2017 est.)

$2.719 billion (31 December 2016 est.)

Debt - external

$13.876 billion (2019 est.)

$13.912 billion (2018 est.)

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: The information regarding Jamaica on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Jamaica 2022 information contained here. All suggestions for corrections of any errors about Jamaica 2022 should be addressed to the CIA or the source cited on each page.