Jamaica Economy - 2024

Economic overview

upper middle-income Caribbean island economy; ongoing debt restructuring; hurricane-vulnerable economy; high crime, youth unemployment, and poverty; susceptible to commodity shocks from ongoing Russia invasion of Ukraine

Real GDP (purchasing power parity)

$27.136 billion (2021 est.)
$25.943 billion (2020 est.)
$28.825 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.6% (2021 est.)
-10% (2020 est.)
0.89% (2019 est.)

Real GDP per capita

$9,600 (2021 est.)
$9,200 (2020 est.)
$10,200 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$15.847 billion (2019 est.)

Inflation rate (consumer prices)

5.86% (2021 est.)
5.23% (2020 est.)
3.91% (2019 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

2.38% (2021 est.)

Labor force

1.418 million (2021 est.)

Unemployment rate

9.18% (2021 est.)
9.48% (2020 est.)
7.69% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 26.1% (2021 est.)

male: 22.1%

female: 31.4%

Population below poverty line

17.1% (2016 est.)

Gini Index coefficient - distribution of family income

35 (2016 est.)

Household income or consumption by percentage share

lowest 10%: 2.6%

highest 10%: 29.3% (2015)

Remittances

25.29% of GDP (2021 est.)
22.2% of GDP (2020 est.)
16.19% of GDP (2019 est.)

Budget

revenues: $4.029 billion (2020 est.)

expenditures: $4.564 billion (2020 est.)

Budget surplus (+) or deficit (-)

0.5% (of GDP) (2017 est.)

Public debt

106.28% of GDP (2020 est.)
92.25% of GDP (2019 est.)
102.46% of GDP (2017 est.)

Taxes and other revenues

25.71% (of GDP) (2020 est.)

Fiscal year

1 April - 31 March

Current account balance

$125.275 million (2021 est.)
-$61.433 million (2020 est.)
-$350.949 million (2019 est.)

Exports

$4.385 billion (2021 est.) note: data are in current year dollars
$3.343 billion (2020 est.) note: data are in current year dollars
$5.991 billion (2019 est.)

Exports - partners

United States 46%, Netherlands 9%, Canada 6%, United Kingdom 4%, Russia 3% (2021)

Exports - commodities

aluminum oxide, refined petroleum, aluminum, rums, fruits, nuts, natural gas, sauces and seasonings (2021)

Imports

$7.414 billion (2021 est.) note: data are in current year dollars
$5.911 billion (2020 est.) note: data are in current year dollars
$8.317 billion (2019 est.)

Imports - partners

United States 35%, China 13%, Turkey 5%, Trinidad and Tobago 3%, Japan 3% (2021)

Imports - commodities

refined petroleum, natural gas, cars, crude petroleum, iron bars, steel bars (2021)

Reserves of foreign exchange and gold

$4.838 billion (31 December 2021 est.)
$3.938 billion (31 December 2020 est.)
$3.631 billion (31 December 2019 est.)

Debt - external

$13.876 billion (2019 est.)
$13.912 billion (2018 est.)

Exchange rates

Jamaican dollars (JMD) per US dollar -

Exchange rates:
150.79 (2021 est.)
142.403 (2020 est.)
133.312 (2019 est.)
128.872 (2018 est.)
127.965 (2017 est.)