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Jamaica Economy 2014
http://www.theodora.com/wfbcurrent/jamaica/jamaica_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 31, 2014

Economy - overview:
The Jamaican economy is heavily dependent on services, which accounted for more than 60% of GDP at the end of 2011. The country continues to derive most of its foreign exchange from tourism, remittances, and bauxite/alumina. Remittances account for nearly 15% of GDP and exports of bauxite and alumina make up roughly 5%. The bauxite/alumina sector was most affected by the global downturn while the tourism industry was resilient. Tourism revenues account for roughly 5% of GDP in 2011. Jamaica's economy faces many challenges to growth: high crime and corruption, large-scale unemployment and underemployment, and a debt-to-GDP ratio of nearly 130%. Jamaica's onerous public debt burden is the result of government bailouts to ailing sectors of the economy, most notably to the financial sector. In early 2010, the Jamaican Government created the Jamaica Debt Exchange in order to retire high-priced domestic bonds and significantly reduce annual debt servicing. Despite the improvement, debt servicing costs still hinder the government''s ability to spend on infrastructure and social programs, particularly as job losses rise in a shrinking economy. Jamaica was hard hit by the effects of the global economic crisis, experiencing economic contractions from 2008-10 and growth remains low. The SIMPSON-MILLER administration faces the difficult prospect of having to achieve fiscal discipline in order 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 that is fueled by the drug trade. As of late 2012, the SIMPSON-MILLER government was working to negotiate a new IMF Stand-by agreement to gain access to additional funds.

GDP (purchasing power parity):
$24.69 billion (2012 est.)
country comparison to the world: 123

$24.81 billion (2011 est.)
$24.46 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$14.64 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-0.5% (2012 est.)
country comparison to the world: 189

1.4% (2011 est.)
-1.4% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$8,900 (2012 est.)
country comparison to the world: 124

$9,000 (2011 est.)
$8,900 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
8.7% of GDP (2012 est.)
country comparison to the world: 133

7% of GDP (2011 est.)
13.1% of GDP (2010 est.)

GDP - composition, by end use:
household consumption: 86.2%
government consumption: 15.9%
investment in fixed capital: 21%
investment in inventories: 0.5%
exports of goods and services: 33.7%
imports of goods and services: -57.2%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 6.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 29%
services: 64.4% (2012 est.)

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

Industries:
tourism, bauxite/alumina, agro-processing, light manufactures, rum, cement, metal, paper, chemical products, telecommunications

Industrial production growth rate:
-2.7% (2012 est.)
country comparison to the world: 162
[see also: Industrial production growth rate country ranks ]

Labor force:
1.26 million (2012 est.)
country comparison to the world: 139
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 17%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 19%
services: 64% (2006)

Unemployment rate:
13.7% (2012 est.)
country comparison to the world: 137

12.7% (2011 est.)
[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)

Distribution of family income - Gini index:
45.5 (2004)
country comparison to the world: 38

37.9 (2000)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $3.884 billion
[see also: Budget revenues country ranks ]
expenditures: $4.499 billion (2012 est.)

Taxes and other revenues:
26.5% of GDP (2012 est.)
country comparison to the world: 114
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.2% of GDP (2012 est.)
country comparison to the world: 151
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
132.9% of GDP (2012 est.)
country comparison to the world: 5

131.5% of GDP (2011 est.)
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
6.9% (2012 est.)
country comparison to the world: 177

7.5% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
2% (31 December 2010 est.)

NA% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
17.63% (31 December 2012 est.)
country comparison to the world: 17

19.51% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.723 billion (31 December 2012 est.)
country comparison to the world: 129

$1.962 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$7.309 billion (31 December 2011 est.)
country comparison to the world: 116

$7.012 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$7.351 billion (31 December 2012 est.)
country comparison to the world: 105

$7.131 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$7.223 billion (31 December 2011)
country comparison to the world: 79

$6.626 billion (31 December 2010)
$6.201 billion (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-1.905 billion (2012 est.)
country comparison to the world: 139

$-2.063 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$1.747 billion (2012 est.)
country comparison to the world: 142

$1.666 billion (2011 est.)
[see also: Exports country ranks ]

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

Exports - partners:
US 48%, Canada 7.2%, Slovenia 4.2%, Netherlands 4.1%, UAE 4.1% (2012)

Imports:
$5.905 billion (2012 est.)
country comparison to the world: 123

$5.881 billion (2011 est.)
[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 36.1%, Venezuela 15.6%, Trinidad and Tobago 10.8%, China 4.8%, Mexico 4% (2012)

Reserves of foreign exchange and gold:
$1.981 billion (31 December 2012 est.)
country comparison to the world: 122

$2.282 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$14.09 billion (31 December 2012 est.)
country comparison to the world: 87

$14.35 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Exchange rates:
Jamaican dollars (JMD) per US dollar -

88.751 (2012 est.)
85.893 (2011 est.)
87.196 (2010 est.)
87.89 (2009)
72.236 (2008)


NOTE: The information regarding Jamaica on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Jamaica Economy 2014 information contained here. All suggestions for corrections of any errors about Jamaica Economy 2014 should be addressed to the CIA.



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