Page last updated on February 5, 2013
Economy - overview:
The Jamaican economy is heavily dependent on services, which now account for nearly 65% of GDP. 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 about 10%. The bauxite/alumina sector was most affected by the global downturn while the tourism industry was resilient, experiencing an increase of 4% in tourist arrivals. Tourism revenues account for roughly 10% of GDP, and both arrivals and revenues grew in 2010, up 4% and 6% respectively. Jamaica's economy faces many challenges to growth: high crime and corruption, large-scale unemployment and underemployment, and a debt-to-GDP ratio of more than 120%. 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):
$25.18 billion (2012 est.)
country comparison to the world: 122
$24.96 billion (2011 est.)
$24.65 billion (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$15.26 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
0.9% (2012 est.)
country comparison to the world: 168
1.3% (2011 est.)
-1.5% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$9,100 (2012 est.)
country comparison to the world: 119
$9,100 (2011 est.)
$9,000 (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 6.5%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
29.9%
services:
63.5% (2012 est.)
Labor force:
1.325 million (2012 est.)
country comparison to the world: 134
[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:
14.2% (2012 est.)
country comparison to the world: 139
14.1% (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 ]
Investment (gross fixed):
19.5% of GDP (2012 est.)
country comparison to the world: 106
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $3.83 billion
[see also: Budget revenues country ranks ]
expenditures:
$4.764 billion (2012 est.)
Taxes and other revenues:
25.1% of GDP (2012 est.)
country comparison to the world: 127
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-6.1% of GDP (2012 est.)
country comparison to the world: 175
[see also: Budget surplus (+) or deficit (-) country ranks ]
Public debt:
127.3% of GDP (2012 est.)
country comparison to the world: 7
127.6% of GDP (2011 est.)
[see also:
Public debt country ranks ]
Inflation rate (consumer prices):
6.8% (2012 est.)
country comparison to the world: 172
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:
13.1% (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:
$2.028 billion (31 December 2012 est.)
country comparison to the world: 125
$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: 117
$7.012 billion (31 December 2010 est.)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$7.229 billion (31 December 2012 est.)
country comparison to the world: 109
$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: 78
$6.626 billion (31 December 2010)
$6.201 billion (31 December 2009)
[see also:
Market value of publicly traded shares country ranks ]
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% (2010 est.)
country comparison to the world: 155
[see also: Industrial production growth rate country ranks ]
Current account balance:
-$1.523 billion (2012 est.)
country comparison to the world: 130
-$1.723 billion (2011 est.)
[see also:
Current account balance country ranks ]
Exports:
$1.718 billion (2012 est.)
country comparison to the world: 147
$1.665 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 36.8%, Canada 18.1%, Netherlands 7.3%, UK 5.4%, Norway 4.3% (2011)
Imports:
$6.019 billion (2012 est.)
country comparison to the world: 119
$5.859 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 32.8%, Venezuela 15%, Trinidad and Tobago 14.2%, China 6.3%, Mexico 4.1% (2011)
Reserves of foreign exchange and gold:
$1.9 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:
$14.6 billion (31 December 2012 est.)
country comparison to the world: 84
$14.62 billion (31 December 2011 est.)
[see also:
Debt - external country ranks ]
Exchange rates:
Jamaican dollars (JMD) per US dollar -
88.59 (2012 est.)
85.893 (2011 est.)
87.196 (2010 est.)
87.89 (2009)
72.236 (2008)
Fiscal year:
1 April - 31 March
NOTE: The information regarding Jamaica on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Jamaica Economy 2013 information contained here. All suggestions for corrections of any errors about Jamaica Economy 2013 should be addressed to the CIA.
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This page was last modified 11-Mar-13
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