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Jamaica Economy 2015
http://www.theodora.com/wfbcurrent/jamaica/jamaica_economy.html
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on June 20, 2014

Economy - overview:
The Jamaican economy is heavily dependent on services, which accounts for nearly 80% of GDP. The country continues to derive most of its foreign exchange from tourism, remittances, and bauxite/alumina. Remittances and tourism each account for 30% of GDP, while bauxite/alumina exports make up roughly 5% of GDP. The bauxite/alumina sector was most affected by the global downturn while the tourism industry and remittance flow remained resilient. Jamaica's economy faces many challenges to growth: high crime and corruption, large-scale unemployment and underemployment, and a debt-to-GDP ratio of about 140%. The attendant debt servicing cost consumes a large portion of the government's budget, limiting its ability to fund the critical infrastructure and social programs required to drive growth. Jamaica's economic growth rate in the recent past has been stagnant, averaging less than 1% per year for over 20 years. Jamaica's onerous public debt burden is largely the result of government bailouts to ailing sectors of the economy, most notably to the financial sector. In early 2010, the Jamaican Government initiated the Jamaica Debt Exchange to retire high-priced domestic bonds and reduce annual debt servicing. Despite these efforts, debt continued to be a serious concern, forcing the government to negotiate and sign a new IMF agreement in May 2013 to gain access to approximately $1 billion additional funds. As a precursor, the government instigated a second National Debt Exchange in 2012. The IMF deal requires the government to reform its tax system, eliminate discretionary tax exemptions and waivers, and achieve an annual surplus of 7.5%, excluding debt payments, to reduce its debt below 100% of GDP by 2020. The SIMPSON-MILLER administration now faces the difficult prospect of having to achieve fiscal discipline 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. The IMF approved a four-year $932 million Extended Fund Facility arrangement for Jamaica in May 2013.

GDP (purchasing power parity):
$25.13 billion (2013 est.)
country comparison to the world: 126

$25.03 billion (2012 est.)
$25.15 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$14.39 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.4% (2013 est.)
country comparison to the world: 190

-0.5% (2012 est.)
1.4% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$9,000 (2013 est.)
country comparison to the world: 126

$9,000 (2012 est.)
$9,100 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
10.8% of GDP (2013 est.)
country comparison to the world: 130

8.7% of GDP (2012 est.)
7% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 86.6%
government consumption: 15.7%
investment in fixed capital: 21.2%
investment in inventories: 0.5%
exports of goods and services: 34.5%
imports of goods and services: -58.4%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 6.5%
industry: 29.4%
services: 64.1% (2013 est.)

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

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

Industrial production growth rate:
1.5% (2013 est.)
country comparison to the world: 137
[see also: Industrial production growth rate country ranks ]

Labor force:
1.261 million (2013 est.)
country comparison to the world: 138
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 17%
industry: 19%
services: 64% (2006)

Unemployment rate:
16.3% (2013 est.)
country comparison to the world: 146

13.7% (2012 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%
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: $3.826 billion
expenditures: $4.088 billion (2013 est.)

Taxes and other revenues:
26.6% of GDP (2013 est.)
country comparison to the world: 113
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.8% of GDP (2013 est.)
country comparison to the world: 84
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
123.6% of GDP (2013 est.)
country comparison to the world: 8

132.9% of GDP (2012 est.)
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
9.4% (2013 est.)
country comparison to the world: 207

6.9% (2012 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% (31 December 2013 est.)
country comparison to the world: 24

17.63% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.671 billion (31 December 2013 est.)
country comparison to the world: 132

$1.723 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$5.928 billion (31 December 2013 est.)
country comparison to the world: 125

$6.239 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$7.197 billion (31 December 2013 est.)
country comparison to the world: 105

$7.351 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$6.39 billion (31 December 2012 est.)
country comparison to the world: 74

$7.223 billion (31 December 2011)
$6.626 billion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$1.583 billion (2013 est.)
country comparison to the world: 134

-$1.905 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$1.775 billion (2013 est.)
country comparison to the world: 144

$1.747 billion (2012 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:
$5.559 billion (2013 est.)
country comparison to the world: 124

$5.905 billion (2012 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:
$1.9 billion (31 December 2013 est.)
country comparison to the world: 123

$1.981 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$13.82 billion (31 December 2013 est.)
country comparison to the world: 93

$14.09 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

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

99.83 (2013 est.)
88.751 (2012 est.)
87.196 (2010 est.)
87.89 (2009)
72.236 (2008)


NOTE: The information regarding Jamaica on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Jamaica Economy 2015 information contained here. All suggestions for corrections of any errors about Jamaica Economy 2015 should be addressed to the CIA.



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