Economy - overview:
The Jamaican economy is heavily dependent on services, which accounts for more than 70% of GDP. The country continues to derive most of its foreign exchange from tourism, remittances, and bauxite/alumina. Earnings from remittances and tourism each account for about 15% 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 about 115% in 2017, in close collaboration with the International Monetary Fund. The existing 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. The HOLNESS administration faces the difficult prospect of maintaining fiscal discipline to make debt payments while simultaneously attacking a serious crime problem. High unemployment exacerbates the crime problem, including gang violence fueled by the drug trade.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Exchange rates:
$26.2 billion (2017 est.)
$25.77 billion (2016 est.)
$25.44 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 141
$14.29 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]
1.7% (2017 est.)
1.3% (2016 est.)
0.9% (2015 est.)
country comparison to the world: 168
[see also: GDP - real growth rate country ranks ]
$9,200 (2017 est.)
$9,100 (2016 est.)
$9,000 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 143
16.5% of GDP (2017 est.)
17% of GDP (2016 est.)
18.1% of GDP (2015 est.)
country comparison to the world: 113
[see also: Gross national saving country ranks ]
household consumption: 81.9%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 13.5%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 21.1%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 29.4%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -46% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 7.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 21.3%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 71.2% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
sugarcane, bananas, coffee, citrus, yams, ackees, vegetables; poultry, goats, milk; shellfish
tourism, bauxite/alumina, agricultural-processing, light manufactures, rum, cement, metal, paper, chemical products, telecommunications
1.7% (2017 est.)
country comparison to the world: 145
[see also: Industrial production growth rate country ranks ]
1.325 million (2017 est.)
country comparison to the world: 136
[see also: Labor force country ranks ]
agriculture: 17%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 19%
[see also: Labor force - by occupation - industry country ranks ]
services: 64% (2006)
[see also: Labor force - by occupation - services country ranks ]
12.2% (2017 est.)
12.8% (2016 est.)
country comparison to the world: 157
[see also: Unemployment rate country ranks ]
16.5% (2009 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 2.1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 35.8% (2004)
45.5 (2004)
37.9 (2000)
country comparison to the world: 38
[see also: Distribution of family income - Gini index country ranks ]
revenues: $4.207 billion
[see also: Budget - revenues country ranks ]
expenditures: $4.15 billion (2017 est.)
[see also: Budget - expenditures country ranks ]
29.4% of GDP (2017 est.)
country comparison to the world: 85
[see also: Taxes and other revenues country ranks ]
0.4% of GDP (2017 est.)
country comparison to the world: 25
[see also: Budget surplus (+) or deficit (-) country ranks ]
117.8% of GDP (2017 est.)
127.1% of GDP (2016 est.)
country comparison to the world: 9
[see also: Public debt country ranks ]
1 April - 31 March
3.4% (2017 est.)
2.3% (2016 est.)
country comparison to the world: 138
[see also: Inflation rate (consumer prices) country ranks ]
2% (31 December 2010)
country comparison to the world: 115
[see also: Central bank discount rate country ranks ]
16.6% (31 December 2017 est.)
16.5% (31 December 2016 est.)
country comparison to the world: 29
[see also: Commercial bank prime lending rate country ranks ]
$3.634 billion (31 December 2017 est.)
$3.409 billion (31 December 2016 est.)
country comparison to the world: 113
[see also: Stock of narrow money country ranks ]
$8.888 billion (31 December 2017 est.)
$8.429 billion (31 December 2016 est.)
country comparison to the world: 110
[see also: Stock of broad money country ranks ]
$7.902 billion (31 December 2017 est.)
$7.343 billion (31 December 2016 est.)
country comparison to the world: 115
[see also: Stock of domestic credit country ranks ]
$6.39 billion (31 December 2012 est.)
$7.223 billion (31 December 2011 est.)
$6.626 billion (31 December 2010 est.)
country comparison to the world: 82
[see also: Market value of publicly traded shares country ranks ]
-$390 million (2017 est.)
-$309 million (2016 est.)
country comparison to the world: 98
[see also: Current account balance country ranks ]
$1.123 billion (2017 est.)
$1.195 billion (2016 est.)
country comparison to the world: 156
[see also: Exports country ranks ]
alumina, bauxite, sugar, rum, coffee, yams, beverages, chemicals, apparel, mineral fuels
US 40.8%, Canada 11.9%, Netherlands 10.2%, Russia 5.8%, UK 4.1% (2016)
$4.197 billion (2017 est.)
$4.169 billion (2016 est.)
country comparison to the world: 130
[see also: Imports country ranks ]
food and other consumer goods, industrial supplies, fuel, parts and accessories of capital goods, machinery and transport equipment, construction materials
US 39%, Trinidad and Tobago 7.2%, China 6.4%, Japan 6.2%, Mexico 4.1% (2016)
$3.1 billion (31 December 2017 est.)
$3.291 billion (31 December 2016 est.)
country comparison to the world: 105
[see also: Reserves of foreign exchange and gold country ranks ]
$14.9 billion (31 December 2017 est.)
$15.17 billion (31 December 2016 est.)
country comparison to the world: 102
[see also: Debt - external country ranks ]
Jamaican dollars (JMD) per US dollar -
128.5 (2017 est.)
125.126 (2016 est.)
125.126 (2015 est.)
116.898 (2014 est.)
110.935 (2013 est.)