The Economy of Jamaica
An Overview

subscribe here if new
Custom Search




economy_of_jamaica

The economy of Jamaica is heavily dependent on services, which currently accounts for more than 70% 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.

The major industries are currently tourism, bauxite/alumina, agricultural-processing, light manufactures, rum, cement, metal, paper, chemical products and telecommunications.

Tourism

In 2015, 2015 exceeded the 2 millionth marker to reach a record of 2,123,042, which was 2.1% above the 2,080,181 arrivals recorded in 2014. This figure represents 42,861 more stopovers than in 2014 and despite some yearly fluctuations.

That accounted for gross visitor expenditure of approximately US$2.402 billion. This represents an increase of 7.0% against the estimated US$2.244 billion earned in 2014. 

And all that is projected to increase.

Agriculture

The major agricultural products produced currently by Jamaica are sugarcane, bananas, coffee, citrus, yams, ackees, vegetables; poultry, goats, milk and shellfish.

What Do We Export vs Import?

Alumina, bauxite, sugar, rum, coffee, yams, beverages, chemicals, apparel and mineral fuels are currently the major items exported.

Food and other consumer goods, industrial supplies, fuel, parts and accessories of capital goods, machinery and transport equipment, construction materials are currently the major imported items.

Wanna guess where we export from?

Yup, 32.6% are from the USA. Venezuela follows with 12.4%, China 12% and Trinidad & Tobago 11.1% (2015)

The Following Is The World's Bank Current Context of the Economy Of Jamaica

For decades, Jamaica has struggled with low growth, high public debt and many external shocks that further weakened the economy.

Over the last 30 years, real per capita GDP increased at an average of just one percent per year, making Jamaica one of the slowest growing developing countries in the world. The government steadily accumulated debt, which reached 145 percent of GDP in 2012.

To stabilize the economy, reduce debt and unlock growth, the Government of Jamaica (GoJ) embarked on a comprehensive and ambitious program of reforms for which has garnered national and international support.

As part of a comprehensive package, the , the World Bank and the Inter-American Development Bank (IDB) are each lending US$510 million, and the International Monetary Fund (IMF) is lending US$932 million through a four-year program under its Extended Fund Facility.

In addition, the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) will continue to support private sector development.

A change in administration after national elections in February 2016 brought further consolidation of government efforts with a dedicated Ministry of Economic Growth and Job Creation, headed by the Prime Minister and advised by a high level Economic Growth Council.

The reform program is beginning to bear fruit: Institutional reforms and measures to improve the environment for the private sector have started to restore confidence in the economy of Jamaica.

In the 2016 Doing Business report Jamaica ranked for a second year in a row among the top ten improvers worldwide.

According to the 2016 DB methodology, Jamaica jumped 7 places, moving from 71 in 2015 (back calculation based on new methodology) to 64. The country’s credit rating has improved, and Jamaican bonds trade at a premium in international markets.

In 2015, when investors were moving out of emerging market debt, the GoJ issued a US$2 billion Eurobond that enabled it to retire US$2.9 billion of PetroCaribe debt. Prudent macroeconomic policies and careful liability management reduced total government debt to 128 percent of GDP by the end of fiscal year 2015/16.

During the past three years economic growth rates have been steadily rising, although remaining lower than what is needed for eradicating poverty and boosting shared prosperity.

The World Bank forecasts GDP growth accelerating to 1.7 percent in 2016 and to over 2 percent in 2017, aided by improving growth in the U.S., low oil prices, and reforms of investment climate. The country continues to be confronted by serious social issues that predominantly affect youth, such as high levels of crime and violence and high unemployment.

Jamaica, which had seen its poverty rate drop almost 20 percent over two decades, saw it increase by eight percent in a few years after the onset of the global economic crisis in 2008.

The Statistics Institute of Jamaica estimates the unemployment rate in Jamaica at 13.7 percent (April 2016). The unemployment rate for youth is considerably higher at 29.2 percent, and the average unemployment rate for women is almost double that for men: 18.6 versus 9.6 percent. 

You are welcome to read more on their website here.

For more detailed information on the economy of Jamaica, including GDP, distribution of income, current account balance, debt, taxes, lending rates, unemployment rates please visit IndexMundi.com.

Pages Related To Economy Of Jamaica

Return to Profile of Jamaica from Economy of Jamaica
Return to Homepage from Economy of Jamaica

Looking For Something Special? 

In most cases, we have what you are looking for. Just search the entire site using this Google Search bar (below).

Custom Search

Great Articles You Might Have Missed

New! Comments

Have your say about what you just read! Leave me a comment in the box below.
wellesley gayle 2017

Was The Information Helpful?

Great! Please help me get the message out by sharing with your friends on social media (links below)

You are also welcome to join my special friends list and receive exclusive updates (like this), tips, trivia and stories from lovers of Jamaica! Just enter...

Also connect with My-Island-Jamaica.com on Social Media: 
Facebook | Twitter | Instagram | Youtube

Thank You!

Need More Help?

We have a cherry list of top Jamaican companies that might be able to help you. Please click here to see them, our preferred partners and site sponsors.

copyscpe
Top Of Page
Wellesley Gayle

What's New? Click Here And See

SEARCH THE SITE



Site Sponsors

jamaica_click_down_here_visit_our_sponsors

Our Preferred Sponsors (below)

(Our Sponsorship Policy)

Luna Sea Inn
Luna Sea Inn Photographers in Jamaica
Wedding Photographers
Jamaican Souvenirs
Best Jamaican Souvenirs Cars For Sale In Jamaica
Cars For Sale

Click Here to Visit Our Sponsors' Page

Did You Miss These?

What's New?

Below is a list of the very latest articles I posted on the site.

Recent Articles

  1. Naah figet my country Jamaica (Poem)

    Sep 21, 17 03:37 PM

    I'm a jamaican first That's my land. Suh noh ask me who me be, Or wehh me come from. Naah figet my country Jamaica, No day,no way Di ackee n di saltfish

    Read More

  2. Vikings House Treasure Beach (Now Vikings Rasta Retreat) - For A Better Vacation

    Sep 19, 17 11:22 PM

    Experience a different kind of vacation at Vikings Rasta Retreats, formerly the Vikings House treasure beach

    Read More

  3. Vintage Jamaica Independence Song

    Sep 19, 17 12:10 AM

    QUESTION about Vintage Jamaica Independence song There is a song relating to how Jamaica became independent. It tells the story about Mr Norman Manley

    Read More

  4. Negril Resorts - A Cherry List Of Some Of The Best Hotels

    Sep 18, 17 07:27 AM

    Going to Negril? Unsure where to stay? Here is a list of the best Negril resorts and hotels. Pick your choice!

    Read More

New!  I've created a Welcome Audio. Just click the Play button below to listen.

Please subscribe here to get my latest updates.