| Economy | Jamaica |
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Economy - overview:
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The Jamaican economy is heavily dependent on services, which now account for more than 60% 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. The Economic growth faces many challenges: 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 - the fourth highest in the world on a per capita basis - is the result of government bailouts to ailing sectors of the economy, most notably to the financial sector in the mid-to-late 1990s. In early 2010, the Jamaican government created the Jamaica Debt Exchange (JDX) in order to retire high-priced domestic bonds and significantly reduce annual debt servicing. The Government of Jamaica signed a $1.27 billion, 27-month Standby Agreement with the International Monetary Fund for balance of payment support in February 2010. Other multilaterals have also provided millions of dollars in loans and grants. 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. The HULNESS 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. |
GDP (purchasing power parity):
|
$24.58 billion (2011 est.)
$24.28 billion (2010 est.)
$24.58 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$9,000 (2011 est.)
$8,900 (2010 est.)
$9,100 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$14.7 billion (2011 est.) |
GDP - real growth rate:
|
1.5% (2011 est.)
-1.2% (2010 est.)
-3% (2009 est.) |
GDP - composition by sector:
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agriculture: 5.8%
industry: 29.5%
services: 64.7% (2011 est.) |
Investment (gross fixed):
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20.5% of GDP (2011 est.) |
Population below poverty line:
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16.5% (2009 est.) |
Household income or consumption by percentage share:
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lowest 10%: 2.1%
highest 10%: 35.8% (2004) |
Distribution of family income - Gini index:
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45.5 (2004)
37.9 (2000) |
Inflation rate (consumer prices):
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7.7% (2011 est.)
12.6% (2010 est.) |
Central bank discount rate:
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2% (31 December 2010 est.)
NA% (31 December 2009 est.) |
Commercial bank prime lending rate:
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14.3% (31 December 2011 est.)
16% (31 December 2010 est.) |
Stock of money:
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$1.253 billion (31 December 2008)
$1.373 billion (31 December 2007) |
Stock of money - per capita:
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437 USD per capita |
Stock of quasi money:
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$4.244 billion (31 December 2008)
$4.554 billion (31 December 2007) |
Stock of quasi money - per capita:
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1,480 USD per capita |
Stock of domestic credit:
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$7.426 billion (31 December 2011 est.)
$7.253 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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2,589 USD per capita |
Stock of narrow money:
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$1.543 billion (31 December 2011 est.)
$1.464 billion (31 December 2010 est.) |
Stock of broad money:
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$6.026 billion (31 December 2011 est.)
$5.801 billion (31 December 2010 est.) |
Labor force:
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1.324 million (2011 est.) |
Labor force participation rate:
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46.16 % of population |
Labor force - by occupation:
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agriculture: 17%
industry: 19%
services: 64% (2006) |
Unemployment rate:
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12.7% (2011 est.)
12.4% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 27.1%
male: 22.5%
female: 33.1% (2009) |
Budget:
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revenues: $3.982 billion
expenditures: $4.744 billion (2011 est.) |
Budget revenues per capita:
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1,389 USD per capita |
Taxes and other revenues:
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27.1% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-5.2% of GDP (2011 est.) |
Public debt:
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126.5% of GDP (2011 est.)
126.2% of GDP (2010 est.) |
Industries:
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tourism, bauxite/alumina, agro processing, light manufactures, rum, cement, metal, paper, chemical products, telecommunications |
Industrial production growth rate:
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-2% (2010 est.) |
Electricity - production:
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7.323 billion kWh (2008 est.) |
Electricity - production per capita:
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2,554 kWh per capita |
Electricity - consumption:
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6.4 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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2,232 kWh per capita |
Electricity - exports:
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0 kWh (2009 est.) |
Electricity - imports:
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0 kWh (2009 est.) |
Oil - production:
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505.7 bbl/day (2010 est.) |
Oil - production per capita:
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177 bbl/day per capita |
Oil - consumption:
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63,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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8.02 bbl/year per capita |
Oil - exports:
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0 bbl/day (2009 est.) |
Oil - imports:
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90,520 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2011 est.) |
Agriculture - products:
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sugarcane, bananas, coffee, citrus, yams, ackees, vegetables; poultry, goats, milk; crustaceans, mollusks |
Current account balance:
|
-$2.367 billion (2011 est.)
-$986.5 million (2010 est.) |
Current account balance - per capita:
|
-825 USD per capita |
Exports:
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$1.65 billion (2011 est.)
$1.376 billion (2010 est.) |
Exports per capita:
|
576 USD per capita |
Exports - commodities:
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alumina, bauxite, sugar, rum, coffee, yams, beverages, chemicals, wearing apparel, mineral fuels |
Exports - partners:
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US 34%, Canada 15.8%, Norway 9.4%, UK 6.6%, Netherlands 6.1% (2010) |
Imports:
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$6.356 billion (2011 est.)
$4.581 billion (2010 est.) |
Imports per capita:
|
2,216 USD per capita |
Imports - commodities:
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food and other consumer goods, industrial supplies, fuel, parts and accessories of capital goods, machinery and transport equipment, construction materials |
Imports - partners:
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US 32.6%, Venezuela 15%, Trinidad and Tobago 14.5%, China 4.6% (2010) |
Reserves of foreign exchange and gold:
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$2.45 billion (31 December 2011 est.)
$2.501 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
855 USD per capita |
Debt - external:
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$13.83 billion (31 December 2011 est.)
$12.57 billion (31 December 2010 est.) |
Debt - external - per capita:
|
4,822 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
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void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$6.626 billion (31 December 2010)
$6.201 billion (31 December 2009)
$7.513 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
2,311 USD per capita |
Currency (code):
|
Jamaican dollar (JMD) |
Exchange rates:
|
Jamaican dollars (JMD) per US dollar -
86.36 (2011 est.)
87.2 (2010 est.)
87.89 (2009)
72.236 (2008)
69.034 (2007) |
Fiscal year:
|
1 April - 31 March |
|
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