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Jamaica:
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Other pages in this profile of Jamaica:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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Economy - overview |
Definition 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 20% of GDP and are equivalent to tourism revenues. Jamaica's economy, already saddled with a record of sluggish growth, will suffer an economic setback from damages caused by Hurricane Dean in August 2007. The economy faces serious long-term problems: high but declining interest rates, increased foreign competition, exchange rate instability, a sizable merchandise trade deficit, large-scale unemployment and underemployment, and a debt-to-GDP ratio of 135%. Jamaica's onerous debt burden - the fourth highest per capita - is the result of government bailouts to ailing sectors of the economy, most notably the financial sector in the mid-to-late 1990s. Inflation also has declined, standing at about 7% at the end of 2007. High unemployment exacerbates the serious crime problem, including gang violence that is fueled by the drug trade. The GOLDING administration faces the difficult prospect of having to achieve fiscal discipline in order to maintain debt payments while simultaneously attacking a serious and growing crime problem that is hampering economic growth. |
GDP (purchasing power parity) |
Definition - World rank and map $20.67 billion (2007 est.) |
GDP (official exchange rate) |
Definition $11.21 billion (2007 est.) |
GDP - real growth rate |
Definition - World rank and map 1.4% (2007 est.) |
GDP - per capita |
Definition - World rank and map $7,700 (2007 est.) |
GDP - composition by sector |
Definition agriculture: 5.1% industry: 32.7% services: 62.2% (2007 est.) |
Labor force |
Definition 1.255 million (2007 est.) |
Labor force - by occupation |
Definition agriculture: 17% industry: 19% services: 64% (2006) |
Unemployment rate |
Definition - World rank and map 9.9% (2007 est.) |
Population below poverty line |
Definition 14.8% (2003 est.) |
Household income or consumption by percentage share |
Definition lowest 10%: 2.1% highest 10%: 35.8% (2004) |
Distribution of family income - Gini index |
Definition - World rank and map 45.5 (2004) |
Inflation rate (consumer prices) |
Definition - World rank and map 9.3% (2007 est.) |
Investment (gross fixed) |
Definition - World rank and map 34.2% of GDP (2007 est.) |
Budget |
Definition revenues: $3.707 billion expenditures: $4.251 billion (2007 est.) |
Public debt |
Definition - World rank and map 127.2% of GDP (2007 est.) |
Agriculture - products |
Definition sugarcane, bananas, coffee, citrus, yams, ackees, vegetables; poultry, goats, milk; crustaceans, mollusks |
Industries |
Definition tourism, bauxite/alumina, agro processing, light manufactures, rum, cement, metal, paper, chemical products, telecommunications |
Industrial production growth rate |
Definition - World rank and map 1.2% (2007 est.) |
Electricity - production |
Definition - World rank and map 6.985 billion kWh (2005) |
Electricity - consumption |
Definition - World rank and map 6.131 billion kWh (2005) |
Electricity - consumption per capita |
Definition - World rank and map 2,186.3 kWh (2005) |
Electricity - exports |
Definition 0 kWh (2005) |
Electricity - imports |
Definition 0 kWh (2005) |
Oil - production |
Definition - World rank and map 0 bbl/day (2005 est.) |
Oil - consumption |
Definition - World rank and map 72,000 bbl/day (2005 est.) |
Oil - consumption per 1,000 people |
Definition - World rank and map 25.7 bbl/day (2005 est.) |
Oil - exports |
Definition - World rank and map 1,531 bbl/day (2004) |
Oil - imports |
Definition - World rank and map 71,420 bbl/day (2004) |
Oil - proved reserves |
Definition - World rank and map 0 bbl (1 January 2006 est.) |
Natural gas - production |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - consumption |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - consumption per capita |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - exports |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - imports |
Definition - World rank and map 0 cu m (2005) |
Natural gas - proved reserves |
Definition - World rank and map 0 cu m (1 January 2006 est.) |
Current account balance |
Definition - World rank and map -$1.623 billion (2007 est.) |
Exports |
Definition - World rank and map $2.331 billion f.o.b. (2007 est.) |
Exports - commodities |
Definition alumina, bauxite, sugar, bananas, rum, coffee, yams, beverages, chemicals, wearing apparel, mineral fuels |
Exports - partners |
Definition US 34.6%, Canada 17.1%, UK 10.5%, Netherlands 9.9%, Germany 4.1% (2006) |
Imports |
Definition - World rank and map $5.784 billion f.o.b. (2007 est.) |
Imports - commodities |
Definition food and other consumer goods, industrial supplies, fuel, parts and accessories of capital goods, machinery and transport equipment, construction materials |
Imports - partners |
Definition US 38.6%, Trinidad and Tobago 14.4%, Venezuela 9.8% (2006) |
Reserves of foreign exchange and gold |
Definition - World rank and map $1.905 billion (31 December 2007 est.) |
Debt - external |
Definition - World rank and map $9.657 billion (31 December 2007 est.) |
Market value of publicly traded shares |
Definition $12.28 billion (2006) |
Economic aid - recipient |
Definition $35.74 million (2005) |
Currency (code) |
Definition Jamaican dollar (JMD) |
Exchange rates |
Definition Jamaican dollars per US dollar - 69.034 (2007), 65.768 (2006), 62.51 (2005), 61.197 (2004), 57.741 (2003) |
Fiscal year |
Definition 1 April - 31 March |
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