Jamaica Economic Statistics and Indicators
01, May 2016, EDT. Welcome to the Jamaica economic statistics pages provided by the beta version of EconomyWatch.com's Econ Stats database.
Economic Indicators For: Jamaica › Change country
National or Regional Currency: Jamaican Dollar, JMD
Year of data: 2014 › Change year
Number of Indicators Listed: 37
Full Dataset: From Year 1980 to 2019
Date of Last Update: 17th March 2015
Population: 2,930,050 (July 2014 est.)
Area: total: 10,991 sq km ; land: 10,831 sq km ; water: 160 sq km
Natural Resources: bauxite, gypsum, limestone
Capital: name: Kingston ; geographic coordinates: 18 00 N, 76 48 W ; time difference: UTC-5 (same time as Washington, DC, during Standard Time)
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 $932 million Extended Fund Facility arrangement for Jamaica in May 2013.
More on the Jamaica Economy
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GDP (Constant Prices, National Currency) for Jamaica in year 2014 is JMD 739.938 Billion.
GDP (Current Prices, National Currency) for Jamaica in year 2014 is JMD 1,557.60 Billion.
GDP (Current Prices, US Dollars) for Jamaica in year 2014 is US$ 13.921 Billion.
GDP Deflator for Jamaica in year 2014 is 210.503 (Index, Base Year as per country's accounts = 100).
GDP Per Capita (Constant Prices, National Currency) for Jamaica in year 2014 is JMD 264,365.92 .
GDP Per Capita (Current Prices, National Currency) for Jamaica in year 2014 is JMD 556,499.42 .
GDP Per Capita (Current Prices, US Dollars) for Jamaica in year 2014 is US$ 4,973.58 .
GDP (PPP), US Dollars for Jamaica in year 2014 is US$ 24.275 Billion.
GDP Per Capita (PPP), US Dollars for Jamaica in year 2014 is US$ 8,672.92 .
Investment (% of GDP) for Jamaica in year 2014 is 18.467 %.
Inflation, Average Consumer Prices (Indexed to Year 2000) for Jamaica in year 2014 is 415.463 (Index, Base Year 2000 = 100).
Inflation, End of Year (Indexed to Year 2000) for Jamaica in year 2014 is 419.301 (Index, Base Year 2000 = 100).
Population for Jamaica in year 2014 is 2.799 Million .
General government revenue (National Currency) for Jamaica in year 2014 is JMD 427.889 Billions.
General government total expenditure (National Currency) for Jamaica in year 2014 is JMD 439.486 Billions.
Total Government Net Lending/ Borrowing (National Currency) for Jamaica in year 2014 is JMD -11.598 Billions.
Fiscal Year Gross Domestic Product, Current Prices for Jamaica in year 2014 is JMD 1,597.15 Billions.
Current Account Balance (US Dollars) for Jamaica in year 2014 is US$ -1.157 Billion.
|Number of Internet Users for Jamaica|
|Internet Penetration Rate for Jamaica|
|Number of Facebook Accounts for Jamaica|
|Facebook Penetration Rate for Jamaica|
|Corruption Perceptions Index Rank and Score for Jamaica|
Data Sources: IMF, World Bank, UN, OECD, CIA World Factbook, Internet World Statistics, The Heritage Foundation and Transparency International