Economy of Jamaica
Population: 2.93 M (2018)
GDP per Capita: 5,354 USD (2018)
15,710 M.

GDP USD

(2018)

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5,960 M.

EXPORTS USD

(2018)

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8,020 M.

IMPORTS USD

(2018)

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103.30 %

PUBLIC DEBT

(2017)

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Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth 1.94 % (2018)
GDP of 2010 USD USD 14.20 B. (2018)
GDP Current USD USD 15.71 B. (2018)
GDP per Capita Current USD USD 5,354 (2018)
GDP per capita, PPP USD 8,276 (2018)
GDP per Capita, 2010 USD USD 4,855 (2018)

Government spending and balances

Indicator Value
Government Spending % GDP 13.47 % (2018)
Government Spending USD 2.12 B. (2018)
Government Debt % GDP 103.30 % (2017)

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 91.52 (2018)
Trade Openness 89.03 % (2018)
Exports of Goods and Services % GDP 37.96 % (2018)
Exports Goods & Services USD 5.96 B. (2018)
Exports Annual Growth 7.74 % (2018)
Imports as % GDP 51.07 % (2018)
Total Imports USD 8.02 B. (2018)
Foreign Direct Investment % GDP 4.93 % (2018)
Foreign Direct Investment USD 0.77 B. (2018)
Current Account Balance % GDP USD -1.83 % (2018)
Current Account Balance USD -0.29 B. (2018)
Trade Balance % GDP -13.11 % (2018)
Trade Balance USD -2.14 B. (2018)
Foreign Exchange Reserves incl Gold USD 3.53 B. (2018)
Remittances % GDP 15.92 % (2018)
Remittances USD 2,346 M. (2018)
Balance of Payments USD 373 M. (2016)

Labor Market

Indicator Value
Labor Force 1.51 M. (2019)
Unemployment Rate 9.52 % (2019)
Unemployment Rate Females 10.81 % (2019)
Unemployment Rate Males 5.62 % (2019)
Youth Unemployment (ages 15-24) 25.35 % (2019)
Labor Force Participation Rate 67.21 % (2019)
Labor Force (Percent Female) 45.95 % (2019)
Female Labor Force Participation Rate 60.64 % (2019)
Male Labor Force Participation Rate 73.96 % (2019)
Dependent People 48.25 % (2018)

Agriculture Sector

Indicator Value
Forest Area 30.90 % (2016)
Forest Area km² 3,348 km² (2016)
Agricultural Land 41.00 % (2016)
Agricultural Land km² 4,440 km² (2016)
Employment 16.40 % (2019)
Value added % GDP 6.60 % (2018)
Agriculture Value added USD 1.04 B. (2018)
Crop Production Index 106.80 (2016)
Precipitation 2,051 mm (2014)
Arable Land 11 % (2016)
Cereal Yield 1,163 kg/hectare (2017)
Food production index 106 (2016)
Rural Population 44 % (2018)
Fertilizer use of Arable Land 57 kg/hectare (2016)
Livestock Production Index 103 (2016)
Economy of Jamaica

According to the World Bank and its latest published data, the economy of the Jamaica presents a growth rate of 1.94 % (2018) to the previous year.

With a population that reaches 2.93 M (2018) and a gross domestic product of USD 15.71 B. (2018), it translates a Gross Domestic Product per Capita of USD 5,354 placing its inhabitants on the threshold of an Upper middle income country (according to the World Bank's updated classification).

Jamaica also has a workforce of 1.51 M. (2019) with an unemployment rate of 9.52 % (2019), where women represent 10.81 % (2019) and men 5.62 % (2019), the unemployment rate for young people between 15-24 years old stood at 25.35 % (2019). The total number of dependent people stands at 48.25 % (2018).

The central government spent 13.47 % (2018) of its gross domestic product that year, which in absolute terms is USD 2.12 B. (2018). Its consolidated public debt reached 103.30 of its GDP, exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Jamaica exported USD 5.96 B. (2018), which represents 37.96 % (2018) of its gross domestic product, in that same sense its imports reached USD 8.02 B. (2018) with a direct foreign investment of USD 0.77 B. (2018).

Jamaica has a forest area of 3,348 km² (2016), which represents 30.90 % (2016) of its total area, an average rainfall of 2,051 mm (2014) per year and a population of 44 % (2018) living in rural areas. With a total area of 4,440 km² (2016) available for agriculture and 16.40 % (2019) of its employments, the agricultural sector contributes to the economy of the Jamaica about USD 1.04 B. (2018) (6.60 % (2018) of its GDP).