Is Jamaica a rich country?
The Jamaican economy is heavily dependent on services, which accounts for more than 70% of GDP. The country derives most of its foreign exchange from tourism, remittances, and bauxite/alumina. Earnings from remittances and tourism each account for 14% and 20% of GDP, while bauxite/alumina exports have declined to less than 5% of GDP.
Jamaica's economy has grown on average less than 1% a year for the last three decades and many impediments remain to growth: a bloated public sector which crowds out spending on important projects; high crime and corruption; red-tape; and a high debt-to-GDP ratio. Jamaica, however, has made steady progress in reducing its debt-to-GDP ratio from a high of almost 150% in 2012 to less than 110% in 2017, in close collaboration with the International Monetary Fund (IMF). The current IMF Stand-By Agreement requires Jamaica to produce an annual primary surplus of 7%, in an attempt to reduce its debt burden below 60% by 2025.
Economic growth reached 1.6% in 2016, but declined to 0.9% in 2017 after intense rainfall, demonstrating the vulnerability of the economy to weather-related events. The HOLNESS administration therefore faces the difficult prospect of maintaining fiscal discipline to reduce the debt load while simultaneously implementing growth inducing policies and attacking a serious crime problem. High unemployment exacerbates the crime problem, including gang violence fueled by advanced fee fraud (lottery scamming) and the drug trade.
What is the GDP of Jamaica?
|GDP - Gross Domestic Product (PPP)||$24,100,000,000 (USD)|
|GDP - official exchange rate||$13,820,000,000 (USD)|
|GDP - real growth rate||1.1%|
|GDP Per Capita||$8,800.00 (USD)|
|GDP by Sector- agriculture||7%|
|GDP by Sector- Industry||21.4%|
|GDP by Sector- services||71.6%|
|GDP - composition, by end use||
household consumption: 84.8%
government consumption: 14.8%
investment in fixed capital: 22.2%
investment in inventories: 0.4%
exports of goods and services: 32.2%
imports of goods and services: -54.4%
|Population Below Poverty Line||16.5%|
|Labor Force By Occupation- agriculture||17%|
|Labor Force By Occupation- industry||19%|
|Labor Force By Occupation- services||64%|
|Fiscal Year||1 April - 31 March|
|Annual Budget||$3,611,000,000 (USD)|
|Budget Surplus or Deficit - percent of GDP||-1.8%|
|Public Debt (% of GDP)||135%|
|Taxes and other revenues - percent of GDP||26.6%|
|Major Industries||tourism, bauxite/alumina, textiles, agro processing, wearing apparel, light manufactures, rum, cement, metal, paper, chemical products, telecommunications|
|Industrial Growth Rate||-2%|
|Agriculture Products||sugarcane, bananas, coffee, citrus, yams, vegetables, poultry, goats, milk, crustaceans, and mollusks|
|Currency Code||Jamaican dollar (JMD)|
|Child Labor - % of children ages 5-14||6%|
|Child Labor - # of children ages 5-14||38,516|
|Commercial Bank Prime Lending Rate||17%|