Jamaica

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Jamaica - In Short.

Overview of Jamaica

The island – discovered by Christopher COLUMBUS in 1494 – was settled by the Spanish early in the 16th century. The native Taino, who had inhabited Jamaica for centuries, were gradually exterminated and replaced by African slaves. England seized the island in 1655 and established a plantation economy based on sugar, cocoa, and coffee. The abolition of slavery in 1834 freed a quarter million slaves, many of whom became small farmers. Jamaica gradually increased its independence from Britain. In 1958 it joined other British Caribbean colonies in forming the Federation of the West Indies. Jamaica withdrew from the Federation in 1961 and gained full independence in 1962. Deteriorating economic conditions during the 1970s led to recurrent violence as rival gangs affiliated with the major political parties evolved into powerful organized crime networks involved in international drug smuggling and money laundering. Violent crime, drug trafficking, and poverty pose significant challenges to the government today. Nonetheless, many rural and resort areas remain relatively safe and contribute substantially to the economy.
Value
Country Full Name
Jamaica
Country Code
JAM
Region
Latin America & Caribbean
Income Group
Upper middle income
Currency Unit
GDP
13812425037
Population
2961161
Land Area
10830
Net National Income Per Capita
4194.961947
GDP per Capita (PPP)
9241.575604

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Jamaica - Economic

Economy of Jamaica

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.

Unemployment Rate

Inflation Rate

Jamaica - GDP Composition

GDP Composiiton & Value Added of Jamaica

Last Updated: Jan, 2021, Updated For 2020.

Jamaica - GDP, Value Added

Demographics of Jamaica

population density is high throughout, but increases in and around Kingston, Montego Bay, and Port Esquivel
Geographic Location

Caribbean, island in the Caribbean Sea, south of Cuba

Races

Black 92.1%, mixed 6.1%, East Indian 0.8%, other 0.4%, unspecified 0.7% (2011 est.)

Languages

English, English patois

Religion

Protestant 64.8% (includes Seventh Day Adventist 12.0%, Pentecostal 11.0%, Other Church of God 9.2%, New Testament Church of God 7.2%, Baptist 6.7%, Church of God in Jamaica 4.8%, Church of God of Prophecy 4.5%, Anglican 2.8%, United Church 2.1%, Methodist 1.6%, Revived 1.4%, Brethren 0.9%, and Moravian 0.7%), Roman Catholic 2.2%, Jehovah's Witness 1.9%, Rastafarian 1.1%, other 6.5%, none 21.3%, unspecified 2.3% (2011 est.)

Dependency & Expectancy of Jamaica

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Jamaica - Social Media Briefing

Jamaica - Social Media & Social Commerce

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Politics & Policies of Jamaica

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ACP, AOSIS, C, Caricom, CDB, CELAC, FAO, G-15, G-77, IADB, IAEA, IBRD, ICAO, ICC (NGOs), ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Interpol, IOC, IOM, ISO, ITSO, ITU, LAES, MIGA, NAM, OAS, OPANAL, OPCW, Petrocaribe, UN, UNCTAD, UNESCO, UNIDO, UNITAR, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO

Import of Jamaica

Export of Jamaica

Import Destination

Export Destination