Jamaica

   

The Jamaican economy is heavily dependent on services, which accounted for more than 60% of GDP at the end of 2011. The country continues to derive most of its foreign exchange from tourism, remittances, and bauxite/alumina. Remittances account for nearly 15% of GDP and exports of bauxite and alumina make up roughly 5%. The bauxite/alumina sector was most affected by the global downturn while the tourism industry was resilient. Tourism revenues account for roughly 5% of GDP in 2011. Jamaica's economy faces many challenges to growth: high crime and corruption, large-scale unemployment and underemployment, and a debt-to-GDP ratio of nearly 130%. Jamaica's onerous public debt burden is the result of government bailouts to ailing sectors of the economy, most notably to the financial sector. In early 2010, the Jamaican Government created the Jamaica Debt Exchange in order to retire high-priced domestic bonds and significantly reduce annual debt servicing. Despite the improvement, debt servicing costs still hinder the government''s ability to spend on infrastructure and social programs, particularly as job losses rise in a shrinking economy. Jamaica was hard hit by the effects of the global economic crisis, experiencing economic contractions from 2008-10 and growth remains low. The SIMPSON-MILLER administration faces the difficult prospect of having to achieve fiscal discipline in order 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. As of late 2012, the SIMPSON-MILLER government was working to negotiate a new IMF Stand-by agreement to gain access to additional funds.

                                                                                                                                                           

GDP (purchasing power parity):                                                                                                         

$25.62 billion (2012 est.)

country comparison to the world: 122

$25.6 billion (2011 est.)

$25.22 billion (2010 est.)

note: data are in 2012 US dollars

                                                                                                                                                           

GDP (official exchange rate):                                                                                                             

$15.25 billion (2012 est.)

                                                                                                                                                           

GDP - real growth rate:                                                                                                                       

0.1% (2012 est.)

country comparison to the world: 179

1.5% (2011 est.)

-1.4% (2010 est.)

                                                                                                                                                           

GDP - per capita (PPP):                                                                                                                       

$9,300 (2012 est.)

country comparison to the world: 123

$9,300 (2011 est.)

$9,200 (2010 est.)

note: data are in 2012 US dollars

                                                                                                                                                           

Gross national saving:                                                                                                                         

8.4% of GDP (2012 est.)

country comparison to the world: 132

7% of GDP (2011 est.)

13.1% of GDP (2010 est.)

                                                                                                                                                           

GDP - composition, by end use:                                                                                                         

household consumption: 86.2%

government consumption: 15.9%

investment in fixed capital: 20.7%

investment in inventories: 0.5%

exports of goods and services: 33.3%

imports of goods and services: -56.5%

(2012 est.)

                                                                                                                                                           

GDP - composition, by sector of origin:                                                                                             

agriculture: 6.4%

industry: 29.1%

services: 64.5% (2012 est.)

                                                                                                                                                           

Agriculture - products:                                                                                                                        

sugarcane, bananas, coffee, citrus, yams, ackees, vegetables; poultry, goats, milk; shellfish

                                                                                                                                                           

Industries:                                                                                                                                           

tourism, bauxite/alumina, agro-processing, light manufactures, rum, cement, metal, paper, chemical products, telecommunications

                                                                                                                                                           

Industrial production growth rate:                                                                                                       

-2.4% (2012 est.)

country comparison to the world: 154

                                                                                                                                                           

Labor force:                                                                                                                                        

1.255 million (2012 est.)

country comparison to the world: 137

                                                                                                                                                           

Labor force - by occupation:                                                                                                              

agriculture: 17%

industry: 19%

services: 64% (2006)

                                                                                                                                                           

Unemployment rate:                                                                                                                           

14.3% (2012 est.)

country comparison to the world: 139

14.1% (2011 est.)

                                                                                                                                                           

Population below poverty line:                                                                                                           

16.5% (2009 est.)

                                                                                                                                                           

Household income or consumption by percentage share:                                                                   

lowest 10%: 2.1%

highest 10%: 35.8% (2004)

                                                                                                                                                           

Distribution of family income - Gini index:                                                                                        

45.5 (2004)

country comparison to the world: 38

37.9 (2000)

                                                                                                                                                           

Budget:                                                                                                                                               

revenues: $3.884 billion

expenditures: $4.499 billion (2012 est.)

                                                                                                                                                           

Taxes and other revenues:                                                                                                                  

25.5% of GDP (2012 est.)

country comparison to the world: 124

                                                                                                                                                           

Budget surplus (+) or deficit (-):                                                                                                         

-4% of GDP (2012 est.)

country comparison to the world: 144

                                                                                                                                                           

Public debt:                                                                                                                                         

134.2% of GDP (2012 est.)

country comparison to the world: 5

131.6% of GDP (2011 est.)

                                                                                                                                                           

Fiscal year:                                                                                                                                         

1 April - 31 March

                                                                                                                                                           

Inflation rate (consumer prices):                                                                                                         

6.9% (2012 est.)

country comparison to the world: 176

7.5% (2011 est.)

                                                                                                                                                           

Central bank discount rate:                                                                                                                 

2% (31 December 2010 est.)

NA% (31 December 2009 est.)

                                                                                                                                                           

Commercial bank prime lending rate:                                                                                                 

17.63% (31 December 2012 est.)

country comparison to the world: 17

19.51% (31 December 2011 est.)

                                                                                                                                                           

Stock of narrow money:                                                                                                                     

$1.723 billion (31 December 2012 est.)

country comparison to the world: 129

$1.962 billion (31 December 2011 est.)

                                                                                                                                                           

Stock of broad money:                                                                                                                       

$7.309 billion (31 December 2011 est.)

country comparison to the world: 116

$7.012 billion (31 December 2010 est.)

                                                                                                                                                           

Stock of domestic credit:                                                                                                                    

$7.351 billion (31 December 2012 est.)

country comparison to the world: 108

$7.131 billion (31 December 2011 est.)

                                                                                                                                                           

Market value of publicly traded shares:                                                                                              

$7.223 billion (31 December 2011)

country comparison to the world: 79

$6.626 billion (31 December 2010)

$6.201 billion (31 December 2009)

                                                                                                                                                           

Current account balance:                                                                                                                    

-$1.523 billion (2012 est.)

country comparison to the world: 129

-$1.723 billion (2011 est.)

                                                                                                                                                           

Exports:                                                                                                                                              

$1.747 billion (2012 est.)

country comparison to the world: 145

$1.666 billion (2011 est.)

                                                                                                                                                           

Exports - commodities:                                                                                                                       

alumina, bauxite, sugar, rum, coffee, yams, beverages, chemicals, wearing apparel, mineral fuels

                                                                                                                                                           

Exports - partners:                                                                                                                              

US 38.7%, Russia 8.1%, Canada 7.8%, Slovenia 5.6% (2012)

                                                                                                                                                           

Imports:                                                                                                                                              

$5.905 billion (2012 est.)

country comparison to the world: 122

$5.881 billion (2011 est.)

                                                                                                                                                           

Imports - commodities:                                                                                                                       

food and other consumer goods, industrial supplies, fuel, parts and accessories of capital goods, machinery and transport equipment, construction materials

                                                                                                                                                           

Imports - partners:                                                                                                                              

US 30.1%, Venezuela 14.8%, Trinidad and Tobago 14.4%, China 11.9% (2012)

                                                                                                                                                           

Reserves of foreign exchange and gold:                                                                                             

$1.981 billion (31 December 2012 est.)

country comparison to the world: 122

$2.282 billion (31 December 2011 est.)

                                                                                                                                                           

Debt - external:                                                                                                                                   

$14 billion (31 December 2012 est.)

country comparison to the world: 89

$14.35 billion (31 December 2011 est.)

                                                                                                                                                           

Exchange rates:                                                                                                                                   

Jamaican dollars (JMD) per US dollar -

88.751 (2012 est.)

85.893 (2011 est.)

87.196 (2010 est.)

87.89 (2009)

72.236 (2008)