Jamaica


Jamaica Country Report: GDP data and GDP forecasts; economic, financial and trade information; the best banks in Jamaica; country and population overview

DATA ON GDP AND ECONOMIC INFORMATION
Central bank Bank of Jamaica
International Reserves US$ 2.282 billion (Source: IMF; Data updated: 2012)
Gross Domestic Product - GDP US$ 15.569 billion (2011 estimate)
GDP (Purchasing Power Parity) 25.317 billion of International dollars (2011 estimate)
Real GDP growth
2001 2002 2003 2004 2005 2006 2007 2008
1.3% 1% 3.5% 1.4% 1.1% 3% 1.4% -0.8%
2009 2010 2011 2012*
-3.1% -1.4% 1.5% 1%

*Estimate

GDP per capita - current prices US$ 5,657 (2010 estimate)
GDP per capita - PPP $9,199 International Dollars (2010 estimate)
GDP (PPP) - share of world total
1980 1990 2000 2010 2015**
0.06% 0.06% 0.04% 0.03% 0.03%

**Forecast

GDP - composition by sector
  • agriculture: 5.8% 
  • industry: 29.5% 
  • services: 64.7% (2011 estimate)
  • (Data released on February 2012)

Gross domestic expenditure on R&D (% of GDP) N/A

(Data released on March 2012)

Inflation
2009 2010 2011 2012*
9.6%(2008) 12.6% 7.5% 6.9%

*Estimate

Unemployment rate
2009 2010 2011 2012*
11.4% 12.4% 12.8%(2009) 13%

*Estimate

Household saving rates N/A

(Data released on December 2011)

Public debt (General government gross debt as a % of GDP)
2008 2009 2010 2011 2012*
126.4% 139.5% 141.4% 139% 145.9%

*Estimate

Public deficit (General government net lending/borrowing as a % of GDP)
2008 2009 2010 2011* 2012**
-7.4% -11% -6.4% -6.5% -8.3%

*Estimate    **Forecast

Government bond ratings

Standard & Poor's: B-

Moody's rating: B3

Moody's outlook: STA

(Foreign Currency Government Bond Ratings; Data last updated Dec 2011 and Nov 2012)

Market value of publicly traded shares
2009 2010 2011
US$6.201 billion US$6.626 billion US$7.223 billion
Largest companies in Jamaica N/A
DATA ON TRADE AND COMPETITIVENESS
Current account balance US$ -2 billion (2011 estimate)(After 2008)
Current account balance by percentage of GDP -12.5% of GDP (2011 estimate)(2009)
Exports as percent of GDP

(Exports of goods and services)

25.6% (2010)

(Data released on April 2012)

Shares in world total merchandising export 0.01%(2007)

(Data were released in 2012 and refer to 2011)

Shares in world total commercial services export 0.06% (2011)(2007)

(Data were released in 2012)

Total exports US$1.718 billion (2012 estimate) 
Export commodities alumina, bauxite, sugar, rum, coffee, yams, beverages, chemicals, wearing apparel, mineral fuels
Total imports US$6.019 billion (2012 estimate) 
Import commodities food and other consumer goods, industrial supplies, fuel, parts and accessories of capital goods, machinery and transport equipment, construction materials
Exports - major partners US 37%, Canada 18.1%, Netherlands 7.3%, UK 5.4%, Norway 4.3% (2011)
Imports - major partners US 33.9%, Venezuela 15.5%, Trinidad and Tobago 14.6%, China 6.6% (2011)
FDI inflows
2009 2010 2011
US$541 million US$228 million(2009) US$242 million(2009)
FDI outflows
2009 2010 2011
US$61 million US$58 million US$62 million
Value of cross-border M&A, by country of purchaser
2008 2009 2010 2011
US$13 million US$28 million(2009) US$1 million(2009) N/A
Cross-border M&A deals worth over $3 billion completed in 2010

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

N/A

(for a monthly update on M&A click here )

Cross-border M&A deals worth over $3 billion completed in 2011

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

N/A(2008 estimate)

(for a monthly update on M&A click here )

Best countries for doing business

World Bank/IFC Doing Business Project

(Economies are ranked on their ease of doing business, from 1 - 185. A high ranking means the regulatory environment is more conducive to the starting and operation of a local firm.)

Overall ranking: 90 out of 185 countries(2009) (2013)

Subcategories:

Starting a business: 21 out of 185 countries(2009)

Enforcing Contracts: 129 out of 185 countries

Registering Property: 105 out of 185 countries

Getting credit: 104 out of 185 countries

Protecting investors: 82 out of 185 countries

Trading across border: 106 out of 185 countries

Paying Taxes: 163 out of 185 countries

Dealing with Construction Permits: 50 out of 185 countries

Getting Electricity: 123 out of 185 countries

Resolving Insolvency: 32 out of 185 countries

(2013)

Global competitiveness ranking
(ranking by country on a basis of 144, the first is the best)
97

(2012)

Index of Economic Freedom

WSJ and Heritage Foundation

Ranking: 58 Score: 65.1 (Moderately Free) (2009)

(100=totally free 0=totally repressed )

COUNTRY AND POPULATION OVERVIEW
Time zone UTC-5
Total area 10,991 km2 (2006)
Capital Kingston (2009)
Currency Jamaican dollars (JMD) (2009)
Government type constitutional parliamentary democracy and a Commonwealth realm (2009)
Languages English, English patois
Religions Protestant 62.5% (Seventh-Day Adventist 10.8%, Pentecostal 9.5%, Other Church of God 8.3%, Baptist 7.2%, New Testament Church of God 6.3%, Church of God in Jamaica 4.8%, Church of God of Prophecy 4.3%, Anglican 3.6%, other Christian 7.7%), Roman Catholic 2.6%, other or unspecified 14.2%, none 20.9%, (2001 census)
Total population
1980 1990 2000 2012* 2017**
2.11 million 2.37 million 2.57 million 2.76 million 2.81 million

*Estimate    **Forecast

Urban population as % of total population
1960 1980 2000 2011
33.8% 46.8% 51.8% 52.1%
Population median age 27 years (2010)
Population growth rate 0.3% (2011)
Life expectancy 73 years (2010)
Adult literacy 86% (2005/2010)
% of population living on less than $2 a day 5.85% (2011)
Inequality of wealth distribution (Gini index)

45.51 (2004)

(Data were released in 2011, 0=perfect equality, 100=absolute inequality)

Freedom House rating

Political Rights:2
Civil Liberties:3 (2011)

(1 represents the most free, 7 the least free)

Total telephone subscribers as % of population

118.01% (2011)

(sum of fixed telephone lines and mobile cellular subscribers)

Internet users as % of total population 31.5% (Data were released in 2012 and refer to 2011)
Cost of living - Mercer index

(ranking by city on a basis of 214; the 1st is the most expensive and the 214th is the least expensive)

Kingston: 153rd (2011)

CO2 emissions
(Metric tons of CO2 per capita)

3.1394 (Data were released in 2012 and refer to 2009)

GLOBAL FINANCE RANKINGS AND AWARDS

WORLD'S BEST INTERNET BANKS

2012:
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Scotiabank (National, 2012)
  • COUNTRY WINNERS / Best Consumer Internet Banks Scotiabank (Asia, 2012)
2011:
  • COUNTRY WINNERS / Best Consumer Internet Banks Scotiabank (National, 2011)
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (Global, 2011)
2010:
  • COUNTRY WINNERS / Best Consumer Internet Banks Scotiabank (Global, 2010)
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (Global, 2010)
2009:
  • COUNTRY WINNERS / Best Consumer Internet Banks Scotia Bank (Global, 2009)
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (Asia, 2009)

WORLD'S BEST EMERGING MARKET BANKS

2012:
  • COUNTRY WINNERS Scotiabank Jamaica (Asia, 2012)
2011:
  • COUNTRY WINNERS Scotiabank Jamaica (Global, 2011)
2010:
  • COUNTRY WINNERS Scotiabank Jamaica (National, 2010)
2009:
  • COUNTRY WINNERS Scotiabank Jamaica (Asia, 2009)

WORLD'S BEST FOREIGN EXCHANGE PROVIDERS

2013:
  • COUNTRY WINNERS Scotiabank Jamaica (Asia, 2013)
2012:
  • COUNTRY WINNERS Scotiabank Jamaica (National, 2012)
2011:
  • COUNTRY WINNERS Scotiabank Jamaica (National, 2011)
2010:
  • COUNTRY WINNERS Scotiabank Jamaica (National, 2010)
2009:
  • COUNTRY WINNERS Scotiabank Jamaica (Asia, 2009)
ARTICLES AND COUNTRIES REPORTS FROM GLOBAL FINANCE ARCHIVE