Includes Jamaica real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.
Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Jamaica economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Jamaica best banks and safest banks are also available.
Basic Information
Government Type: Parliamentary democracy (Parliament) under a constitutional monarchy; a Commonwealth realm
Capital City: Kingston
GDP & Economic Information
Macroeconomy & Sovereign Data
Central Bank | Bank of Jamaica |
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Currency | Jamaican dollars (JMD) |
International Reserves | USD 3.5 billion (2018) |
Gross Domestic Product – GDP | USD 15.4 billion (2018, estimate) |
GDP (Purchasing Power Parity) | Intl$ 27.0 billion (2018, estimate) |
GDP Data
Real GDP growth |
2014 0.6% 2015 0.9% 2016 0.7% 2017* -1.4% 2018* 5.3% *Estimate |
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GDP per capita – current prices | USD 5,392.5 (2018, estimate) |
GDP per capita – PPP | Intl$ 9,446.6 (2018, estimate) |
GDP (PPP) – share of world total | 0.02% (2019, estimate) |
GDP – composition by sector |
agriculture: 6.7% industry: 20.5% services: 59.2% (2018 estimate) |
Gross domestic expenditure on R&D; (% of GDP) | N/A |
Inflation |
2014 3.7% 2015 2.3% 2016 4.4% 2017* 3.7% 2018* 3.6% *Estimate |
Jamaica
Inflation & Debt
Inflation |
2014 3.7% 2015 2.3% 2016 4.4% 2017* 3.7% 2018* 3.6% *Estimate |
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Government Bond Ratings |
Standard & Poor’s: B+ Moody’s: B3 Standard & Poor’s / Moody’s (Updated January 2017) |
Unemployment rate |
2014 13.5% 2015 13.2% 2016 11.7% 2017* 9.1% 2018* 8.5% *Estimate |
Household saving rates | N/A |
Public debt (General government gross debt as a % of GDP) |
2014 121.9% 2015 113.6% 2016 101.1% 2017* 94.4% 2018* 93.5% *Estimate |
Public deficit (General government net lending/borrowing as a % of GDP) |
2014 -0.3% 2015 -0.2% 2016 0.5% 2017* 1.2% 2018* 0.2% *Estimate |
Market value of publicly traded shares | N/A |
Largest Companies | N/A |
Import/Export
Exports as percent of GDP (Exports of goods and services) |
29.8% (2015) |
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Shares in world total merchandising export |
0.008% (2015) |
Shares in world total commercial services export |
0.06% (2015) |
Total exports |
USD 1.3 billion (2016 estimate) |
Export commodities | Alumina, bauxite, sugar, rum, coffee, yams, beverages, chemicals, apparel, mineral fuels |
Total imports |
USD 3.8 billion (2016 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 24.4%, Canada 16.5%, Russia 9.3%, Netherlands 8.9%, Iceland 7.2%, UK 6.5% (2015) |
Imports – major partners | US 32.6%, Venezuela 12.4%, China 12%, Trinidad and Tobago 11.1% (2015) |
Competitiveness & Trade
Current account balance | USD -0.5 billion (2017 estimate) |
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Current account balance by percentage of GDP | -3.6% (2017 estimate) |
FDI inflows |
2013 USD 595 million 2014 USD 591 million 2015 USD 794 million |
FDI Outflows |
2013 USD -86 million 2014 USD -2 million 2015 USD 4 million |
Value of cross-border M&A, by country of purchaser |
2012 N/A 2013 N/A 2014 USD 26.0 million 2015 N/A |
Cross-border M&A deals worth over $3 billion completed in 2014 | N/A |
Cross-border M&A deals worth over $3 billion completed in 2015 | N/A |
Best countries for doing business |
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. Overall ranking: 67 out of 190 countries (2017) Subcategories: Starting a business: 12 out of 190 countries Enforcing Contracts: 117 out of 190 countries Registering Property: 123 out of 190 countries Getting Credit: 16 out of 190 countries Protecting Minority Investors: 63 out of 190 countries Trading Across Borders: 131 out of 190 countries Paying Taxes: 116 out of 190 countries Dealing with Construction Permits: 75 out of 190 countries Getting Electricity: 101 out of 190 countries Resolving Insolvency: 38 out of 190 countries |
Global competitiveness ranking |
75 out of 138 countries (2016-2017) |
Index of Economic Freedom |
Ranking: 48 / Score: 67.46 (Moderately free) (2016) (100=totally free 0=totally repressed) |
Population & Geographic Data
Total Area |
10,991 sq km |
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Total Population |
1990 2.37 Million 2000 2.58 Million 2010 2.74 Million 2015 2.81 Million 2020 2.89 Million |
Urban population as % of total population |
1960 33.8% 1980 46.7% 2000 51.8% 2018 55.7% |
Population median age |
28.6 years (2018 estimate) |
Population growth rate | -0.05% (2018 estimate) |
Life expectancy | 74.5 years (2018 estimate) |
% of population living on less than $3.10 a day | N/A |
Inequality of wealth distribution (Gini index) | N/A |
Freedom House rating |
Political Rights: 2 Civil Liberties: 2 (2019) (1 represents the most free, 7 the least free rating) |
Total telephone subscribers as % of population |
Fixed: 12.4% Mobile: 101% (2018) (fixed-telephone subscribers and mobile-cellular subscribers) |
Internet users as % of total population | 55.07 % (2017) |
Language & Religon
Languages | English, English patois |
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Literacy |
Total population: 88.7% Male: 84% Female: 93.1% Definition: age 15 and over has ever attended school (2015 est.) |
Religions | 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%, Methodis |
World Rankings
Population | 2.89 million |
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Mercer Cost of living index | Kingston: 157th (2019) |
C02 Emissions per capita | 2.58 metric tons per capita (2014) |
Global Finance Rankings & Awards: Jamaica
Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.
Data Sources:
IMF World Economic Outlook
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
Fitch Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000