The Caribbean's Weathering Economies
The Caribbean’s long-term outlook hinges on diversifying out of tourism and commodities and turning climate change challenges into growth opportunities.
Jamaica GDP and Economic Data
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.
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Real GDP growth
| 2014 | 2015 | 2016 | 2017* | 2018* |
| 0.6% | 0.9% | 1.5% | 0.7% | 1.4% |
*Estimate
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GDP - composition by sector
- agriculture: 6.7%
- industry: 20.5%
- services: 59.2%
(2018 estimate)
Inflation
| 2014 | 2015 | 2016 | 2017* | 2018* |
| 3.7% | 2.3% | 4.4% | 3.7% | 3.6% |
*Estimate
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Unemployment rate
| 2014 | 2015 | 2016 | 2017* | 2018* |
| 13.5% | 13.2% | 11.7% | 9.1% | 8.5% |
*Estimate
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Public debt (General government gross debt as a % of GDP)
| 2014 | 2015 | 2016 | 2017* | 2018* |
| 121.9% | 113.6% | 101.1% | 94.4% | 93.5% |
*Estimate
Source
Public deficit (General government net lending/borrowing as a % of GDP)
| 2014 | 2015 | 2016 | 2017* | 2018* |
| -0.3% | -0.2% | 0.5% | 1.2% | 0.2% |
*Estimate
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Government bond ratings
Standard & Poor's: B+
Moody's: B3
Standard & Poor's / Moody's (Updated January 2017)
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Current account balance by percentage of GDP
-3.6% (2017 estimate)
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Exports as percent of GDP (Exports of goods and services)
29.8% (2015)
Shares in world total merchandise exports
0.008% (2015)
Shares in world total commercial services export
0.06% (2015)
Export commodities
Alumina, bauxite, sugar, rum, coffee, yams, beverages, chemicals, apparel, mineral fuels
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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)
FDI inflows
| 2013 | 2014 | 2015 |
| USD 595 million | USD 591 million | USD 794 million |
FDI outflows
| 2013 | 2014 | 2015 |
| USD -86 million | USD -2 million | USD 4 million |
Value of cross-border M&A, by country of purchaser
| 2012 | 2013 | 2014 | 2015 |
| N/A | N/A | USD 26.0 million | 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
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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)
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Government type
Parliamentary democracy (Parliament) under a constitutional monarchy; a Commonwealth realm
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
Total population
| 1990 | 2000 | 2010 | 2015 | 2020* |
| 2.37 million | 2.58 million | 2.74 million | 2.81 million | 2.89 million |
*Estimate
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Urban population as % of total population
| 1960 | 1980 | 2000 | 2018 |
| 33.8% | 46.7% | 51.8% | 55.7% |
Literacy
Total population: 88.7%
Male: 84%
Female: 93.1%
Definition: age 15 and over has ever attended school (2015 est.)
Freedom House rating
Political Rights: 2
Civil Liberties: 2 (2019)
(1 represents the most free, 7 the least free rating)
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Total telephone subscribers as % of population
Fixed: 12.4% Mobile: 101% (2018)
(fixed-telephone subscribers and mobile-cellular subscribers)