Browse a full set of economic indicators

Jamaica

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
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
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

Inflation & Debt

Inflation 2014 3.7%
2015 2.3%
2016 4.4%
2017* 3.7%
2018* 3.6%

*Estimate
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)

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)​
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

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
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
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

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