Jamaica Economy

Jamaica is the third largest island in the Caribbean, located to the south of Cuba. The economy of Jamaica is largely dependent on industrial sectors like agriculture, mining, tourism, oil refining, sugar, cement, chemicals, tobacco processing, textiles, flour milling, processed foods and others.
Since late 1960s, the industrial sector has been contributing more to the Jamaican economy than the agricultural sector.Major agricultural products of Jamaica are sugarcane, bananas, ginger, citrus fruits, cocoa, pimento, tobacco and coffee. Among all these agricultural products, sugarcane is the most important exported product.

Mining, specifically bauxite, accounts for the major portion of export revenues earned by Jamaica. Jamaica is one of the leading suppliers of bauxite in the world and it accounts for almost half of Jamaica’s foreign exchange.

Jamaica Economic Performance GDP Inflation Graph 1995-2013

Jamaica Economic Performance GDP Inflation Graph 1995-2013

Jamaica is a place of beautiful natural scenery. It is a place of wild attraction for tourists. Tourism earns the maximum foreign exchange for Jamaica. Jamaica is also known for it’s internationally recognized resort areas like Montego Bay, Ocho Rios, and Negril.
Exported products: Major exported products of Jamaica are bauxite, sugarcane, coffee, bananas, citrus fruits, pimento, ginger, cocoa, tobacco, and clothing products.

Major trading partners: Major trading partners of Jamaica are the United States, Great Britain, and Canada.
In 2004:

  • GDP (Gross Domestic Product)- real growth rate: 1.9%
  • GDP (composition by sector):
  • Agriculture: 6.1%
  • Industry: 32.7%
  • Services: 61.3%
  • In 2002, population below poverty line: 19.7%
  • In 2004, unemployment rate: 15%

 

Jamaica Economic Performance 1980-2013
Year GDP % Change Inflation % Change Year GDP % Change Inflation % Change
1980 -5.71 27.31 1995 2.35 19.91
1981 2.64 12.74 1996 -0.11 26.41
1982 2.07 6.55 1997 -1.14 9.66
1983 1.91 11.58 1998 -2.33 8.63
1984 -1.54 27.81 1999 1.05 5.95
1985 -2.94 25.67 2000 0.88 8.17
1986 1.88 15.11 2001 1.34 6.99
1987 7.85 6.65 2007 1.40 9.29
1988 3.97 8.27 2008 -0.71 22.02
1989 7.17 14.33 2009 -4.41 9.57
1990 4.20 21.96 2010 -1.48 12.61
1991 4.84 51.07 2011 1.70 7.53
1992 1.96 77.30 2012 0.72 6.90
1993 9.42 22.07 2013 1.27 9.34
1994 1.38 35.06

Source: World Bank

More Information on North American Economy
Antigua and Barbuda Jamaica
Grenada Canada
Panama Haiti
Costa Rica United States
Mexico

 

Last Updated on : 12th March 2015 Next Update : February 2016