Jamaica - Economy
How is the economy of Jamaica? Based on the information we have, Jamaica has a upper middle-income Caribbean island economy; ongoing debt restructuring; hurricane-vulnerable economy; high crime, youth unemployment, and poverty; susceptible to commodity shocks from ongoing Russia invasion of Ukraine. Key agricultural products in this country include: sugarcane, yams, goat milk, chicken, coconuts, oranges, bananas, pumpkins/squash, plantains, sweet potatoes (2022).
More about the economy of Jamaica
| Labor force | 1.559 million (2023 est.) |
|---|---|
| Industrial production growth rate | 4.98% (2023 est.) |
| Industries | agriculture, mining, manufacture, construction, financial and insurance services, tourism, telecommunications |
| Population below poverty line | 17.1% (2016 est.) |
| Taxes and other revenues | 25.71% (of GDP) (2020 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Jamaican dollars (JMD) per US dollar - |
| Exchange rates 2023 | 154.159 (2023 est.) |
| Exchange rates 2022 | 153.427 (2022 est.) |
| Exchange rates 2021 | 150.79 (2021 est.) |
| Exchange rates 2020 | 142.403 (2020 est.) |
| Exchange rates 2019 | 133.312 (2019 est.) |
| Debt - external | |
| Debt - external 2022 | $9.148 billion (2022 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $4.869 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $4.52 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $4.838 billion (2021 est.) |
| Current account balance | |
| Current account balance 2022 | -$129.756 million (2022 est.) |
| Current account balance 2021 | $149.262 million (2021 est.) |
| Current account balance 2020 | -$156.91 million (2020 est.) |
| Public debt | |
| Public debt 2020 | 106.28% of GDP (2020 est.) |
| Budget | |
| Revenues | $4.041 billion (2020 est.) |
| Expenditures | $4.12 billion (2020 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 19.1% of GDP (2023 est.) |
| Remittances 2022 | 21.57% of GDP (2022 est.) |
| Remittances 2021 | 25.29% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.2% (2021 est.) |
| Highest 10% | 29.9% (2021 est.) |
| Imports | |
| Imports 2022 | $9.726 billion (2022 est.) |
| Imports 2021 | $7.405 billion (2021 est.) |
| Imports 2020 | $5.913 billion (2020 est.) |
| Imports (partners) | US 36%, China 12%, Trinidad and Tobago 6%, Brazil 5%, Turkey 4% (2022) |
| Comodities Imports force | refined petroleum, crude petroleum, natural gas, cars, plastic products (2022) |
| Exports | |
| Imports 2022 | $9.726 billion (2022 est.) |
| Imports 2021 | $7.405 billion (2021 est.) |
| Imports 2020 | $5.913 billion (2020 est.) |
| Exports (partners) | US 57%, Russia 5%, Canada 4%, UK 4%, Iceland 2% (2022) |
| Comodities Exports force | refined petroleum, natural gas, aluminum oxide, liquor, aluminum ore (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $29.225 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $28.596 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $27.177 billion (2021 est.) |
| GDP (official exchange rate) | $19.423 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $10,300 (2023 est.) |
| Real GDP per capita 2022 | $10,100 (2022 est.) |
| Real GDP per capita 2021 | $9,600 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 9% (2023 est.) |
| Industry | 18.6% (2023 est.) |
| Services | 60.1% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 76.2% (2019 est.) |
| Government consumption | 13.6% (2019 est.) |
| Investment in fixed capital | 24.1% (2019 est.) |
| Investment in inventories | 0.2% (2019 est.) |
| Exports of goods and services | 38% (2019 est.) |
| Imports of goods and services | -52.1% (2019 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 4.42% (2023 est.) |
| Unemployment rate 2022 | 4.08% (2022 est.) |
| Unemployment rate 2021 | 5.19% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 13.8% (2023 est.) |
| Male | 13.1% (2023 est.) |
| Female | 14.9% (2023 est.) |
All Important Facts about Jamaica
Want to know more about Jamaica? Check all different factbooks for Jamaica below.
