Jamaica - Economy
How is the economy of Jamaica? Based on the information we have, Jamaica has a
upper-middle-income Caribbean island economy; key agriculture and tourism sectors; high crime, youth unemployment, and poverty; susceptible to natural disasters and global commodity price shocks; progress in reducing public debt and moderating inflation within target range
. Key agricultural products in this country include: sugarcane, goat milk, yams, chicken, oranges, coconuts, bananas, plantains, pumpkins/squash, pineapples (2023).More about the economy of Jamaica
| Labor force | 1.57 million (2024 est.) |
|---|---|
| Industrial production growth rate | -1.5% (2024 est.) |
| Industries | agriculture, mining, manufacture, construction, financial and insurance services, tourism, telecommunications |
| Population below poverty line | 16.7% (2021 est.) |
| Taxes and other revenues | 25.7% (of GDP) (2020 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Jamaican dollars (JMD) per US dollar - |
| Exchange rates 2024 | 156.44 (2024 est.) |
| 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.) |
| Debt - external | |
| Debt - external 2023 | $9.636 billion (2023 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 2024 | $678.808 million (2024 est.) |
| Current account balance 2023 | $568.932 million (2023 est.) |
| Current account balance 2022 | -$136.401 million (2022 est.) |
| Public debt | |
| Public debt 2020 | 106.3% of GDP (2020 est.) |
| Budget | |
| Revenues | $4.041 billion (2020 est.) |
| Expenditures | $4.466 billion (2020 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 17.9% of GDP (2024 est.) |
| Remittances 2023 | 18.5% of GDP (2023 est.) |
| Remittances 2022 | 21.6% of GDP (2022 est.) |
| Household income | |
| Lowest 10% | 2.2% (2021 est.) |
| Highest 10% | 29.6% (2021 est.) |
| Imports | |
| Imports 2024 | $9.524 billion (2024 est.) |
| Imports 2023 | $9.866 billion (2023 est.) |
| Imports 2022 | $9.726 billion (2022 est.) |
| Imports (partners) | USA 39%, China 11%, Brazil 4%, Colombia 4%, Japan 4% (2023) |
| Comodities Imports force | refined petroleum, natural gas, cars, crude petroleum, plastic products (2023) |
| Exports | |
| Imports 2024 | $9.524 billion (2024 est.) |
| Imports 2023 | $9.866 billion (2023 est.) |
| Imports 2022 | $9.726 billion (2022 est.) |
| Exports (partners) | USA 37%, Russia 7%, Latvia 7%, Iceland 7%, UK 5% (2023) |
| Comodities Exports force | aluminum oxide, refined petroleum, natural gas, liquor, processed fruits and nuts (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $29.13 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $29.341 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $28.596 billion (2022 est.) |
| GDP (official exchange rate) | $19.93 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $10,300 (2024 est.) |
| Real GDP per capita 2023 | $10,300 (2023 est.) |
| Real GDP per capita 2022 | $10,100 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 9.8% (2024 est.) |
| Industry | 18.3% (2024 est.) |
| Services | 60.3% (2024 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 2024 | 4.9% (2024 est.) |
| Unemployment rate 2023 | 4.4% (2023 est.) |
| Unemployment rate 2022 | 4.1% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 14.5% (2024 est.) |
| Male | 12.9% (2024 est.) |
| Female | 16.4% (2024 est.) |
All Important Facts about Jamaica
Want to know more about Jamaica? Check all different factbooks for Jamaica below.
