Economy - overview:
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The Jamaican economy is heavily dependent on services, which accounted for more than 60% of GDP at the end of 2011. The country continues to derive most of its foreign exchange from tourism, remittances, and bauxite/alumina. Remittances account for nearly 15% of GDP and exports of bauxite and alumina make up roughly 5%. The bauxite/alumina sector was most affected by the global downturn while the tourism industry was resilient. Tourism revenues account for roughly 5% of GDP, and both arrivals and revenues grew in 2011 by 4%. Jamaica's economy faces many challenges to growth: high crime and corruption, large-scale unemployment and underemployment, and a debt-to-GDP ratio of nearly 130%. Jamaica's onerous public debt burden is the result of government bailouts to ailing sectors of the economy, most notably to the financial sector. In early 2010, the Jamaican Government created the Jamaica Debt Exchange in order to retire high-priced domestic bonds and significantly reduce annual debt servicing. Despite the improvement, debt servicing costs still hinder the government's ability to spend on infrastructure and social programs, particularly as job losses rise in a shrinking economy. Jamaica was hard hit by the effects of the global economic crisis, experiencing economic contractions from 2008-10 and growth remains low. The SIMPSON-MILLER administration faces the difficult prospect of having to achieve fiscal discipline in order to maintain debt payments, while simultaneously attacking a serious crime problem that is hampering economic growth. High unemployment exacerbates the crime problem, including gang violence that is fueled by the drug trade. As of late 2012, the SIMPSON-MILLER government was working to negotiate a new IMF Stand-by agreement to gain access to additional funds.
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GDP (purchasing power parity):
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$25.18 billion (2012 est.)
country comparison to the world: 122
$24.96 billion (2011 est.)
$24.65 billion (2010 est.)
note:
data are in 2012 US dollars
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GDP (official exchange rate):
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$15.26 billion (2012 est.)
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GDP - real growth rate:
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0.9% (2012 est.)
country comparison to the world: 163
1.3% (2011 est.)
-1.5% (2010 est.)
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GDP - per capita (PPP):
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$9,100 (2012 est.)
country comparison to the world: 123
$9,100 (2011 est.)
$9,000 (2010 est.)
note:
data are in 2012 US dollars
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GDP - composition by sector:
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agriculture: 6.5%
industry:
29.9%
services:
63.5% (2012 est.)
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Labor force:
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1.325 million (2012 est.)
country comparison to the world: 134
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Labor force - by occupation:
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agriculture: 17%
industry:
19%
services:
64% (2006)
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Unemployment rate:
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14.2% (2012 est.)
country comparison to the world: 140
14.1% (2011 est.)
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Population below poverty line:
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16.5% (2009 est.)
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Household income or consumption by percentage share:
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lowest 10%: 2.1%
highest 10%:
35.8% (2004)
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Distribution of family income - Gini index:
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45.5 (2004)
country comparison to the world: 38
37.9 (2000)
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Investment (gross fixed):
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19.5% of GDP (2012 est.)
country comparison to the world: 106
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Budget:
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revenues: $3.83 billion
expenditures:
$4.764 billion (2012 est.)
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Taxes and other revenues:
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25.1% of GDP (2012 est.)
country comparison to the world: 125
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Budget surplus (+) or deficit (-):
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-6.1% of GDP (2012 est.)
country comparison to the world: 173
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Public debt:
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127.3% of GDP (2012 est.)
country comparison to the world: 7
127.6% of GDP (2011 est.)
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Inflation rate (consumer prices):
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6.8% (2012 est.)
country comparison to the world: 175
7.5% (2011 est.)
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Central bank discount rate:
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2% (31 December 2010 est.)
NA% (31 December 2009 est.)
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Commercial bank prime lending rate:
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13.1% (31 December 2012 est.)
country comparison to the world: 17
19.51% (31 December 2011 est.)
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Stock of narrow money:
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$2.028 billion (31 December 2012 est.)
country comparison to the world: 125
$1.962 billion (31 December 2011 est.)
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Stock of broad money:
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$7.309 billion (31 December 2011 est.)
country comparison to the world: 116
$7.012 billion (31 December 2010 est.)
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Stock of domestic credit:
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$7.229 billion (31 December 2012 est.)
country comparison to the world: 109
$7.131 billion (31 December 2011 est.)
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Market value of publicly traded shares:
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$7.223 billion (31 December 2011)
country comparison to the world: 79
$6.626 billion (31 December 2010)
$6.201 billion (31 December 2009)
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Agriculture - products:
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sugarcane, bananas, coffee, citrus, yams, ackees, vegetables; poultry, goats, milk; shellfish
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Industries:
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tourism, bauxite/alumina, agro-processing, light manufactures, rum, cement, metal, paper, chemical products, telecommunications
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Industrial production growth rate:
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-2% (2010 est.)
country comparison to the world: 155
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Current account balance:
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-$1.523 billion (2012 est.)
country comparison to the world: 129
-$1.723 billion (2011 est.)
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Exports:
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$1.718 billion (2012 est.)
country comparison to the world: 146
$1.665 billion (2011 est.)
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Exports - commodities:
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alumina, bauxite, sugar, rum, coffee, yams, beverages, chemicals, wearing apparel, mineral fuels
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Exports - partners:
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US 36.8%, Canada 18.1%, Netherlands 7.3%, UK 5.4%, Norway 4.3% (2011)
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Imports:
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$6.019 billion (2012 est.)
country comparison to the world: 121
$5.859 billion (2011 est.)
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Imports - commodities:
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food and other consumer goods, industrial supplies, fuel, parts and accessories of capital goods, machinery and transport equipment, construction materials
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Imports - partners:
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US 32.8%, Venezuela 15%, Trinidad and Tobago 14.2%, China 6.3%, Mexico 4.1% (2011)
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Reserves of foreign exchange and gold:
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$1.9 billion (31 December 2012 est.)
country comparison to the world: 124
$2.282 billion (31 December 2011 est.)
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Debt - external:
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$14.6 billion (31 December 2012 est.)
country comparison to the world: 84
$14.62 billion (31 December 2011 est.)
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Exchange rates:
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Jamaican dollars (JMD) per US dollar -
88.59 (2012 est.)
85.893 (2011 est.)
87.196 (2010 est.)
87.89 (2009)
72.236 (2008)
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Fiscal year:
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1 April - 31 March
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