Jamaica Economy:
The Jamaican economy is heavily dependent on services, which now account for 60% of GDP. The country continues to derive most of its foreign exchange from tourism, remittances, and bauxite/alumina. The global economic slowdown, particularly after the terrorist attacks in the US on 11 September 2001, stunted economic growth; the economy rebounded moderately in 2003-04, with brisk tourist seasons. But the economy faces serious long-term problems: high interest rates; increased foreign competition; a pressured, sometimes sliding, exchange rate; a sizable merchandise trade deficit; large-scale unemployment; and a growing internal debt, the result of government bailouts to ailing sectors of the economy. The ratio of debt to GDP is close to 150%. Inflation, previously a bright spot, is expected to remain in the double digits. Uncertain economic conditions have led to increased civil unrest, including gang violence fueled by the drug trade. In 2004, the government faced the difficult prospect of having to achieve fiscal discipline in order to maintain debt payments while simultaneously attacking a serious and growing crime problem which is hampering economic growth. Attempts at deficit control were derailed by Hurricane Ivan in September 2004, which required substantial government spending to repair the damage. Despite the hurricane, tourism looks set to enjoy solid growth for the foreseeable future.
GDP (purchasing power parity):
$11.13 billion (2004 est.)
GDP — real growth rate:
1.9% (2004 est.)
GDP — per capita:
purchasing power parity: $4,100 (2004 est.)
GDP — composition by sector:
agriculture: 6.1%
industry: 32.7%
services: 61.3%
(2004)
Labor force:
1.14 million (2004 est.)
Labor force — by occupation:
agriculture: 20.1%, industry: 16.6%, services: 63.4% (2003 est.)
Unemployment rate:
15% (2004 est.)
Population below poverty line:
19.7% (2002 est.)
Household income or consumption by percentage share:
lowest 10%: 2.7%
highest 10%: 30.3% (2000)
Distribution of family income — Gini index:
37.9 (2000 est.)
Inflation rate (consumer prices):
12.4% (2004 est.)
Investment (gross fixed):
32% of GDP (2004 est.)
Budget:
revenues: $2.79 billion (2004 est.)
expenditures: $3.16 billion including capital expenditures of $236 million (2004 est.)
Public debt:
146.1% of GDP (2004 est.)
Agriculture — products:
Sugarcane, bananas, coffee, citrus, yams, vegetables, poultry, goats, milk, crustaceans, and mollusks
Industries:
tourism, bauxite/alumina, textiles, agro processing, wearing apparel, light manufactures, rum, cement, metal, paper, chemical products, telecommunications
Industrial production growth rate:
-2% (2000 est.)
Electricity — production:
6.29 billion kWh (2002 est.)
Electricity — consumption:
5.85 billion kWh (2002 est.)
Electricity — exports:
0 kWh (2002 est.)
Electricity — imports:
0 kWh (2002 est.)
Oil — production:
0 bbl/day (2001 est.)
Oil — consumption:
66,000 bbl/day (2001 est.)
Oil — exports:
NA (2001 est.)
Oil — imports:
NA (2001 est.)
Current account balance:
$-830.7 million (2004 est.)
Exports:
$1.68 billion (f.o.b. 2004 est.)
Exports — commodities:
alumina, bauxite, sugar, bananas, rum, coffee, yams, beverages, chemicals, wearing apparel, mineral fuels
Exports — partners:
US 17.4%, Canada 14.8%, France 13%, China 10.5%, UK 8.7%, Netherlands 7.5%, Norway 6%, Germany 5.9% (1999)
Imports:
$3.62 billion (f.o.b. 2004 est.)
Imports — commodities:
machinery and transport equipment, food and other consumer goods, industrial supplies, fuel, parts and accessories of capital goods, machinery and transport equipment, construction materials,
Imports — partners:
US 38.7%, Trinidad and Tobago 13.2%, France 5.6%, Japan 4.7% (2004)
Reserves of foreign exchange and gold:
$1.4 billion (2004 est.)
Debt — external:
$5.96 billion (2004 est.)
Economic aid — recipient:
$16 million (2003 est.)
Currency:
Jamaican dollar (JMD)
Exchange rates:
Jamaican dollars per US dollar per US$: 61.2 (2004 est.), 57.74 (2003 est.), 48.42 (2002 est.), 46 (2001 est.), 42.99 (2000 est.)
Fiscal year:
1 April - 31 March
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