Includes historical data for Jamaica’s Gross Domestic Product growth, debt-to-GDP ratio and more, as well as information on trade, banking and financial sector leadership.
Tourism And Exports Drive Economic Growth
The economy of this country in the heart of the Caribbean benefits from its strategic proximity to the United States, a sizable English-speaking market, a stable democracy and a vibrant cultural heritage. Traditionally dependent on tourism and the export of aluminum products and agricultural products, since engaging in International Monetary Fund (IMF) guided economic reforms a decade ago Jamaica has steadily reduced its domestic debt, lowered inflation to single digits, achieved record-low unemployment, and improved regulatory efficiency and global market integration.
Despite these strengths, Jamaica faces challenges. These include a bloated public sector, bureaucratic red tape and corruption, high crime rates, and relatively high taxes. Furthermore, Jamaica’s economy still lacks diversification, with high financing costs impeding private-sector growth and a lack of skilled workforce contributing to slower economic growth in comparison to its regional peers.
Macroeconomy & Sovereign Data
| Type of Government | Parliamentary democracy under a constitutional monarchy; a Commonwealth realm |
|---|---|
| Capital | Kingston |
| Sovereign Ratings |
S&P: BB– Moody’s: B1 Fitch: BB– |
| Total Population | 2.8 million |
| Median Age | 32.3 |
| Adult Per Capita Income (PPP) | 14,463.68 |
| Total GDP (2023) | 20.1 billion |
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CARIBBEAN ECONOMY | WEATHERING THE STORMBanking & Finance
Trade & Investment
| Total Exports | USD 7.0 billion (2023) |
|---|---|
| Leading Exports |
Aluminum Oxide Refined Petroleum Aluminum Rums Fruits Nuts |
| Total Imports | USD 0.8 billion (2022) |
| Leading Imports |
Refined Petroleum Natural Gas Cars Crude Petroleum Iron Bars Steel Bars |
| Source: | World Integrated Trade Solution |
Jamaica Leading Companies
| National Commercial Bank (NCB) | Financials |
|---|---|
| Banco Atlantida | Financials |
| Wray & Nephew | Consumer Staples, Distillers |
| GraceKennedy Limited | Conglomerates, Financials, Insurance, Consumer Staples |
| Caribbean Cement Company | Materials |
| Appliance Traders | Consumer Discretionary, Specialty Retail |
Major Trade Partners — Import
| United States | 41% |
|---|---|
| Brazil | 9% |
| China | 8% |
| Japan | 3% |
| Turkey | 3% |
Major Trade Partners — Export
| United States | 51% |
|---|---|
| Netherlands | 10% |
| Canada | 7% |
| United Kingdom | 4% |
| Russia | 3% |
Global Finance Rankings & Awards
Data Sources:
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
Fitch Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000