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Jamaica

Jamaica Economy Stats

chris.lockyer781

Author: chris.lockyer781

The major drivers of the Jamaican economy are remittances, tourism, bauxite/alumina and agriculture. The global downturn of 2008 and 2009 gravely affected the bauxite/alumina industry. However, tourism showed much resilience and remittances continue to increase.

There are many negatives affecting Jamaica's economy. These include, unemployment, high crime and corruption both by public officials and regular citizens. A debt to GDP ratio of nearly 130% is also a deterrent to the growth of Jamaica’s economy.

Jamaica which cut ties with the International Monetary Fund –IMF in the early 1990s, is currently in negotiations with the multilateral organisation. The country and its workers have had to undergo vast austerity measures in order to pass stipulated IMF tests in the past year.

Overview:

The Jamaican economy is heavily dependent on services, which now account for more than 60% of GDP. 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 about 10%. Tourism revenues account for roughly 10% of GDP, and both arrivals and revenues grew in 2010, up 4% and 6% respectively. The Economic growth faces many challenges: high crime and corruption, large-scale unemployment and underemployment, and a debt-to-GDP ratio of more than 120%. Jamaica's onerous debt burden - the fourth highest per capita - is the result of government bailouts to ailing sectors of the economy, most notably to the financial sector in the mid-to-late 1990s. The Government of Jamaica signed a $1.27 billion, 27-month Standby Agreement with the International Monetary Fund for balance of payment support in February 2010. Other multilaterals have also provided millions of dollars in loans and grants. The government's difficult fiscal position hinders spending on infrastructure and social programs, particularly as job losses rise in a shrinking economy. The GOLDING administration faces the difficult prospect of having to achieve fiscal discipline in order to maintain debt payments, while simultaneously attacking a serious and growing crime problem that is hampering economic growth. High unemployment exacerbates the crime problem, including gang violence that is fueled by the drug trade.

Definitions

  • Budget > Revenues: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Budget surplus > + or deficit > -: This entry records the difference between national government revenues and expenditures, expressed as a percent of GDP. A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money. Countries with high budget deficits (relative to their GDPs) generally have more difficulty raising funds to finance expenditures, than those with lower deficits.
  • Debt > Government debt > Public debt, share of GDP: Public debt as % of GDP (CIA).

    No date was available from the Wikipedia article, so we used the date of retrieval.

  • Exports: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • GDP: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.
  • GDP > Composition, by sector of origin > Services: This entry is derived from Economy > GDP > Composition, by sector of origin, which shows where production takes place in an economy. The distribution gives the percentage contribution of agriculture, industry, and services to total GDP, and will total 100 percent of GDP if the data are complete. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other private economic activities that do not produce material goods.
  • GDP > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
  • GDP > Purchasing power parity per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Figures expressed per capita for the same year.
  • GDP per capita: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Figures expressed per capita for the same year.
  • Gross National Income: GNI, Atlas method (current US$). GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and prop).
  • Inflation rate > Consumer prices: This entry furnishes the annual percent change in consumer prices compared with the previous year's consumer prices.
  • Population below poverty line: National estimates of the percentage of the population lying below the poverty line are based on surveys of sub-groups, with the results weighted by the number of people in each group. Definitions of poverty vary considerably among nations. For example, rich nations generally employ more generous standards of poverty than poor nations.
  • Public debt: This entry records the cumulatiive total of all government borrowings less repayments that are denominated in a country's home currency. Public debt should not be confused with external debt, which reflects the foreign currency liabilities of both the private and public sector and must be financed out of foreign exchange earnings.
  • Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
STAT AMOUNT DATE RANK HISTORY
Budget > Revenues $3.88 billion 2013 117th out of 223
Budget surplus > + or deficit > - -4.2% of GDP 2012 128th out of 182
Debt > Government debt > Public debt, share of GDP 127.3 CIA 2014 7th out of 153
Exports $1.75 billion 2012 135th out of 189
GDP $14.84 billion 2012 108th out of 177
GDP > Composition, by sector of origin > Services 64.4% 2012 76th out of 189
GDP > Per capita $8,843.88 per capita 2010 46th out of 118
GDP > Per capita > PPP $8,900.00 2012 93th out of 188
GDP > Purchasing power parity per capita $8,859.03 2010 87th out of 181
GDP per capita $5,471.72 2012 87th out of 177
Gross National Income $7.26 billion 2001 83th out of 158
Inflation rate > Consumer prices 6.9% 2012 46th out of 199
Population below poverty line 16.5% 2009 27th out of 36
Public debt 132.9% of GDP 2012 5th out of 149
Unemployment rate 13.7% 2012 24th out of 112

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; CIA World Factbooks 2010, 2011, 2012, 2013; Wikipedia: List of countries by public debt (List) (Public debt , The World Factbook , United States Central Intelligence Agency , accessed on March 21, 2013.); World Bank national accounts data, and OECD National Accounts data files.; CIA World Factbook 2010, 2011, 2012, 2013; CIA World Factbooks 18 December 2003 to 28 March 2011. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; World Bank national accounts data, and OECD National Accounts data files. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; CIA World Factbooks 18 December 2003 to 28 March 2011

Citation

"Jamaica Economy Stats", NationMaster. Retrieved from http://www.nationmaster.com/country-info/profiles/Jamaica/Economy

NationMaster

Jamaica Economy Profiles (Subcategories)

Adjusted savings 3 Interest payments 3
Aid 5 International tourism 13
Balance of payments 34 Labor force 3
Bank and trade-related lending 4 Long-term debt 4
Budget 15 Market capitalization of listed companies 4
Changes in net 4 Merchandise 4
Commercial service 4 Merchandise imports 4
Commercial service imports 4 Micro 4
Companies 36 National accounts 71
Currency 10 Natural gas 8
Current account balance 5 Net capital account 4
Current transfers 4 Net current transfers 4
Debt 69 Net current transfers from abroad 5
Economic aid 3 Net errors and omissions 4
Electricity 8 Net financial flows 20
Entrepreneurship 12 Net income 4
Exports 3 Net income from abroad 5
External balance on goods and services 6 Net trade in goods 4
External debt 215 Net trade in goods and services 4
Final 11 Official development assistance and official aid 4
Financial sector 34 Oil 10
Foreign aid 43 Portfolio investment 8
Foreign direct investment 10 Poverty 21
GDP 41 Poverty and inequality 9
GDP growth 3 Private nonguaranteed debt 4
GDP per capita 4 Public and publicly guaranteed debt service 6
GNI 12 Public and publicly guaranteed (PPG) debt 3
Goods 4 Purchasing power parity 11
Goods imports 4 Reserves 6
Government 12 Retail 3
Government debt 8 Royalty and license fees 8
Government spending 5 Savings 44
Gross capital formation 5 Service 4
Gross domestic savings 5 Service imports 4
Gross fixed capital formation 5 Services 10
Gross national expenditure 5 Spending 72
Gross savings 6 Stocks traded 5
Gross value added at factor cost 9 Tax 68
High-technology 4 Total 9
Household final 11 Total debt service 6
IBRD loans and IDA credits 4 Tourism 19
Income 24 Tourism expenditures 5
Income distribution 4 Tourism receipts 5
Income payments 4 Tourist arrivals by region of origin 8
Income receipts 4 Trade 1198
Inequality 8 Trademark applications 3
Inflation 9 Use of IMF credit 4
Innovation 9 Welfare 5
  • Jamaica ranked 13 places from the bottom for GDP per capita amongst Heavily indebted countries in 2012.
  • Jamaica ranked #4 for trade balance with US amongst Christian countries in 2003.
  • Jamaica ranked 7th last for GDP > real growth rate amongst Former British colonies in 2012.
  • Jamaica ranked 50 places from the bottom for GDP amongst Hot countries in 2012.
  • Jamaica ranked second for inflation amongst Latin America and Caribbean in 2009.
  • Jamaica has ranked last for researchers in randD > per million people since 1982.

3

The major drivers of the Jamaican economy are remittances, tourism, bauxite/alumina and agriculture. The global downturn of 2008 and 2009 gravely affected the bauxite/alumina industry. However, tourism showed much resilience and remittances continue to increase.

There are many negatives affecting Jamaica's economy. These include, unemployment, high crime and corruption both by public officials and regular citizens. A debt to GDP ratio of nearly 130% is also a deterrent to the growth of Jamaica’s economy.

Jamaica which cut ties with the International Monetary Fund –IMF in the early 1990s, is currently in negotiations with the multilateral organisation. The country and its workers have had to undergo vast austerity measures in order to pass stipulated IMF tests in the past year.

Posted on 28 Mar 2014

chris.lockyer781

chris.lockyer781

396 Stat enthusiast