Short facts about the economy in Jamaica
| Economy -
overview: |
Key sectors in this island economy are
bauxite (alumina and bauxite account for more than half of exports) and tourism.
Since assuming office in 1992, Prime Minister PATTERSON has eliminated most
price controls, streamlined tax schedules, and privatized government
enterprises. Continued tight monetary and fiscal policies have helped slow
inflation - although inflationary pressures are mounting - and stabilize the
exchange rate, but have resulted in the slowdown of economic growth (moving from
1.5% in 1992 to 0.5% in 1995). In 1996, GDP showed negative growth (-1.4%) and
remained negative through 1999. Serious problems include: high interest rates;
increased foreign competition; the weak financial condition of business in
general resulting in receiverships or closures and downsizings of companies; the
shift in investment portfolios to non-productive, short-term high yield
instruments; a pressured, sometimes sliding, exchange rate; a widening
merchandise trade deficit; and a growing internal debt for government bailouts
to various ailing sectors of the economy, particularly the financial sector.
Depressed economic conditions in 1999-2000 led to increased civil unrest,
including a mounting crime rate. Jamaica's medium-term prospects will depend
upon encouraging investment in the productive sectors, maintaining a competitive
exchange rate, stabilizing the labor environment, selling off reacquired firms,
and implementing proper fiscal and monetary
policies. |
| GDP: |
purchasing power parity - $9.7 billion
(2000 est.) |
| GDP - real
growth rate: |
0.2% (2000
est.) |
| GDP - per
capita: |
purchasing power parity - $3,700 (2000
est.) |
| GDP -
composition by sector: |
agriculture: 7.4%
industry: 35.2%
services: 57.4% (1999
est.) |
| Population
below poverty line: |
34.2% (1992
est.) |
| Household
income or consumption by percentage share: |
lowest 10%: 2.9%
highest 10%: 28.9%
(1996) |
| Inflation
rate (consumer prices): |
8.8% (2000
est.) |
| Labor
force: |
1.13 million
(1998) |
| Labor force
- by occupation: |
services 60%, agriculture 21%, industry
19% (1998) |
| Unemployment
rate: |
16% (2000
est.) |
| Budget: |
revenues: $2.23 billion
expenditures: $2.56 billion, including
capital expenditures of $232.5 million (FY99/00
est.) |
| Industries: |
tourism, bauxite, textiles, food
processing, light manufactures, rum, cement, metal, paper, chemical
products |
| Industrial
production growth rate: |
-2% (2000
est.) |
| Electricity
- production: |
6.53 billion kWh
(1999) |
| Electricity
- production by source: |
fossil fuel: 92.28%
hydro: 1.36%
nuclear:
0%
other: 6.36% (1999) |
| Electricity
- consumption: |
6.073 billion kWh
(1999) |
| Electricity
- exports: |
0 kWh
(1999) |
| Electricity
- imports: |
0 kWh
(1999) |
| Agriculture
- products: |
sugarcane, bananas, coffee, citrus,
potatoes, vegetables; poultry, goats, milk |
| Exports: |
$1.7 billion (f.o.b., 2000
est.) |
| Exports -
commodities: |
alumina, bauxite; sugar, bananas,
rum |
| Exports -
partners: |
US 35.7%, EU (excluding UK) 15.8%, UK
13%, Canada 10.5% (1999) |
| Imports: |
$3 billion (f.o.b., 2000
est.) |
| Imports -
commodities: |
machinery and transport equipment,
construction materials, fuel, food, chemicals,
fertilizers |
| Imports -
partners: |
US 47.8%, Caricom countries 12.4%,
Latin America 7.2%, EU (excluding UK) 4.7%
(1999) |
| Debt -
external: |
$4.7 billion (2000
est.) |
| Economic aid
- recipient: |
$102.7 million
(1995) |
| Currency: |
Jamaican dollar
(JMD) |
| Exchange
rates: |
Jamaican dollars per US dollar - 45.557
(January 2001), 42.701 (2000), 39.044 (1999), 36.550 (1998), 35.404 (1997),
37.120 (1996) |
| Fiscal
year: |
1 April - 31 March | Source: World Factbook |
