Countries
Jamaica
Key Economic Indicators
$36.6 billion
$12,890
-0.54%
5.41%
3.29%
$19.93 billion (2024 est.)
<b>note:</b> central government debt as a % of GDP
$678.81 million
Economic Overview
<p>upper-middle-income Caribbean island economy; key agriculture and tourism sectors; high crime, youth unemployment, and poverty; susceptible to natural disasters and global commodity price shocks; progress in reducing public debt and moderating inflation within target range</p>
All Economic Data
Agricultural products
sugarcane, goat milk, yams, chicken, oranges, coconuts, bananas, plantains, pumpkins/squash, pineapples (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Budget
Expenditures:
$4.466 billion (2020 est.)
Note:
<b>note:</b> central government revenues and expenses (excluding grants/extrabudgetary units/social security funds) converted to US dollars at average official exchange rate for year indicated
Revenues:
$4.041 billion (2020 est.)
Currency
code:
JMD
name:
Jamaican dollar (JMD) [$]
Current account balance
$678.81 million
Current account balance 2022:
-$136.401 million (2022 est.)
Current account balance 2023:
$568.932 million (2023 est.)
Current account balance 2024:
$678.808 million (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$14.84 billion
Debt - external 2023:
$9.636 billion (2023 est.)
Note:
<b>note:</b> present value of external debt in current US dollars
Exchange rates
Currency:
Jamaican dollars (JMD) per US dollar -
Exchange rates 2020:
142.403 (2020 est.)
Exchange rates 2021:
150.79 (2021 est.)
Exchange rates 2022:
153.427 (2022 est.)
Exchange rates 2023:
154.159 (2023 est.)
Exchange rates 2024:
156.44 (2024 est.)
Exports
Exports 2022:
$6.424 billion (2022 est.)
Exports 2023:
$7.275 billion (2023 est.)
Exports 2024:
$7.124 billion (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
aluminum oxide, refined petroleum, natural gas, liquor, processed fruits and nuts (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
USA 37%, Russia 7%, Latvia 7%, Iceland 7%, UK 5% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$305.08 million
GDP - composition, by end use
Exports of goods and services:
38% (2019 est.)
Government consumption:
13.6% (2019 est.)
Household consumption:
76.2% (2019 est.)
Imports of goods and services:
-52.1% (2019 est.)
Investment in fixed capital:
24.1% (2019 est.)
Investment in inventories:
0.2% (2019 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
9.8% (2024 est.)
Industry:
18.3% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
60.3% (2024 est.)
GDP (official exchange rate)
$19.93 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$7,754
Gini Index coefficient - distribution of family income
45.5 (2004)
Gini Index coefficient - distribution of family income 2021:
39.9 (2021 est.)
Note:
<strong>note:</strong> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$21.66 billion
GNI per capita
$7,210
Household income or consumption by percentage share
Highest 10%:
29.6% (2021 est.)
Lowest 10%:
2.2% (2021 est.)
Note:
<strong>note:</strong> % share of income accruing to lowest and highest 10% of population
Imports
Imports 2022:
$9.726 billion (2022 est.)
Imports 2023:
$9.866 billion (2023 est.)
Imports 2024:
$9.524 billion (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
refined petroleum, natural gas, cars, crude petroleum, plastic products (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
USA 39%, China 11%, Brazil 4%, Colombia 4%, Japan 4% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
-1.5% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
agriculture, mining, manufacture, construction, financial and insurance services, tourism, telecommunications
Inflation rate (consumer prices)
5.41%
Inflation rate (consumer prices) 2022:
10.3% (2022 est.)
Inflation rate (consumer prices) 2023:
6.5% (2023 est.)
Inflation rate (consumer prices) 2024:
5.4% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
1.57 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
1.61 million persons
Labor force - by occupation
agriculture:
13.94%
industry:
17.13%
services:
68.93%
Population below poverty line
16.7% (2021 est.)
note:
<strong>note:</strong> % of population with income below national poverty line
Public debt
Note:
<b>note:</b> central government debt as a % of GDP
Public debt 2020:
106.3% of GDP (2020 est.)
Real GDP (purchasing power parity)
$36.6 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$28.596 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$29.341 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$29.13 billion (2024 est.)
Real GDP growth rate
-0.54%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
5.2% (2022 est.)
Real GDP growth rate 2023:
2.6% (2023 est.)
Real GDP growth rate 2024:
-0.7% (2024 est.)
Real GDP per capita
$12,890
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$10,100 (2022 est.)
Real GDP per capita 2023:
$10,300 (2023 est.)
Real GDP per capita 2024:
$10,300 (2024 est.)
Remittances
$3.56 billion
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2022:
21.6% of GDP (2022 est.)
Remittances 2023:
18.5% of GDP (2023 est.)
Remittances 2024:
17.9% of GDP (2024 est.)
Reserves of foreign exchange and gold
$4.87 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2021:
$4.838 billion (2021 est.)
Reserves of foreign exchange and gold 2022:
$4.52 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$4.869 billion (2023 est.)
Taxes and other revenues
25.7% (of GDP) (2020 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
3.29%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
4.1% (2022 est.)
Unemployment rate 2023:
4.4% (2023 est.)
Unemployment rate 2024:
4.9% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
16.4% (2024 est.)
Male:
12.9% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
14.5% (2024 est.)
World Bank Indicators
Currency
Jamaican dollar (JMD) $ (2025)
Gdp Nominal
$22.01B (2024)
GDP Per Capita
7,754 (2024)
Gini Index
45.50 (2004)
Inflation Rate
5.41 (2024)
Languages
English, Jamaican Patois (2025)
Unemployment Rate
3.15 (2024)
Economic Rankings
Gini Index
#29
External Debt
#57
Inflation Rate
#71
GDP Growth Rate
#92
Reserves
#105
Unemployment Rate
#107
GDP per Capita
#118
Imports
#125
Exports
#127
GDP (Nominal)
#127
GDP (PPP)
#142
Quick Facts
Industries
agriculture, mining, manufacture, construction, financial and insurance services, tourism, telecommunications
Agricultural products
sugarcane, goat milk, yams, chicken, oranges, coconuts, bananas, plantains, pumpkins/squash, pineapples (2023)
Labor force
1.57 million (2024 est.)
Exports - partners
USA 37%, Russia 7%, Latvia 7%, Iceland 7%, UK 5% (2023)
Imports - partners
USA 39%, China 11%, Brazil 4%, Colombia 4%, Japan 4% (2023)
Exchange rates
Jamaican dollars (JMD) per US dollar -
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