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Yesterday? Jamaica's - Economy!
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 remittances, tourism, 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, exchange rate instability, a sizable merchandise trade deficit, large-scale unemployment and underemployment, and a growing stock of internal debt - the result of government bailouts to ailing sectors of the economy, most notably the financial sector in the mid-1990s. The ratio of debt to GDP is 135%. 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 that 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:
$12.82 billion (2006 est.)
GDP growth rate:
1.5%
GDP per capita:
$4,400
GDP composition by sector:
agriculture: 4.9%
industry: 33.7%
services: 61.5%
Inflation rate:
15.3%
Labor force - by occupation:
agriculture: 19.3%
industry: 16.6%
services: 64.1%
Unemployment:
11.5%
Budget:
revenues: $2.8 billion
expenditures: $3.21 billion
Electricity production by source:
fossil fuel: 96.8%
hydro: 1.8%
other: 1.4%
nuclear: 0%
Industries:
tourism, bauxite/alumina, agro processing, light manufactures, rum, cement, metal, paper, chemical products, telecommunications
Agriculture:
sugarcane, bananas, coffee, citrus, yams, ackees, vegetables; poultry, goats, milk; crustaceans, mollusks
Exports:
alumina, bauxite, sugar, bananas, rum, coffee, yams, beverages, chemicals, wearing apparel, mineral fuels
Export partners:
US 18.1%, France 15.8%, Canada 15.1%, China 9.8%, UK 8.2%, Norway 6.5%, Netherlands 6.3%, Germany 5.4%
Imports:
food and other consumer goods, industrial supplies, fuel, parts and accessories of capital goods, machinery and transport equipment, construction materials
Import partners:
US 39.6%, Trinidad and Tobago 13.7%, France 4.6%
Currency:
Jamaican dollar (JMD)
SOURCES: The CIA World Factbook, U.S. Department of State, Area Handbook of the US Library of Congress
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 remittances, tourism, 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, exchange rate instability, a sizable merchandise trade deficit, large-scale unemployment and underemployment, and a growing stock of internal debt - the result of government bailouts to ailing sectors of the economy, most notably the financial sector in the mid-1990s. The ratio of debt to GDP is 135%. 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 that 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:
$12.82 billion (2006 est.)
GDP growth rate:
1.5%
GDP per capita:
$4,400
GDP composition by sector:
agriculture: 4.9%
industry: 33.7%
services: 61.5%
Inflation rate:
15.3%
Labor force:
1.2 millionLabor force - by occupation:
agriculture: 19.3%
industry: 16.6%
services: 64.1%
Unemployment:
11.5%
Budget:
revenues: $2.8 billion
expenditures: $3.21 billion
Electricity production by source:
fossil fuel: 96.8%
hydro: 1.8%
other: 1.4%
nuclear: 0%
Industries:
tourism, bauxite/alumina, agro processing, light manufactures, rum, cement, metal, paper, chemical products, telecommunications
Agriculture:
sugarcane, bananas, coffee, citrus, yams, ackees, vegetables; poultry, goats, milk; crustaceans, mollusks
Exports:
alumina, bauxite, sugar, bananas, rum, coffee, yams, beverages, chemicals, wearing apparel, mineral fuels
Export partners:
US 18.1%, France 15.8%, Canada 15.1%, China 9.8%, UK 8.2%, Norway 6.5%, Netherlands 6.3%, Germany 5.4%
Imports:
food and other consumer goods, industrial supplies, fuel, parts and accessories of capital goods, machinery and transport equipment, construction materials
Import partners:
US 39.6%, Trinidad and Tobago 13.7%, France 4.6%
Currency:
Jamaican dollar (JMD)
SOURCES: The CIA World Factbook, U.S. Department of State, Area Handbook of the US Library of Congress