Economy - overview The economy, which depends heavily on tourism and bauxite, has been stagnant since 1995. After five years of recession, the economy grew 0.8% in 2000 and 1.1% in 2001, but the global economic slowdown, particularly in the United States after the 11 September terrorist attacks, has stunted the economic recovery. Serious problems include: high interest rates; increased foreign competition; a pressured, sometimes sliding, exchange rate; a widening merchandise trade deficit; and a growing internal debt, the result of government bailouts to various ailing sectors of the economy, particularly the financial sector. Depressed economic conditions have led to increased civil unrest, including a mounting crime rate. Jamaica's medium-term prospects will depend upon encouraging investment, maintaining a competitive exchange rate, selling off reacquired firms, and implementing proper fiscal and monetary policies.

GDP purchasing power parity - $9.8 billion (2001 est.)

GDP - real growth rate 1.1% (2001 est.)

GDP - per capita purchasing power parity - $3,700 (2001 est.)

GDP - composition by sector
agriculture: 7%
industry: 28%
services: 65% (2000 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)

Distribution of family income - Gini index 36.4 (1996)

Inflation rate (consumer prices) 6.9% (2001 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 6.74 billion kWh (2000)

Electricity - production by source
fossil fuel: 89.44%
hydro: 3.22%
other: 7.34% (2000)
nuclear: 0%

Electricity - consumption 6.27 billion kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

Agriculture - products sugarcane, bananas, coffee, citrus, potatoes, vegetables; poultry, goats, milk

Exports $1.6 billion (f.o.b., 2001 est.)

Exports - commodities alumina, bauxite; sugar, bananas, rum

Exports - partners US 35.7%, EU (excluding UK) 15.9%, UK 13%, Canada 10.5% (1999)

Imports $3.1 billion (f.o.b., 2001 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 $5.2 billion (2001 est.)

Economic aid - recipient $102.7 million (1995)

Currency Jamaican dollar (JMD)

Currency code JMD

Exchange rates Jamaican dollars per US dollar - 47.277 (December 2001), 45.996 (2001), 42.701 (2000), 39.044 (1999), 36.550 (1998), 35.404 (1997)

Fiscal year 1 April - 31 March

Fraud - Crime In Jamaica Information About Internet Fraud, Mail Fraud.

NOTE: The information regarding Jamaica on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Jamaica Economy 2002 information contained here. All suggestions for corrections of any errors about Jamaica Economy 2002 should be addressed to the CIA.