Jamaica's economy in numbers:
Nominal GDP of USD 17.1 billion in 2022.
GDP per capita of USD 6,234 compared to the global average of USD 10,589.
Average real GDP growth of 0.5% over the last decade.
Share of the region's population
Economic structure:
In 2021, services accounted for 70% of overall GDP, manufacturing 8%, other industrial activity 13%, and agriculture 9%. Looking at GDP by expenditure, private consumption accounted for 76% of GDP in 2021, government consumption 17%, fixed investment 22%, and net exports -15%.
GDP by economic sector
GDP by type of expenditure
International trade:
In 2020, manufactured products made up 4% of total merchandise exports, mineral fuels 19%, food 31%, ores and metals 45% and agricultural raw materials 0%, with other categories accounting for 1% of the total. In the same period, manufactured products made up 58% of total merchandise imports, mineral fuels 19%, food 22%, ores and metals 0% and agricultural raw materials 1%, with other goods accounting for 0% of the total. Total exports were worth USD 2 billion in 2022, while total imports were USD 7 billion.
Economic growth:
The economy recorded average annual growth of 0.5% in the decade to 2022. To read more about GDP growth in Jamaica, go to our dedicated page.
Fiscal policy:
Jamaica's fiscal deficit averaged 0.4% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment:
The unemployment rate averaged 11.2% in the decade to 2022. For more information on Jamaica's unemployment click here.
Inflation:
Inflation averaged 5.9% in the decade to 2022. Go to our Jamaica inflation page for extra insight.
Monetary Policy:
Jamaica's monetary policy rate ended 2022 at 7.00%, up from 6.25% a decade earlier. See our Jamaica monetary policy page for additional details.
Exchange Rate:
From end-2012 to end-2022 the Jamaican dollar weakened by 39.1% vs the U.S. dollar. For more info on the Jamaican dollar, click here.
The Central Bank estimates that GDP grew between 1.0–3.0% in the fourth quarter, implying one of the weakest growth rates since early 2021, when the country was in the midst of the Covid-19 pandemic. The Central Bank estimates that consumption and investment expanded, while net exports deteriorated. On a sectoral basis, the agricultural sector contracted, according to the Bank, while the services sector grew solidly thanks to support from the hotels and restaurants sector. Finally, the mining and quarrying sector remained a bright spot as output recovered at the Jamalco aluminium refinery, which has gradually reopened after being closed in late 2021 due to a fire. In other news, support for the opposition party surged in local elections on 26 February. The result suggests a tight contest in the next general elections, which must be held before February 2025.
Projections out to 2033.
43 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 13 expert analysts.
Want to get insight on the economic outlook for Jamaica in the coming years? FocusEconomics collects projections out to 2033 on 43 economic indicators for Jamaica from a panel of 13 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts'projections with timely written analysis from our in-house team of economists on the latest developments in the Jamaica economy.To download a sample report on the Jamaica's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .
