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Jamaica: Economy

Economy Jamaica
Economy - overview:
The economy, which depends heavily on tourism and bauxite, has been stagnant since 1995. After five years of recession, the economy inched ahead, by 0.8% in 2000, 1.7% in 2001, and 0.8% in 2002; the global economic slowdown, particularly in the United States after the 11 September 2001 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 serious violent crime. Jamaica's medium-term prospects will depend upon encouraging investment and tourism, maintaining a competitive exchange rate, selling off reacquired firms, and implementing proper fiscal and monetary policies.
GDP:
purchasing power parity - $10.08 billion (2002 est.)
GDP - real growth rate:
1% (2002 est.)
GDP - per capita:
purchasing power parity - $3,800 (2002 est.)
GDP - composition by sector:
agriculture: 6%
industry: 31%
services: 63% (2002 est.)
Population below poverty line:
34.2% (1992 est.)
Household income or consumption by percentage share:
lowest 10%: 2.7%
highest 10%: 30.3% (2000)
Distribution of family income - Gini index:
37.9 (2000)
Inflation rate (consumer prices):
7% (2002 est.)
Labor force:
1.13 million (1998)
Labor force - by occupation:
services 60%, agriculture 21%, industry 19% (1998)
Unemployment rate:
15.4% (2002 est.)
Budget:
revenues: $2.23 billion
expenditures: $2.56 billion, including capital expenditures of $232.5 million (FY 99/00 est.)
Industries:
tourism, bauxite, textiles, food processing, light manufactures, rum, cement, metal, paper, chemical products
Industrial production growth rate:
-2% (2000 est.)
Electricity - production:
6.272 billion kWh (2001)
Electricity - production by source:
fossil fuel: 96.8%
hydro: 1.8%
other: 1.5% (2001)
nuclear: 0%
Electricity - consumption:
5.833 billion kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
66,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
sugarcane, bananas, coffee, citrus, potatoes, vegetables; poultry, goats, milk
Exports:
$1.4 billion f.o.b. (2002 est.)
Exports - commodities:
alumina, bauxite; sugar, bananas, rum
Exports - partners:
US 28.1%, Canada 12.2%, Norway 10.7%, UK 10.5%, Germany 7%, Netherlands 5.6% (2002)
Imports:
$3.1 billion f.o.b. (2002 est.)
Imports - commodities:
machinery and transport equipment, construction materials, fuel, food, chemicals, fertilizers
Imports - partners:
US 45%, Trinidad and Tobago 11%, Japan 4.7% (2002)
Debt - external:
$5.3 billion (2002 est.)
Economic aid - recipient:
NA
Currency:
Jamaican dollar (JMD)
Currency code:
JMD
Exchange rates:
Jamaican dollars per US dollar - 48.42 (2002), 46 (2001), 42.7 (2000), 39.04 (1999), 36.55 (1998)
Fiscal year:
1 April - 31 March

Also See:

Background & Country Profile
Geography
People
Government
Economy
Communications
Transportation
Military
Transnational Issues & International Disputes
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Source: The CIA World Fact Book 2003

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