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The economy of Jamaica is heavily reliant on services, accounting for 71% of the country's GDP. [17] Jamaica has natural resources and a climate conducive to agriculture and tourism. The discovery of bauxite in the 1940s and the subsequent establishment of the bauxite-alumina industry shifted Jamaica's economy from sugar , and bananas .
The Jamaican economy surpassed its pre-pandemic level, expanding in real terms by 2.9 percent y-o-y in the first three quarters of 2023. Growth was driven by net exports from a record expansion in tourism and mining, while agriculture declined due to an extended drought.
Jamaica’s economy is mixed but increasingly based on services, notably tourism and finance. Since independence in 1962, the country has developed markedly but unevenly. Mining and manufacturing became more important to the economy in the latter part of the 20th century, while the export of agricultural commodities declined.
GDP (current US$) - Jamaica. World Bank national accounts data, and OECD National Accounts data files. License : CC BY-4.0. LineBarMap. Also Show Share Details.
Despite risks from geopolitical tensions, elevated price levels and monetary policy tightening, Jamaica’s financial system was profitable, liquid, and well capitalised. After recording a current account deficit in 2021, a surplus was posted in 2022 due to increase travel receipts.
As its neighbors across the Caribbean, Jamaica is vulnerable to extreme weather events and climate change. Over the last 30 years, Jamaica suffered high debt and low growth. As the country continues implementing an ambitious program of economic reforms, Jamaica’s economy has begun to revive.
Employment by sector and gender (% of total) - Manufacturing - Female. Freedom House: Civil Liberties Rating (1 = most free; 7 = least free) Logistics performance index: Overall score (1=low to 5=high) Political Stability and Absence of Violence/Terrorism: Percentile Rank.
The Jamaican economy was severley affected by the pandemic. An early lockdown in the Spring of 2020 helped contain the number of Covid-19 cases but the impact on the economy
Jamaica Global Economic Prospects examines trends for the world economy and how they affect developing countries. The report includes country-specific three-year forecasts for major macroeconomic indicators, including commodity and financial markets.
OVERVIEW. The economy was buffeted by the COVID-19 pandemic after much progress in economic stabilisation and reforms in recent years. The first confirmed case of the virus was reported on March 10, 2020.