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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 relies heavily on tourism, which has become one of the country’s largest sources of foreign exchange. Significant Spanish investment in the early 21st century joined U.S. and local capital in the tourist sector.
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.
Jamaica Works to Maintain its Hard-Won Economic Stability. Prior to the pandemic, Jamaica had successfully stabilized the economy, turning a fiscal deficit of 11 percent of GDP in 2009 into a 1 percent surplus in 2019, and reducing public debt from 142 percent of GDP in 2009 to 94 percent by 2019.
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.
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