Jamaica:

Economy—overview: The Jamaican economy is heavily dependent on services, which now account for 60% of GDP. The country continues to derive most of its foreign exchange from remittances, tourism, and bauxite/alumina. The global economic slowdown, particularly after the terrorist attacks in the US on 11 September 2001, stunted economic growth; the economy rebounded moderately in 2003-04, with brisk tourist seasons. But the economy faces serious long-term problems: high interest rates, increased foreign competition, exchange rate instability, a sizable merchandise trade deficit, large-scale unemployment and underemployment, and a growing stock of internal debt - the result of government bailouts to ailing sectors of the economy, most notably the financial sector in the mid-1990s. The ratio of debt to GDP is 135%. Inflation, previously a bright spot, is expected to remain in the double digits. Uncertain economic conditions have led to increased civil unrest, including gang violence fueled by the drug trade. In 2004, the government faced the difficult prospect of having to achieve fiscal discipline in order to maintain debt payments while simultaneously attacking a serious and growing crime problem that is hampering economic growth. Attempts at deficit control were derailed by Hurricane Ivan in September 2004, which required substantial government spending to repair the damage. Despite the hurricane, tourism looks set to enjoy solid growth for the foreseeable future.

GDP: purchasing power parity—$8.8 billion (1998 est.)

GDP—real growth rate: $11.56 billion (2005 est.)

GDP—per capita: purchasing power parity—$4,200 (2005 est.)

GDP—composition by sector:
agriculture: 4.9%
industry: 33.8%
services: 61.3% (2005 est.)

Population below poverty line: 34.2% (1992 est.) 19.1% (2003 est.)

Household income or consumption by percentage share:
lowest 10%: 2.7%
highest 10%: 30.3% (2000)

Inflation rate (consumer prices): 12.9% (2005 est.)

Labor force: 1.2 million (2005 est.)

Labor force—by occupation: services 41%, agriculture 22.5%, industry 19% (1989)

agriculture 19.3%, industry 16.6%, services 64.1% (2004)

Unemployment rate: 11.5% (2005 est.)

Budget:
revenues: $2.27 billion
expenditures: $3.66 billion, including capital expenditures of $1.265 billion (FY98/99 est.)

revenues: $2.8 billion
expenditures: $3.21 billion; including capital expenditures of $180.4 million (2005 est.)

Industries: tourism, bauxite/alumina, agro processing, light manufactures, rum, cement, metal, paper, chemical products, telecommunications

Industrial production growth rate: -2% (2000 est.)

Electricity—production: 3.717 billion kWh (2004)

Electricity—production by source:
fossil fuel: 97.96%
hydro: 2.04%
nuclear: 0%
other: 0% (1996)

Electricity—consumption: 6.125 billion kWh (1996) 2.974 billion kWh (2004)

Electricity—exports: 0 kWh (2004)

Electricity—imports: 0 kWh (2004)

Agriculture—products: sugarcane, bananas, coffee, citrus, yams, ackees, vegetables; poultry, goats, milk; crustaceans, mollusks

Exports: $1.608 billion f.o.b. (2004 est.)

Exports—commodities: alumina, bauxite, sugar, bananas, rum, coffee, yams, beverages, chemicals, wearing apparel, mineral fuels

Exports—partners: US 17.4%, Canada 14.8%, France 13%, China 10.5%, UK 8.7%, Netherlands 7.5%, Norway 6%, Germany 5.9% (2004)

Imports:) $4.093 billion f.o.b. (2004 est.)

Imports—commodities: food and other consumer goods, industrial supplies, fuel, parts and accessories of capital goods, machinery and transport equipment, construction materials

Imports—partners: US 38.7%, Trinidad and Tobago 13.2%, France 5.6%, Japan 4.7% (2004)

Debt—external: $6.792 billion (2005 est.)

Economic aid—recipient: $102.7 million (1995) $18.5 million; note - US aid only (2004)

Currency: 1 Jamaican dollar (J$) = 100 cents

Exchange rates: Jamaican dollars per US dollar - 62.51 (2005), 61.197 (2004), 57.741 (2003), 48.416 (2002), 45.996 (2001)

Fiscal year: 1 April—31 March