Jamaica's Macroeconomic Analysis:
Nominal GDP of USD 19.4 billion in 2023.
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.
GDP per capita of USD 7,072 compared to the global average of USD 10,589.
Average real GDP growth of 0.8% over the last decade.
Average real GDP growth of 0.5% over the last decade.
Sector Analysis
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%.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.Main Economic Indicators
Economic growthThe 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.
Economic situation in Jamaica
Annual GDP growth slowed in Q2 due to softer expansions in the agricultural, energy, hospitality, mining and transportation sectors. Turning to Q3, the Central Bank estimates the economy to have shrunk 2.8% year on year due to the fallout of Hurricane Beryl. Agricultural output is expected to have dropped by up to a whopping 20% as the hurricane destroyed crops. Declining mining activity as a result of the hurricane was likely another major culprit behind the drop in GDP. Disruptions from the hurricane are also expected to have dented energy output and activity in the hospitality sector. In other news, in November, President Andrew Holness announced that his party will shift its focus from reducing the public debt to boosting economic growth, partly in a bid to regain public approval ahead of upcoming general elections due by September 2025.Jamaica Economic Forecasts
Projections out to 2034.43 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 11 expert analysts.
Want to get insight on the economic outlook for Jamaica in the coming years? FocusEconomics collects projections out to 2034 on 43 economic indicators for Jamaica from a panel of 11 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.