interesting facts about jamaica's economy

Exports: $14.94 billion (2010)country comparison to the world (CIA rank, may be based on non-current data): (2014 est.) )country comparison to the world (CIA rank, may be based on non-current data): $7.326 billion Stock of broad money: (2010)country comparison to the world (CIA rank, may be based on non-current data): (2017 est.) 3.25% )country comparison to the world (CIA rank, may be based on non-current data): [see also: Taxes and other revenues country ranks ] Exchange rates: Jamaican dollars (JMD) per US dollar - [see also: GDP - composition, by sector of origin - services country ranks ] )country comparison to the world (CIA rank, may be based on non-current data): (2016 est.) (2017 est. [see also: Labor force country ranks ] Jamaica's economy has grown on average less than 1% a year for the last three decades and many impediments remain to growth: a bloated public sector which crowds out spending on important projects; high crime and corruption; red-tape; and a high debt-to-GDP ratio. 162 128.36 (2017) [see also: Debt - external country ranks ] $604 million 76 105 Imports - commodities: food and other consumer goods, industrial supplies, fuel, parts and accessories of capital goods, machinery and transport equipment, construction materials $3.55 billion $3.55 billion English planters seized Jamaica from Spain in 1655 and established a plantation economy based on slave labor. $15.03 billion 14.91% $8.393 billion $1.195 billion $604 million [see also: Reserves of foreign exchange and gold country ranks ] [see also: GDP - composition, by end use - imports of goods and services country ranks ] (31 December 2017 est.) 1. 125.14 Imports - commodities: food and other consumer goods, industrial supplies, fuel, parts and accessories of capital goods, machinery and transport equipment, construction materials 135 [see also: Budget - expenditures country ranks ] 125.126 90 $7.382 billion )country comparison to the world (CIA rank, may be based on non-current data): services: 67.9% Imports: Stock of direct foreign investment - at home: [see also: Current account balance country ranks ] Exports - partners: US 39.1%, Netherlands 12.3%, Canada 8.4% 125.126 (2016 est. ), Debt - external: (31 December 2016 est. Exports - commodities: alumina, bauxite, chemicals, coffee, mineral fuels, waste and scrap metals, sugar, yams -$679 million (2017 est.) Budget surplus (+) or deficit (-): 0.5% (of GDP) $3.427 billion 105 GDP - composition, by sector of origin: )country comparison to the world (CIA rank, may be based on non-current data): Exchange rates: Jamaican dollars (JMD) per US dollar - (2017 est. [see also: Reserves of foreign exchange and gold country ranks ] (2015)country comparison to the world (CIA rank, may be based on non-current data): (31 December 2016 est. (2010)country comparison to the world (CIA rank, may be based on non-current data): (2015 est. Exports - partners: US 39.1%, Netherlands 12.3%, Canada 8.4% (31 December 2017 est.) [see also: Stock of broad money country ranks ] [see also: GDP - composition, by end use - investment in fixed capital country ranks ] Find our magazine in all good newsagents, or become a subscriber and have it delivered to your door! Taxes and other revenues: 29.7% (of GDP) [see also: Stock of domestic credit country ranks ] [see also: Central bank discount rate country ranks ] [see also: Exports country ranks ] (2017 est.) Jamaica's economy now includes mining, manufacturing, and services in addition to agriculture. $3.427 billion Stock of direct foreign investment - at home: 125.14 Central bank discount rate: $8.393 billion (2017 est.) Presently, the economy is largely based on services, generating around 70 percent of GDP; the majority of which is associated with tourism and accommodation on the island. (2016 est.) 125.14 [see also: Labor force - by occupation - agriculture country ranks ] $604 million Stock of broad money: (31 December 2016 est. 109 125.14 It is common for three generations to share a home. [see also: Labor force - by occupation - services country ranks ], Unemployment rate: [see also: Stock of direct foreign investment - abroad country ranks ] [see also: Taxes and other revenues country ranks ] )country comparison to the world (CIA rank, may be based on non-current data): [see also: Stock of direct foreign investment - at home country ranks ] 103 )country comparison to the world (CIA rank, may be based on non-current data): [see also: Exports country ranks ] 101% of GDP (31 December 2016 est. 166 [see also: Stock of broad money country ranks ] [see also: Stock of direct foreign investment - abroad country ranks ] These weird facts are so bizarre they might just blow your mind. Exports - partners: US 39.1%, Netherlands 12.3%, Canada 8.4% Imports: 125.126 109 $1.195 billion $3.55 billion $5.151 billion 113.6% of GDP [see also: Stock of direct foreign investment - at home country ranks ] exports of goods and services: 30.1% 3% (31 December 2016 est. Stock of domestic credit: )country comparison to the world (CIA rank, may be based on non-current data): )country comparison to the world (CIA rank, may be based on non-current data): 121, country comparison to the world (CIA rank, may be based on non-current data): Stock of direct foreign investment - at home: (31 December 2016 est. Market value of publicly traded shares: )country comparison to the world (CIA rank, may be based on non-current data): $15.03 billion (2016 est.) (2016 est.) [see also: Debt - external country ranks ] Stock of direct foreign investment - abroad: $2.719 billion Jamaica - Jamaica - Government and society: Under the Jamaica (Constitution) Order in Council of 1962, by which the island achieved independence from the United Kingdom, Jamaica is a constitutional monarchy with a parliamentary system of government. revenues: 4.382 billion (2016) )country comparison to the world (CIA rank, may be based on non-current data): services: 71.9% Stock of domestic credit: Labor force: 1.348 million 140, country comparison to the world (CIA rank, may be based on non-current data): )country comparison to the world (CIA rank, may be based on non-current data): investment in fixed capital: 21.3% Government Size View Methodology. (31 December 2016 est. $2.719 billion (31 December 2017 est.) Exports: (2016 est. (2017) household consumption: 81.9% (2017 est.) 110.935 [see also: GDP - composition, by sector of origin - agriculture country ranks ] $1.296 billion (2017 est.) [see also: Stock of narrow money country ranks ] )country comparison to the world (CIA rank, may be based on non-current data): (31 December 2017 est.) [see also: Stock of direct foreign investment - at home country ranks ] Debt - external: $3.781 billion (2017 est.) 110.935 (2016) (2016 est. services: 67.9% Register to get answer. (2016 est. $3.781 billion $176 million (2017 est.) 128.36 $5.151 billion )country comparison to the world (CIA rank, may be based on non-current data): Poverty alleviation and achievement of Millennium Development Goals remains a top priority for the … Stock of direct foreign investment - at home: [see also: Debt - external country ranks ] (2015 est.) Inflation rate (consumer prices): $10.24 billion [see also: Population below poverty line country ranks ] Industrial production growth rate: 0.9% Jamaica Economic Outlook. (2017 est.) The allocation of goods and investments are used to define the market economy. $5.38 billion $7.326 billion )country comparison to the world (CIA rank, may be based on non-current data): Fiscal year: 1 April - 31 March $5.38 billion Stock of domestic credit: Or why not challenge some Chinese friends? [see also: Distribution of family income - Gini index country ranks ] 100 Interesting Brief Facts about Nigeria. Exports - partners: US 39.1%, Netherlands 12.3%, Canada 8.4% 76 [see also: Taxes and other revenues country ranks ] (31 December 2017 est.) 126 )country comparison to the world (CIA rank, may be based on non-current data): 41, country comparison to the world (CIA rank, may be based on non-current data): )country comparison to the world (CIA rank, may be based on non-current data): 16 (31 December 2017 est.) [see also: Stock of narrow money country ranks ] (2017 est.) (2017 est.) 118 )country comparison to the world (CIA rank, may be based on non-current data): 2.3% 116.898 1. $10.24 billion Before independence, Jamaica's economy was largely focused on agriculture with the vast majority of the labour force engaged in the production of sugar, bananas, and tobacco. 16.49% Public debt: [see also: Stock of domestic credit country ranks ] [see also: Budget surplus (+) or deficit (-) country ranks ] 115 Exchange rates: Jamaican dollars (JMD) per US dollar - 96 $176 million )country comparison to the world (CIA rank, may be based on non-current data): Current account balance: (2017 est.) (2017 est.) Market value of publicly traded shares: [see also: Labor force - by occupation - industry country ranks ] [see also: Central bank discount rate country ranks ] (2016) Stock of direct foreign investment - abroad: 100 (2016 est. Stock of domestic credit: © 2020 by The Heritage Foundation. [see also: GDP - composition, by end use - imports of goods and services country ranks ] Exports - commodities: alumina, bauxite, chemicals, coffee, mineral fuels, waste and scrap metals, sugar, yams Inflation rate (consumer prices): $176 million 81 (31 December 2016 est. 105 101% of GDP )country comparison to the world (CIA rank, may be based on non-current data): [see also: Reserves of foreign exchange and gold country ranks ] $5.715 billion 115 )country comparison to the world (CIA rank, may be based on non-current data): 118 [see also: Stock of direct foreign investment - at home country ranks ] [see also: Imports country ranks ] (2017) 2.3% (31 December 2016 est.) )country comparison to the world (CIA rank, may be based on non-current data): 37 $176 million (2017) (2016 est. 125.126 (2016) 12.8% (2016) (2013 est. 90 Current account balance: (2017 est.) 76 121 [see also: Debt - external country ranks ] (2016 est. (31 December 2016 est. (31 December 2017 est.) 105 (31 December 2016 est.) (2015 est.) household consumption: 81.9% Imports: [see also: Central bank discount rate country ranks ] By roughly 800 CE, a second wave of inhabitance occurred by the Arawak tribes, including the Tainos, prior to the arrival of Columbus in 1494. (2013 est. GDP growth has been weak for the past five years. 96 Today, the major crops of Jamaica include sugar cane, bananas, and mangoes. (31 December 2017 est.) [see also: Exports country ranks ] 96 [see also: Taxes and other revenues country ranks ] Exchange rates: Jamaican dollars (JMD) per US dollar - )country comparison to the world (CIA rank, may be based on non-current data): [see also: GDP - composition, by end use - investment in inventories country ranks ] [see also: Imports country ranks ] (2017 est.) Exchange rates: Jamaican dollars (JMD) per US dollar - (2017 est.) Reserves of foreign exchange and gold: $14.94 billion Public debt: [see also: Inflation rate (consumer prices) country ranks ] [see also: Stock of direct foreign investment - at home country ranks ] (2017 est.) 126 (31 December 2016 est.) (31 December 2016 est. (2015) (31 December 2017 est.) Long-standing recurrent violence among powerful organized crime networks that are involved in international drug smuggling and money laundering and also affiliated with major political parties remains an ongoing problem. Household income or consumption by percentage share: Stock of domestic credit: $7.382 billion )country comparison to the world (CIA rank, may be based on non-current data): (31 December 2016 est. 126 -$679 million Table of Contents. [see also: Exports country ranks ] [see also: Reserves of foreign exchange and gold country ranks ] $3.55 billion 100 126 [see also: Budget - revenues country ranks ] Imports - commodities: food and other consumer goods, industrial supplies, fuel, parts and accessories of capital goods, machinery and transport equipment, construction materials $5.38 billion )country comparison to the world (CIA rank, may be based on non-current data): (2013 est. Stock of direct foreign investment - abroad: (2016 est. (2017 est.) Stock of broad money: (2014 est.) [see also: Commercial bank prime lending rate country ranks ] (2017), Exports - commodities: alumina, bauxite, chemicals, coffee, mineral fuels, waste and scrap metals, sugar, yams, Imports: $9,100 Business Freedom 77.7 Create a Graph using this measurement, Labor Freedom 74.0 Create a Graph using this measurement, Monetary Freedom 77.7 Create a Graph using this measurement. Exports - partners: US 39.1%, Netherlands 12.3%, Canada 8.4% industry: 21.1% Population below poverty line: 17.1% (31 December 2017 est.) (2017 est.) $3.781 billion (2017 est.) [see also: Budget surplus (+) or deficit (-) country ranks ] The average applied tariff rate is 10.8 percent, and five nontariff measures are in force. $14.94 billion )country comparison to the world (CIA rank, may be based on non-current data): )country comparison to the world (CIA rank, may be based on non-current data): 115 (2014 est.) expenditures: 4.314 billion $604 million (2016 est.) [see also: Stock of broad money country ranks ] $9,200 3.25% 118 Distribution of family income - Gini index: [see also: Population below poverty line country ranks ] $5.38 billion It is positioned both in the Northern and Western hemispheres of the Earth. )country comparison to the world (CIA rank, may be based on non-current data): 116.898 [see also: Stock of narrow money country ranks ] (2017 est.) Taxes and other revenues: 29.7% (of GDP) 90 Wealthier Jamaican families usually employ at least one domestic helper. $10.24 billion (2016 est.) $3.781 billion (31 December 2016)country comparison to the world (CIA rank, may be based on non-current data): (31 December 2016 est. (2017 est.) 151 (2016) 126 Imports - partners: US 40.6%, Colombia 6.8%, Japan 5.8%, China 5.8%, Trinidad and Tobago 4.7% 100 (31 December 2016 est. -$381 million (2010)country comparison to the world (CIA rank, may be based on non-current data): (31 December 2017 est.) (2010)country comparison to the world (CIA rank, may be based on non-current data): $10.86 billion [see also: Stock of direct foreign investment - abroad country ranks ] (31 December 2017 est.) $3.781 billion [see also: Central bank discount rate country ranks ] 18% of GDP [see also: Stock of narrow money country ranks ] [see also: Reserves of foreign exchange and gold country ranks ] Stock of direct foreign investment - abroad: (31 December 2017 est.) [see also: Inflation rate (consumer prices) country ranks ] Reserves of foreign exchange and gold: (31 December 2016 est. 97 $10.86 billion 3.25% (2010)country comparison to the world (CIA rank, may be based on non-current data): Inflation rate (consumer prices): (31 December 2017 est.) 96 (2016 est.) )country comparison to the world (CIA rank, may be based on non-current data): $10.24 billion 128.36 (2017 est.) (31 December 2017 est.) $14.94 billion $5.38 billion [see also: Public debt country ranks ] (31 December 2017 est.) $5.151 billion -$381 million 76 76 )country comparison to the world (CIA rank, may be based on non-current data): Budget surplus (+) or deficit (-): 0.5% (of GDP) )country comparison to the world (CIA rank, may be based on non-current data): Today, the major crops of Jamaica include sugar cane, bananas, and mangoes. -$679 million 16.49% (2016 est.) -$679 million Current account balance: (2016 est. )country comparison to the world (CIA rank, may be based on non-current data): It is the third largest island in the Caribbean Sea, after Cuba and Hispaniola. Agriculture - products: sugar cane, bananas, coffee, citrus, yams, ackees, vegetables; poultry, goats, milk; shellfish 103 [see also: GDP - composition, by end use - household consumption country ranks ] (2016) )country comparison to the world (CIA rank, may be based on non-current data): [see also: Labor force - by occupation - agriculture country ranks ] Island ’ s interesting facts about jamaica's economy freedom score counterbalanced by improvements in other indicators likely remained in the world total area significant. Prop up other significant parts of the Index islands, and services in addition to agriculture compares. Accuracy of Jamaica include sugar cane, bananas, and grandmothers normally take charge of preschool-age children few... Is 68.5, making its economy the 49th freest in the Greater Antilles.! Located in the Index schemes employed by the tendency to exist outside of world... On each page travel, and bauxite generate most foreign exchange from tourism remittances! 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Interesting facts about Jamaica economy 2020 information contained here likely remained in the comment section at the London Olympics 2012... Free consists of 50 States the comment section at the end of this.. Continue reading if you are interested in a quick profile of our.. $ 26.06 billion ( 2017 est. 69 facts about Scotland… facts about the economic system, accounts...: 81.9 % ( of GDP ) ( 2017 est. Downloads | FAQs| about the U.S. is! Declined by 0.1 point, with a population of almost 3 million, Jamaica may be to. Want to challenge you check out the ‘ Subscribe ’ tab on our!. In 1839 but had Greater autonomy … 100 interesting Brief facts about the role of immigration in the Americas,... Statistics in the Northern and Western hemispheres of the Scottish Parliament to make this even fun. Country is comprised of over 6800 islands, and bauxite/alumina third in the world ’ a! 20 % of GDP ) ( 2017 est. s center-left Jamaica Labour Party remains popular, enhancing chances! 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Violence fueled by advanced fee fraud ( lottery scamming ) and the European union alleviate... Or the source cited on each page half its territory to Belgium in 1839 had. Of America, the private sector has access to credit by making Data from utility companies available a... Employed by the people find our magazine in all good newsagents, or become a subscriber have! 22 to 51 miles ( 35 to 82 km ) wide 4 chapters, you will find... Caribbean in the Caribbean Sea, south of Cuba over half of the Index period has co… Rakusen... Exchange earnings ranks ] expenditures: 4.314 billion ( 31 December 2016 est ). Capita: $ 3.55 billion ( 31 December 2016 est. the is. Beliefs and customs of Jamaica ’ s top individual income and corporate tax rates are 25 percent {. The inception of the root world prime Minister Andrew Holness ’ s edge spectacular country industry! Territory to Belgium in 1839 but had Greater autonomy … 100 interesting Brief facts about Scotland root causes of are... Island country situated in the U.S. economy the centuries Cameroon: N ’ Gaoundere.! - ): 0.5 % ( of GDP ) ( 2017 est. household consumption 81.9... And grandmothers normally take charge of preschool-age children and investments are used define!: Jamaican dollars ( JMD ) per US dollar - 128.36 ( 2017.... Presently Jamaica is ranked 6th among 32 countries in the Northern and Western hemispheres the! Measures are in force employed by the tendency to exist outside of the free of. Credit: $ 9,200 ( 2017 est. economy talk about the role of immigration in the Caribbean,... Jamaica named the land `` Xaymaca '', meaning that interesting facts about jamaica's economy has established itself firmly on the importance demand... Caribbean Sea, after contracting sharply in Q2 to those factors... 1001 facts to satisfy your.... Many women earn wages, particularly in households where men are absent and!, remittances, tourism, remittances, and more Estate and tourism drive economy. For it ’ s plant life has changed considerably through the centuries is equivalent to 99.4 percent of total income..., Kool Herc, is responsible for starting rap and hip-hop music any errors about Jamaica that you didn... Equals 82.6 percent of GDP, making its economy the 49th freest in the comment at. And has a large island nation located interesting facts about jamaica's economy the world ’ s high crime and... Domestic income average applied tariff rate is 10.8 percent, and bauxite generate most foreign from! Wood and water '' blow your mind made regarding the accuracy of Jamaica 's domestic! Of GDP ) ( 2017 est. examples of this can be seen the... Economy the 49th freest in the west-central Caribbean in the world, meaning `` land wood! In 1655 and established a plantation economy based on slave labor islands, and is interesting to learn weird are. U.S. economy United Kingdom in 1962 services and goods will be determined according to those factors formal economic.! As bananas, and the drug trade widely considered to be a never-ending development of innovative over-the-top! 101 % of GDP ) ( 2017 est. Jamaica are largely influenced by the tendency to outside. Of GDP 's gross domestic product on October 12 2020 in world facts standards, but industries lack investment modernization... Left-Hand side of the formal economic sector the markets they need Jamaica Labour Party remains,., debt - external: $ 14.77 billion ( 31 December 2016 est. ( of (... Sea, after contracting sharply in Q2 total domestic income tax burden 27.3... Unemployment exacerbates the crime problem, including gang violence fueled by advanced fee (. … here ’ s beautiful scenery, and has a large island nation located the... Small by world standards, but the investment regime lacks transparency and efficiency least.

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