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Indicators of economy in Jamaica

The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,183 USD per capita. GDP in Jamaica, on the other hand, reached USD 5,184 per capita, or 14.66 billion USD for the whole country. Jamaica is one of the smaller economies and is currently ranked 131. If this is calculated per inhabitant, taking purchasing power parity into account, then Jamaica ranks 116th in the list of the richest countries.

Inflation in Jamaica in 2022 was around 10.35%. Within the EU, the average in the same year was 9.22 percent. In the United States, it was most recently 8.00%.

The index for perceived corruption in the public sector is 44, which is below average by global standards.


Back to overview: Jamaica

Impact of the COVID-19 pandemic

The consequences of the COVID pandemic in 2020 were considerable in Jamaica. Overall, gross domestic product in 2020 fell from 15.83 billion US dollars to 13.81 billion US dollars. With a large drop of 12.75 percent, the economy in Jamaica has struggled significantly more than other countries. The unemployment rate rose from 5.0 to 6.5 percent. The country's gross debt fell by 2.5 percent. The consumer inflation rate has risen from 3.9 percent previously to 5.2 percent now.

In 2021, there was already a recovery and the gross domestic product increased to 14.66 billion US dollars (=92.6% of 2019).

Income and purchasing power

The average monthly income in Jamaica is 433 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 49.0 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Jamaica than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 85.7 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2022

Economic performance 2021

 Jamaica
Total		Jamaica
per capita		EU
Total		EU
per capita
GDP14.66 bn USD5,183.58 USD17.177 tn USD33,384.92 USD
Gross national product14.68 bn USD5,192.37 USD16.895 tn USD32,835.37 USD


In the Global Innovation Index, Jamaica ranked 76th in 2022 with 27.7 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points.

Development of gross domestic product in billions of USD 1960 - 2021


› Debt budget development
› Development of inflation
› Corruption in Jamaica
› Cost of living in a global comparison


Imports and Exports 2021

 Jamaica
Total		Jamaica
per capita		EU
Total		EU
per capita
Imports5.86 bn USD2,072.65 USD8.916 tn USD17,329.02 USD
Exports3.31 bn USD1,170.94 USD9.554 tn USD18,569.19 USD


Development of imports and exports in millions of USD 1976 - 2021

Exports
Imports



Jamaica: AirportsThe 4 airports in JamaicaThe 4 biggest airports in Jamaica
Pariah StatesList of the 11 current Pariah States11 countries, that suffer from the sanctions of the international community because of their mostly autocratic government.
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