Quick Facts
- Capital: Kingston
- Total Population: 2,655,000 (2005 est.)
- Total Area: 10,991 km2
- GDP (PPP): $11.69 billion ($4,300 per capita)
- GDP real (annual %): 1.8% (2005 est.)
- GDP per capita (atlas method): $3,390 (2005 est.)
Learn more about USAID's work throughout Jamaica |
Background
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 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. Uncertain economic conditions have led to increased civil unrest, including gang violence fueled by the drug trade. 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. |