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ECON FACTBOOK

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Economy of Jamaica

Population: 2.7 million in 20131

GDP: $14.4 billion in 20132

GDP per capita: $5,290 nominal3 ($8,890 PPP4) in 2013

GDP growth rate: 1.3% in 20135

Industries

GDP by Industry 20126

Industry sectorValue added ($ millions) 2012Percent of total
Other activities5,41641.8%
Wholesale, retail trade, restaurants and hotels2,87522.2%
Transport, storage and communication1,2159.4%
Manufacturing1,1248.7%
Construction9077.0%
Agriculture, hunting, forestry, fishing8206.3%
Mining and utilities5984.6%
Total value added12,955100%

Employment

Unemployment rate: 15.0% in 20137

Employment by Industry 20068

Employment sectorPercent of total
Services64%
Industry19%
Agriculture17%
Total100%

Corporations

Top 10 Corporations by Revenue 20139

N/A

Households

Household Wealth: $18 billion (125% of GDP) in 201410

Household Wealth per Adult: $10,146 in 201410

Gini Coefficient: .455 in 201311

Government

Central Government

Central Government Revenue: $2.8 billion (19% of GDP) in 201312

Central Government Expenditure: $4.1 billion (28% of GDP) in 201312

Central Government Budget Balance: -$1.3 billion (-9% of GDP) in 201312

Central Government Public Debt: $16. 2 billion (113% of GDP) in Sept 2014* 13

Central Government 10 Year Bond Interest Rate: 7.63% in Jul 201414

* Public debt calculated using the exchange rate 115 JMD = 1 USD

Government Funds

N/A

Tax Structure

Individual Income Tax Rates and Thresholds in 2013* 15

Corporate Tax Rate: 33% in 201416

* Individual thresholds calculated using the exchange rate 115 JMD = 1 USD

Monetary Policy

Money Supply (M1): $1.8 billion (12% of GDP) in 2013* 17

Benchmark Interest Rate: 5.75% om Dec 201418

Total Reserves: $1.0 billion (7% of GDP) in 201319

Exchange Rate: 115 Jamaican Dollars = 1 U.S. Dollar on Feb 12, 201520

Inflation: 9.3% in 201321

* Money supply calculated using the exchange rate 115 JMD = 1 USD

Financial Institutions

Top 10 Financial Institutions by Assets 201322

N/A (data not available at Relbanks.com)

International Accounts

Exports: $1.8 billion (13% of GDP) in 201323

Imports: $5.6 billion (39% of GDP) in 201323

Trade Balance: -3.8 billion (-26% of GDP) in 201323

Foreign Direct Investment Inflow: $626 million (4% of GDP) in 201324

Foreign Direct Investment Outflow: N/A

Foreign Aid Inflow: $21 million (0.1% of GDP) in 201225

Foreign Aid Outflow: N/A

References

1. Source: World Bank Indicators (Population) Go back
2. Source: World Bank Indicators (GDP) Go back
3. Source: World Bank Indicators (GDP per capita) Go back
4. Source: World Bank Indicators (GDP per capita PPP) Go back
5. Source: World Bank Indicators (GDP growth rate) Go back
6. Source: United Nations Statistics Division (GDP by industry) Go back
7. Source: World Bank Indicators (Unemployment rate) Go back
8. Source: CIA World Factbook (Employment by economic activity) Go back
9. Source: Annual reports (Corporate data) Go back
10. Source: Credit Suisse Global Wealth Databook (Household wealth) Go back
11. Source: UN Human Development Report (Gini coefficient) Go back
12. Source: CIA World Factbook (Government budget) Go back
13. Source: Bank of Jamaica, Statistics, Public Finance & Debt (Public debt) Go back
14. Source: Bloomberg (Government bond yield) Go back
15. Source: PKF Tax Guide (Individual tax rates) Go back
16. Source: Tax Foundation (Corporate tax rate) Go back
17. Source: World Bank Indicators (Money supply) Go back
18. Source: Bank of Jamaica, Statistics, Interest Rates, Selected Central Bank Interest Rates (Benchmark interest rate) Go back
19. Source: World Bank Indicators (Total reserves) Go back
20. Source: xe.com (Exchange rate) Go back
21. Source: World Bank Indicators (Inflation rate) Go back
22. Source: Relbanks.com (Financial institutions by assets) Go back
23. Source: CIA World Factbook (Trade data) Go back
24. Source: World Bank Indicators (FDI data) Go back
25. Source: World Bank Indicators (Aid data) Go back