Confidus Solutions logotype

Confidus Solutions

Economy of Jamaica

Jamaica is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Jamaica may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Jamaica exports around $1.77 billion and imports roughly $5.56 billion. 12.1% of population in the country are unemployed. The total number of unemployed people in Jamaica is 350,740. In Jamaica, 15.9% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Jamaica is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 5.8% of GDP. The Gini Index of the country is 45.5. Jamaica is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Jamaica has a Human Development Index (HDI) of 0.715. Jamaica has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Jamaica is 2.153. The strength of legal rights index for Jamaica is 10. Overall, it is considered to be rather strong - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders quite well; credit information is abundant and easily accessible.

Currency

The currency of Jamaica is Jamaican dollar. The plural form of the word Jamaican dollar is dollars. The symbol used for this currency is $, and it is abbreviated as JMD. The Jamaican dollar is divided into Cent; there are 100 in one dollar.

Credit rating

The depth of credit information index for Jamaica is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Jamaica has a credit rating score of CCC+, and the prospects of this rating are negative. According to the Fitch credit-rating agency, Jamaica has a credit rating score of B-, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Jamaica has a credit rating score of B3, and the prospects of this rating are stable.

Central bank

In Jamaica, the institution that manages the state's currency, money supply, and interest rates is called Bank of Jamaica. The average deposit interest rate offered by local banks in Jamaica is 5.3%.

Public debt

Jamaica has a government debt of 150% of the country's Gross Domestic Product (GDP), as assessed in 2013.

Tax information

The corporate tax in Jamaica is set at 33.3%. Personal income tax ranges from 0% to 25%, depending on your specific situation and income level. VAT in Jamaica is 17.5%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Jamaica is $24099 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Jamaica was last recorded at $8 million. PPP in Jamaica is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Jamaica is 14,270 billion. Based on this statistic, Jamaica is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Jamaica was last recorded at $5 million. The average citizen in Jamaica has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Jamaica averaged 1.1% in 2014. According to this percentage, Jamaica is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Jamaica.

Industry

Major industries in the country are tourism, bauxite/alumina, agricultural-processing, light manufactures, rum, cement, metal, paper, chemical products, telecommunications. The total labor force of Jamaica is 1,501,900 people, wherein 12.1% of population in the country are unemployed. The total number of unemployed people in Jamaica is 350,740. The Industrial Production growth rate of Jamaica is -2%.To read more about industrial information within Jamaica click on industry of Jamaica.

Agriculture

There are 1715 km2 of arable land in Jamaica, and it comprises 16% of the country's total territory. There are 2799 km2 of cultivated land in Jamaica. The country's major agricultural crops and products are sugarcane, bananas, coffee, citrus, yams, ackees, vegetables, poultry, goats, milk, crustaceans, mollusks.To read more about agriculture click on agriculture of Jamaica.