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Finance of Jamaica

The minimum monthly wage in Jamaica is 211 USD. Jamaica has a government debt of 150% of the country's Gross Domestic Product (GDP), as assessed in 2013. With regard to consumer prices, the inflation rate in Jamaica is 9.4%. 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. Each year, consumers spend around $10,133 million. The ratio of consumer spending to GDP in Jamaica is 0.07%, and the ratio of consumer spending to the world consumer market is 2.92%. 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%. In 2013, Jamaica received 21 million USD in foreign aid.In 2014, the foreign aid amounted to 40.2 USD.

Gross Domestic Product

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Jamaica is $24,099 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Jamaica was last recorded at $8,313,793. PPP in Jamaica is considered to be very good when compared to other countries. Very good PPP indicates that citizens in this country find it easy to purchase local goods. Local goods can include food, shleter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with very good PPP are safe 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 $4,922,936. The average citizen in Jamaica has very high wealth. Countries with very high wealth per capita have an extended life expectancy and very high standard of living. Highly skilled workers can be found in many industries, and labor is very expensive in these countries. Countries with very high wealth offer opportunities for safe investments, as they are often supported by a diverse and thriving financial sector. 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.