nomy - overview:

The Jamaican economy is heavily dependent on services, which now
account for more than 60% of GDP. The country continues to derive
most of its foreign exchange from tourism, remittances, and
bauxite/alumina. Remittances account for nearly 20% of GDP and are
equivalent to tourism revenues. Jamaica's economy, already saddled
with a record of sluggish growth, will suffer an economic setback
from damages caused by Hurricane Dean in August 2007. The economy
faces serious long-term problems: high but declining interest rates,
increased foreign competition, exchange rate instability, a sizable
merchandise trade deficit, large-scale unemployment and
underemployment, and a debt-to-GDP ratio of 135%. Jamaica's onerous
debt burden - the fourth highest per capita - is the result of
government bailouts to ailing sectors of the economy, most notably
the financial sector in the mid-to-late 1990s. Inflation also has
declined, standing at about 7% at the end of 2007. High unemployment
exacerbates the serious crime problem, including gang violence that
is fueled by the drug trade. The GOLDING administration faces the
difficult prospect of having to achieve fiscal discipline in order
to maintain debt payments while simultaneously attacking a serious
and growing crime problem that is hampering economic growth.

GDP (purchasing power parity):

$20.48 billion (2007 est.)

GDP (official exchange rate):

$11.21 billion (2007 est.)

GDP - real growth rate:

1.2% (2007 est.)

GDP - per capita (PPP):

$7,400 (2007 est.)

GDP - composition by sector:

agriculture: 5.1%
industry: 32.7%
services: 62.2% (2007 est.)

Labor force:

1.255 million (2007 est.)

Labor force - by occupation:

agriculture: 17%
industry: 19%
services: 64% (2006)

Unemployment rate:

9.9% (2007 est.)

Population below poverty line:

14.8% (2003 est.)

Household income or consumption by percentage share:

lowest 10%: 2.1%
highest 10%: 35.8% (2004)

Distribution of family income - Gini index:

45.5 (2004)

Investment (gross fixed):

34.2% of GDP (2007 est.)

Budget:

revenues: $3.716 billion
expenditures: $4.261 billion (2007 est.)

Fiscal year:

1 April - 31 March

Public debt:

126.5% of GDP (2007 est.)

Inflation rate (consumer prices):

9.5% (2007 est.)

Central bank discount rate:

NA (31 December 2007)

Commercial bank prime lending rate:

17.2% (31 December