Economy in Jamaica

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Economy—overview: Key sectors in this island economy are bauxite (alumina and bauxite account for more thorts) and tourism. Since assuming office in 1992 Prime Minister PATTmost peamlined tax scheand privatized government enterprises. Continnetary and fiscal policies have helped slow inflation and stabilize the exchange rate but have resulted in the slow-down of erowth .5% in 195. was in negative growth (-1.4%) and remained so i97. Serious problem include: high interest rates; increased foreign competitionnanndition of business in general resulting in rships od downsizings of companies; the shifttment portfolios to non-productive short-term high yield instruments; a pressured sometimes slidina widening mercse trade deficit; and a growing ent bailouts to varectors of the economy. Jamaica's proill depend upon encouraging investment in the productive sectors maintaining a competitive exate stabilizing thent and implementing proper fiscal and monetary policies.

GDP: purchasing power parity— $11.3 billion (2004 est.)

GDP—real growth rate: -1.9% (2004 est.)

GDP—per capita: purchasing power parity—$4, 100 (2004 est.)

GDP—composition by sector:

agriculture: 6.1%

industry: 32.7%

services: 61.3% (2004 est.)

Inflation rate—consumer price index: 12.4% (2004 est.)

Labor force:

total: 1.14 million (2004 est.)

by occupation:  agriculture 20.1%, industry 16.6%, services 63.4% (2003)

Unemployment rate:  15% (2004 est.)

Budget:

revenues: $2.793 billion
 
expenditures: $3.157 billion, including capital expenditures of $236 million (2004 est.)

Industries: ourism, bauxite/alumina, textiles, agro processing, wearing apparel, light manufactures, rum, cement, metal, paper, chemical products, telecommunicationss

Industrial production growth rate:  -2% (2000 est.)

Electricity—capacity: 1.182 million kW (1995)

Electricity—production:  6.289 billion kWh (2002)

Electricity—consumption per capita: 5.849 billion kWh (2002)

Agriculture—products:  sugarcane, bananas, coffee, citrus, yams, vegetables, poultry, goats, milk, crustaceans, and mollusks

Exports:

total value:  $1.679 billion f.o.b. (2004 est.)

commodities:  alumina, bauxite, sugar, bananas, rum, coffee, yams, beverages, chemicals, wearing apparel, mineral fuels

partners: US 17.4%, Canada 14.8%, France 13%, China 10.5%, UK 8.7%, Netherlands 7.5%, Norway 6%, Germany 5.9% (2004)

Imports:

total value:  $3.624 billion f.o.b. (2004 est.)

commodities: food and other consumer goods, industrial supplies, fuel, parts and accessories of capital goods, machinery and transport equipment, construction materials

partners:  US 38.7%, Trinidad and Tobago 13.2%, France 5.6%, Japan 4.7% (2004)

Debt—external:  $5.964 billion (2004 est.)

Economic aid:

recipient:  $16 million (2003)

Currency: 1 Jamaican dollar (J$) = 100 cents

Exchange rates: Jamaican dollars (J$) per US$1—361.197 (2004), 57.741 (2003), 48.416 (2002), 45.996 (2001), 42.986 (2000) 6.051 (November 1997) 37.120 (1996) 35.142 (1995) 33.086 (1994) 24.949 (1993)

Fiscal year:  1 April - 31 March

Part or or all of this text stems from the original article at: http://www.cia.gov/cia/publications/factbook/geos/jm.html

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October 20, 2005 change by gathrawn

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