Since the start of the 2013 Extended Fund Facility and the subsequent precautionary Stand-By Arrangement in 2016, Jamaica’s public debt has fallen by about 50 percent of GDP and is on track to reach the legislated 60 percent of GDP target by FY25/26. Estimating Quarterly, Expenditure-Based GDP for Jamaica: A General Kalman Filter Approach Prudence Serju1 Research Services Department Research and Economic Programming Division Bank of Jamaica Abstract This paper represents a tentative attempt at developing a quarterly real GDP series, from the expenditure side, for Jamaica between 1991 and 2002. of GDP in fiscal year 2009/10, Jamaica has been burdened by heavy debt servicing costs due to both the size of its debt and very high interest rates. The Government of Jamaica signed a $1.27 billion, 27-month Standby Agreement with the International Monetary Fund for balance of payment support in February 2010. The economy likely remained in the doldrums in Q3 amid the fallout from the global pandemic, after contracting sharply in Q2. purchasing power parity - $11.13 billion (2004 est.) For its part, the Government of Jamaica’s FY19/20 budget is reducing the primary surplus by ½ percent of GDP to 6½ percent without compromising the medium-term public debt anchor. Jamaica is highly vulnerable to external shocks, particularly any slowdown in the US or sudden spikes in global fuel and food prices. 1960 - 2019. GDP decomposition by sector - Brazil. The analysis finds that agricultural policy uses a limited number of instruments and concentrates on only a few subsectors. Compare to: Topic Value; Agriculture % of GDP (%) 6.5: Industry % of GDP (%) 29.4: Services % of GDP (%) 64.1: Value & Rank The Agriculture % of GDP of Jamaica is 6.50 (%) with a global rank of 109. GDP by Year Chart GDP Rank Chart . Central government debt, total (% of GDP) Share Details. Another steep drop in merchandise imports in July points to still-weakened domestic demand at the start of the quarter. • Of note, Travel & Tourism directly supports more than three times as many jobs than the financial services sector in Jamaica. None; Aggregates; Same region; Similar values; Highest values; Lowest values; Share Details. Last Updated: Apr 13, 2020. GDP From Transport in Jamaica decreased to 17390 USD Million in the second quarter of 2020 from 20310 USD Million in the first quarter of 2020. Central government debt, total (% of GDP) CPIA economic management cluster average (1=low to 6=high) CPIA policies for social inclusion/equity cluster average (1=low to 6=high) CPIA public sector management and institutions cluster average (1=low to 6=high) CPIA structural policies cluster average (1=low to 6=high) Expense … Jamaica’s economic freedom score is 68.5, making its economy the 49th freest in the 2020 Index. License: CC BY-4.0 Line Bar Map. GDP decomposition by sector - Jamaica. In 2018, the services industry in Jamaica contributed with over 59 percent of the value added to the country's gross domestic product (GDP). The unemployment rate—at about 7.8 percent—is at an all-time low. Achieving higher growth calls for action from both the public and private sector. VISION 2030 JAMAICA NATIONAL DEVELOPMENT PLAN EDUCATION DRAFT SECTOR PLAN FINAL DRAFT “Every child can learn … Every child must learn” “Children entering school today will engage in careers that have not yet been invented, but will become obsolete within their lifetime” JUNE 2009 . Another steep drop in merchandise imports in July points to still-weakened domestic demand at the start of the quarter. Table of Contents Page # … Over the last five years the government’s interest payments have averaged 13 percent of GDP or 49 percent of non-grant government revenue. • Travel & Tourism in Jamaica directly employs more people than all sectors studied for this research except for the agriculture and retail sectors. Label. The real GDP of the three sectors jointly contributed 55.20 per cent to the total GDP in Q4 2019. 1 Edited October 2009 EDUCATION SECTOR PLAN 2009 - 2030. Home > Jamaica > Economy > GDP. Also Show. Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Jamaica economic outlook, debt to GDP ratio, international trade performance and population trends. GDP From Agriculture in Jamaica averaged 11847.11 USD Million from 1996 until 2020, reaching an all time high of 15745 USD Million in the first quarter of 1996 and a record low of 7631 USD Million in the fourth quarter of 2004. Jamaica's onerous debt burden - the fourth highest per capita - is the result of government bailouts to ailing sectors of the economy, most notably to the financial sector in the mid-to-late 1990s. 2017. November 10, 2020. Pre-pandemic projections were for the sector to overtake banking and finance as the single greatest contributor to GDP by 2025. See Also. Jamaica’s real GDP is expected to decrease 9% in 2020, with hotels and restaurants contracting more than 30%. Nominal GDP sector composition (2005 constant prices) Nominal GDP sector composition, 2015 (in millions of 2005 USD): 2005 prices are used similarly to 2010 constant prices in which they provide economic statistics where inflation is accounted for. Employment Share Jamaica - GDP The economy likely remained in the doldrums in Q3 amid the fallout from the global pandemic, after contracting sharply in Q2. Jamaica Economic Outlook. The Gross Domestic Product (GDP) in Jamaica expanded 8.30 percent in the third quarter of 2020 over the previous quarter. GDP From Transport in Jamaica averaged 19752.12 USD Million from 1996 until 2020, reaching an all time high of 23461 USD Million in the second quarter of 2007 and a record low of 13697 USD Million in the first quarter of 1996. Jamaica’s mining industry accounts for only one-tenth of its GDP, while employing only a fraction of its population. In 2018, the contribution of the agricultural, forestry and fishing sector in Jamaica to the country's gross domestic product (GDP) reached its highest value of the period between 2010 and 2018. GDP From Agriculture in Jamaica decreased to 14072 USD Million in the second quarter of 2020 from 15080 USD Million in the first quarter of 2020. A significant proportion of gypsum mined in the country is used for exports, while cement is used largely in the country’s local construction industry. Inflation in Jamaica dropped to about 3.91 percent in 2019, meaning that a group of goods that cost 100 Jamaican dollars in 2019 would cost 103.91 Jamaican dollars in 2020. Compare to: Topic Value; Agriculture % of GDP (%) 5.5: Industry % of GDP (%) 26.4: Services % of GDP (%) 68.1: Value & Rank The Agriculture % of GDP of Brazil is 5.50 (%) with a global rank of 118. Nominal GDP sector composition (2005 constant prices) Nominal GDP sector composition, 2015 (in millions of 2005 USD ): [5] [6] 2005 prices are used similarly to 2010 constant prices in which they provide economic statistics where inflation is accounted for. Jamaica's economy has grown on average less than 1% a year for the last three decades and many impediments remain to growth: a bloated public sector which crowds out spending on important projects; high crime and corruption; red-tape; and a high debt-to-GDP ratio. Moreover, private consumption should have remained downbeat in Q3 overall as some containment … For a long time, it has struggled with global economic shocks, low growth, and high public debt that have weakened the economy. Poverty is expected to decline further with rising per-capita GDP, lower unemployment, and strengthened safety nets. GDP Growth Rate in Jamaica averaged 0.05 percent from 1997 until 2020, reaching an all time high of 8.30 percent in the third quarter of 2020 and a record low of -15.70 percent in the second quarter of 2020. Domestic credit to private sector (% of GDP) - Jamaica. Since 2013, the World Bank Group (WBG) has provided more than US$500 million of development policy and investment financing to Jamaica, helping to support private sector-led growth, public sector transformation, and social and climate resilience. While contributing some 11 per cent directly to Jamaica’s gross domestic product (GDP), the actual overall contribution of the travel and hospitality sector to the GDP was in the region of nearly 35 per cent in 2019. The Private Sector Organisation of Jamaica is a national organisation of private sector associations, companies and individuals working together to promote a competitive and productive private sector. GDP - real growth rate; GDP - per capita; GDP - composition by sector; Definition This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. Bauxite and alumina are exported in big quantities while silica sand is exploited and used locally to make glass containers. After a slight decline in 2011, Jamaica saw a continuous increase in both the direct and the total contribution of the travel and tourism sector to its GDP from 2011 until 2018. Over the past 15 years a large public-sector debt burden has been a drag on domestic demand, resulting in reliance on the external sector to drive GDP growth. … To discuss the approach, the impact of COVID-19 on GDP and more, we are joined by Keith Duncan President of the Private Sector Organisation of Jamaica (), and Co-Chair of the Economic Programme Oversight Committee and John Mahfood Vice President of the Jamaica Manufacturers and Exporters Association ( JMEA) Board of Directors and Chief Executive Officer of Jamaican Teas Limited. Jamaica GDP. As Jamaica is projected to close the fiscal year 2020-21 with a negative GDP of 10-12 per cent and current tax revenues (October 2020) are approximately $55.7 billion (17.6 per cent) behind the corresponding period last year, the country faces an uphill task to get back to pre-COVID-19 levels of GDP. Country Report 2017 - Includes Jamaica real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector. This is followed by the trade sector with 15.99 per cent contribution while a 13.12 per cent contribution of the information and communication sector to total GDP was recorded in the same period owing to the growth in the “Broadcasting Subsector”. in Jamaica in 2014. Jamaica is considered an upper middle-income nation. The statistic shows gross domestic product (GDP) in Jamaica from 1984 to 2018, with projections up until 2021. in Jamaica with the goals and existing challenges of the sector, supplementing it with a quantitative evaluation of agricultural support. 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