Economy of Jamaica
Encyclopedia
Jamaica
has natural resources, primarily bauxite
, and an ideal climate conducive to agriculture and tourism. The discovery of bauxite in the 1940s and the subsequent establishment of the bauxite-alumina industry shifted Jamaica's economy from sugar
and banana
s. By the 1970s, Jamaica had emerged as a world leader in export of these minerals as foreign investment increased.
The country faces some serious problems but has the potential for growth and modernization. The Jamaican economy suffered its fourth consecutive year of negative growth (0.4%) in 1999. All sectors excepting bauxite/alumina, energy, and tourism shrank in 1998 and 1999. In 2000, Jamaica experienced its first year of positive growth since 1995. Nominal economic growth has continued to the upside approximately in line with US growth since. This is the result of the government's continued tight macroeconomic policies, which have been largely successful. Inflation fell from 25% in 1995 to single digits in 2000, reaching a multidecade low of 4.3% in 2004. Through periodic intervention in the market, the central bank also has prevented any abrupt drop in the exchange rate. However, the Jamaican dollar has been slipping, despite intervention, resulting in an average exchange rate of J$73.40 per US$1.00 and J136.2 per €1.00 (Feb 2011). In addition, inflation has been trending upward since 2004 and is projected to once again reach a double digit rate of 12-13% through the year 2008 due to a combination of unfavorable weather damaging crops and increasing agricultural imports and high energy prices.
Weakness in the financial sector, speculation, and lower levels of investment erode confidence in the productive sector. The government continues its efforts to raise new sovereign debt in local and international financial markets in order to meet its U.S. dollar debt obligations, to mop up liquidity to maintain the exchange rate and to help fund the current budget deficit.
Jamaican Government economic policies encourage foreign investment in areas that earn or save foreign exchange, generate employment, and use local raw materials. The government provides a wide range of incentives to investors, including remittance facilities to assist them in repatriating funds to the country of origin; tax holidays which defer taxes for a period of years; and duty-free access for machinery and raw materials imported for approved enterprises. Free trade zones
have stimulated investment in garment assembly, light manufacturing, and data entry by foreign firms. However, over the last 5 years, the garment industry has suffered from reduced export earnings, continued factory closures, and rising unemployment. This may be attributed to intense competition, absence of North American Free Trade Agreement
(NAFTA) parity, drug contamination delaying deliveries, and the high cost of operation, including security costs. The Government of Jamaica hopes to encourage economic activity through a combination of privatization, financial sector restructuring, reduced interest rates, and by boosting tourism and related productive activities.
, the leading export crop, is produced in nearly every parish
. Sugar production in 2000 was estimated at 175,000 tons, a decrease from 290,000 tons in 1999. Sugar formed 7.1% of the exports in 1999 & Jamaica formed 4.8% of production in the Caribbean. Sugar is also used for the production of by-products such as molasses, rum & some wallboard is made from bagasse
. Banana
production in 1999 was 130,000 tons. Bananas formed 2.4% of the exports in 1999 & Jamaica formed 7.5% of production in the Caribbean.
Coffee
is mainly grown around the Blue Mountains
and in hilly areas, where one type, Jamaican Blue Mountain Coffee
, is considered among the best in the world because at those heights in the Blue Mountains, the cooler climate causes the berries to take longer to ripen and the beans develop more of the substances which on roasting give coffee its flavor. Coffee formed 1.9% of exports in 1999. The picking season lasts from August to March. The coffee is exported from Kingston
. Cocoa is grown throughout Jamaica and local sales absorb about 1/3 of the output to be made into instant drinks and confectionery. Citrus fruit is mainly grown in the central parts of Jamaica, particularly between the elevations of 1,000-2,500 feet. The picking season lasts from November to April. Two factories in Bog Walk
produces fruit juices, canned fruit
, essential oil
s & marmalade
. Coconut
s are grown on the northern and eastern coasts, which provide enough copra
to supply factories to make butterine, margarine
, lard
, edible oil
& laundry soap
.
Other export crops are pimento
, ginger
, tobacco
, sisal
and other fruit are exported. Rice
is grown around swampy areas around the Black River & around Long Bay in Hanover and Westmoreland parishes for local consumption.
factory at Bog Walk in 1940. Even so, the supply of dairy products is not enough for local requirements and there are large imports of powdered milk
, butter
and cheese
.
grew during the 1980s, primarily from the focus on inland fishing. Several thousand fishermen make a living from fishing. The shallow waters and cays off the south coast are richer than the northern waters. Other fishermen live on the Pedro Cays, 80 miles (128.7 km) to the south of Jamaica.
Jamaica supplies about half of its fish requirements; major imports of frozen and salted fish are imported from the USA & Canada.
The total catch in 2000 was 5,676 tons, a decrease from 11,458 tons in 1997; the catch was mainly marine, with freshwater carp
, barbel, etc., crustaceans & molluscs.
Catfish
are responsible for over 4% of Jamaican inhabitants' deaths due to the deadly venom found on the tips of their dorsal and pectoral fins. However these deadly fish are considered a delicacy among the Jamaican population, due to the high levels of vitamin B12 which is found within the fatty tissue which is abundant in this fish.
s, mahoe and mahogany
.
and alumina in 1998, with 12.6 million tons of bauxite, accounting for 10.4% of world production & 3.46 million tons of alumina, accounting for 7.4% of world production. Mining and quarrying contributed 4.1% to GDP in 1999. Bauxite and alumina formed 55.2% of exports in 1999 and is the second-leading money earner after tourism. Jamaica has reserves of over 2 billion tonnes and is expected to last 100 years. Bauxite is found in the central parishes of St.Elizabeth, Manchester, Clarendon, St.Catherine, St.Ann & Trelawny. There are 4 alumina plants and 6 mines.
Jamaica has deposits of several million tons of gypsum
on the southern slopes of the Blue Mountains. Jamaica produced 330,441 tons of gypsum and some of this was used in the local cement industry and the manufacturing of building materials. Other minerals present in Jamaica include marble
, limestone
and silica and ore
s of copper
, lead
, zinc
, manganese
and iron
. Some of these are worked in small quantities. Petroleum
has been sought, but so far none has been found.
processing; oil
refining; produced chemicals, construction materials, plastic
goods, paint
s, pharmaceuticals, carton
s, leather
goods and cigar
s & assembled electronics
, textile
s and apparel. The garment industry is a major job employed thousands of locals and they formed 12.9% of exports in 1999 earning US$159 million dollars. Chemicals formed 3.3% of the exports in 1999 earning US$40 million dollars.
An oil refinery is located near Kingston converts crude petroleum obtained from Venezuela
into gasoline
and other products. These are mainly for local use. The construction
industry is growing due to new hotels and attractions being built for tourism. Construction
and installation formed 10.4% of the GDP in 1999.
Manufactured goods were imported and formed 30.3% of the imports and cost US$877 million dollars in 1999.
GBTI bank.
: purchasing power parity
- US$11.3 billion (2004 est.)
GDP - real growth rate: 1.9% (2004 est.)
GDP - per capita: purchasing power parity - US$4,100 (2004 est.)
GDP - composition by sector:
agriculture: 6.1%
industry: 32.7%
services: 61.3% (2004 est.)
Population below poverty line: 14% (2003 est.)
Household income or consumption by percentage share:
lowest 10%: 2.7%
highest 10%: 30.3% (2000)
Inflation
rate (consumer prices): 9.4% (1999 est.), 8,6% (2009)
Labor force: 1.14 million (2004)
Labor force - by occupation: services 63.4%, agriculture 20.1%, industry 16.6% (2003)
Unemployment rate: 15% (2004)
Budget:
revenues: $2.27 billion
expenditures: $3.66 billion, including capital expenditures of $1.265 billion (FY98/99 est.)
Industries: tourism, bauxite, textiles, food processing, light manufactures, rum, cement, metal, paper, chemical products.
Industrial production growth rate: NA%
Electricity - production: 6,386 GWh (1998)
Electricity - production by source:
fossil fuel: 92.7%
hydro: 2.21%
nuclear: 0%
other: 5.09% (1998)
Electricity - consumption: 5,939 GWh (1998)
Electricity - exports: 0 kWh (1998)
Electricity - imports: 0 kWh (1998)
Agriculture - products: sugarcane
, banana
s, coffee
, citrus
, potato
es, vegetables; poultry
, goat
s, milk
Exports: $1.4 billion (f.o.b., 1999 est.)
Exports - commodities: alumina, bauxite
, sugar
, banana
s, rum
Exports - partners: United States
39.5%, European Union
(excluding UK) 15.6%, United Kingdom
12.1%, Canada
11.5% (1998)
Imports: $2.7 billion (f.o.b., 1999 est.)
Imports - commodities: machinery and transport equipment, construction materials, fuel, food, chemicals, fertilizers
Imports - partners: United States
50.9%, European Union
(excluding UK) 9.5%, Caricom countries 10.4%, Latin America 6% (1998)
Debt - external: $3.8 billion (1998 est.)
Economic aid - recipient: $102.7 million (1995)
Currency: 1 Jamaican dollar (J$) = 100 cents
Exchange rates: Jamaican dollars (J$) per US$1 – 80.83 (January 2009), 70.0 (December 2007), 62.5 (September 2005), 45.7 (June 2001), 41.139 (December 1999), 9.044 (1999), 36.550 (1998), 35.404 (1997), 37.120 (1996), 35.142 (1995)
Fiscal year: 1 April–31 March
Jamaica
Jamaica is an island nation of the Greater Antilles, in length, up to in width and 10,990 square kilometres in area. It is situated in the Caribbean Sea, about south of Cuba, and west of Hispaniola, the island harbouring the nation-states Haiti and the Dominican Republic...
has natural resources, primarily bauxite
Bauxite
Bauxite is an aluminium ore and is the main source of aluminium. This form of rock consists mostly of the minerals gibbsite Al3, boehmite γ-AlO, and diaspore α-AlO, in a mixture with the two iron oxides goethite and hematite, the clay mineral kaolinite, and small amounts of anatase TiO2...
, and an ideal climate conducive to agriculture and tourism. The discovery of bauxite in the 1940s and the subsequent establishment of the bauxite-alumina industry shifted Jamaica's economy from sugar
Sugar
Sugar is a class of edible crystalline carbohydrates, mainly sucrose, lactose, and fructose, characterized by a sweet flavor.Sucrose in its refined form primarily comes from sugar cane and sugar beet...
and banana
Banana
Banana is the common name for herbaceous plants of the genus Musa and for the fruit they produce. Bananas come in a variety of sizes and colors when ripe, including yellow, purple, and red....
s. By the 1970s, Jamaica had emerged as a world leader in export of these minerals as foreign investment increased.
The country faces some serious problems but has the potential for growth and modernization. The Jamaican economy suffered its fourth consecutive year of negative growth (0.4%) in 1999. All sectors excepting bauxite/alumina, energy, and tourism shrank in 1998 and 1999. In 2000, Jamaica experienced its first year of positive growth since 1995. Nominal economic growth has continued to the upside approximately in line with US growth since. This is the result of the government's continued tight macroeconomic policies, which have been largely successful. Inflation fell from 25% in 1995 to single digits in 2000, reaching a multidecade low of 4.3% in 2004. Through periodic intervention in the market, the central bank also has prevented any abrupt drop in the exchange rate. However, the Jamaican dollar has been slipping, despite intervention, resulting in an average exchange rate of J$73.40 per US$1.00 and J136.2 per €1.00 (Feb 2011). In addition, inflation has been trending upward since 2004 and is projected to once again reach a double digit rate of 12-13% through the year 2008 due to a combination of unfavorable weather damaging crops and increasing agricultural imports and high energy prices.
Weakness in the financial sector, speculation, and lower levels of investment erode confidence in the productive sector. The government continues its efforts to raise new sovereign debt in local and international financial markets in order to meet its U.S. dollar debt obligations, to mop up liquidity to maintain the exchange rate and to help fund the current budget deficit.
Jamaican Government economic policies encourage foreign investment in areas that earn or save foreign exchange, generate employment, and use local raw materials. The government provides a wide range of incentives to investors, including remittance facilities to assist them in repatriating funds to the country of origin; tax holidays which defer taxes for a period of years; and duty-free access for machinery and raw materials imported for approved enterprises. Free trade zones
Jamaican Free Zones
The Jamaican Free Zones are a controversial government free trade zone initiative in Jamaica. Designed to encourage foreign investment and international trade, businesses operating within these zones have no tax on their profits, and are exempted from customs duties on imports and exports and...
have stimulated investment in garment assembly, light manufacturing, and data entry by foreign firms. However, over the last 5 years, the garment industry has suffered from reduced export earnings, continued factory closures, and rising unemployment. This may be attributed to intense competition, absence of North American Free Trade Agreement
North American Free Trade Agreement
The North American Free Trade Agreement or NAFTA is an agreement signed by the governments of Canada, Mexico, and the United States, creating a trilateral trade bloc in North America. The agreement came into force on January 1, 1994. It superseded the Canada – United States Free Trade Agreement...
(NAFTA) parity, drug contamination delaying deliveries, and the high cost of operation, including security costs. The Government of Jamaica hopes to encourage economic activity through a combination of privatization, financial sector restructuring, reduced interest rates, and by boosting tourism and related productive activities.
Agriculture
Jamaican agriculture, along with forestry and fishing accounts for about 6.6% of GDP in 1999. SugarSugar
Sugar is a class of edible crystalline carbohydrates, mainly sucrose, lactose, and fructose, characterized by a sweet flavor.Sucrose in its refined form primarily comes from sugar cane and sugar beet...
, the leading export crop, is produced in nearly every parish
Parish
A parish is a territorial unit historically under the pastoral care and clerical jurisdiction of one parish priest, who might be assisted in his pastoral duties by a curate or curates - also priests but not the parish priest - from a more or less central parish church with its associated organization...
. Sugar production in 2000 was estimated at 175,000 tons, a decrease from 290,000 tons in 1999. Sugar formed 7.1% of the exports in 1999 & Jamaica formed 4.8% of production in the Caribbean. Sugar is also used for the production of by-products such as molasses, rum & some wallboard is made from bagasse
Bagasse
Bagasse is the fibrous matter that remains after sugarcane or sorghum stalks are crushed to extract their juice. It is currently used as a biofuel and as a renewable resource in the manufacture of pulp and paper products and building materials....
. Banana
Banana
Banana is the common name for herbaceous plants of the genus Musa and for the fruit they produce. Bananas come in a variety of sizes and colors when ripe, including yellow, purple, and red....
production in 1999 was 130,000 tons. Bananas formed 2.4% of the exports in 1999 & Jamaica formed 7.5% of production in the Caribbean.
Coffee
Coffee
Coffee is a brewed beverage with a dark,init brooo acidic flavor prepared from the roasted seeds of the coffee plant, colloquially called coffee beans. The beans are found in coffee cherries, which grow on trees cultivated in over 70 countries, primarily in equatorial Latin America, Southeast Asia,...
is mainly grown around the Blue Mountains
Blue Mountains (Jamaica)
The Blue Mountains form the longest mountain range in Jamaica. They include the island's highest point, Blue Mountain Peak, at 2256 m . From the summit, accessible via a walking track, both the North and South coasts of the island can be seen...
and in hilly areas, where one type, Jamaican Blue Mountain Coffee
Jamaican Blue Mountain Coffee
Jamaican Blue Mountain Coffee or Jamaica Blue Mountain Coffee is a classification of coffee grown in the Blue Mountains of Jamaica. The best lots of Blue Mountain coffee are noted for their mild flavour and lack of bitterness...
, is considered among the best in the world because at those heights in the Blue Mountains, the cooler climate causes the berries to take longer to ripen and the beans develop more of the substances which on roasting give coffee its flavor. Coffee formed 1.9% of exports in 1999. The picking season lasts from August to March. The coffee is exported from Kingston
Kingston, Jamaica
Kingston is the capital and largest city of Jamaica, located on the southeastern coast of the island. It faces a natural harbour protected by the Palisadoes, a long sand spit which connects the town of Port Royal and the Norman Manley International Airport to the rest of the island...
. Cocoa is grown throughout Jamaica and local sales absorb about 1/3 of the output to be made into instant drinks and confectionery. Citrus fruit is mainly grown in the central parts of Jamaica, particularly between the elevations of 1,000-2,500 feet. The picking season lasts from November to April. Two factories in Bog Walk
Bog Walk
Bog Walk is a town in the parish of Saint Catherine, Jamaica...
produces fruit juices, canned fruit
Fruit
In broad terms, a fruit is a structure of a plant that contains its seeds.The term has different meanings dependent on context. In non-technical usage, such as food preparation, fruit normally means the fleshy seed-associated structures of certain plants that are sweet and edible in the raw state,...
, essential oil
Oil
An oil is any substance that is liquid at ambient temperatures and does not mix with water but may mix with other oils and organic solvents. This general definition includes vegetable oils, volatile essential oils, petrochemical oils, and synthetic oils....
s & marmalade
Marmalade
Marmalade is a fruit preserve made from the juice and peel of citrus fruits, boiled with sugar and water. The benchmark citrus fruit for marmalade production in Britain is the "Seville orange" from Spain, Citrus aurantium var...
. Coconut
Coconut
The coconut palm, Cocos nucifera, is a member of the family Arecaceae . It is the only accepted species in the genus Cocos. The term coconut can refer to the entire coconut palm, the seed, or the fruit, which is not a botanical nut. The spelling cocoanut is an old-fashioned form of the word...
s are grown on the northern and eastern coasts, which provide enough copra
Copra
Copra is the dried meat, or kernel, of the coconut. Coconut oil extracted from it has made copra an important agricultural commodity for many coconut-producing countries. It also yields coconut cake which is mainly used as feed for livestock.-Production:...
to supply factories to make butterine, margarine
Margarine
Margarine , as a generic term, can indicate any of a wide range of butter substitutes, typically composed of vegetable oils. In many parts of the world, the market share of margarine and spreads has overtaken that of butter...
, lard
Lard
Lard is pig fat in both its rendered and unrendered forms. Lard was commonly used in many cuisines as a cooking fat or shortening, or as a spread similar to butter. Its use in contemporary cuisine has diminished because of health concerns posed by its saturated-fat content and its often negative...
, edible oil
Oil
An oil is any substance that is liquid at ambient temperatures and does not mix with water but may mix with other oils and organic solvents. This general definition includes vegetable oils, volatile essential oils, petrochemical oils, and synthetic oils....
& laundry soap
Soap
In chemistry, soap is a salt of a fatty acid.IUPAC. "" Compendium of Chemical Terminology, 2nd ed. . Compiled by A. D. McNaught and A. Wilkinson. Blackwell Scientific Publications, Oxford . XML on-line corrected version: created by M. Nic, J. Jirat, B. Kosata; updates compiled by A. Jenkins. ISBN...
.
Other export crops are pimento
Pimento
A pimento or cherry pepper is a variety of large, red, heart-shaped chili pepper that measures 3 to 4 inches long and 2 to 3 inches wide . The flesh of the pimento is sweet, succulent and more aromatic than that of the red bell pepper...
, ginger
Ginger
Ginger is the rhizome of the plant Zingiber officinale, consumed as a delicacy, medicine, or spice. It lends its name to its genus and family . Other notable members of this plant family are turmeric, cardamom, and galangal....
, tobacco
Tobacco
Tobacco is an agricultural product processed from the leaves of plants in the genus Nicotiana. It can be consumed, used as a pesticide and, in the form of nicotine tartrate, used in some medicines...
, sisal
Sisal
Sisal is an agave that yields a stiff fibre traditionally used in making twine, rope and also dartboards. The term may refer either to the plant or the fibre, depending on context...
and other fruit are exported. Rice
Rice
Rice is the seed of the monocot plants Oryza sativa or Oryza glaberrima . As a cereal grain, it is the most important staple food for a large part of the world's human population, especially in East Asia, Southeast Asia, South Asia, the Middle East, and the West Indies...
is grown around swampy areas around the Black River & around Long Bay in Hanover and Westmoreland parishes for local consumption.
Animal husbandry
Pastures form a good percentage of the land in Jamaica. Many properties specialize in cattle rearing. Livestock holdings were 400,000 head of cattle, 440,000 goats, 180,000 hogs & 30,000 sheep. Although animal products & numbers of livestock are increasing, this isn't enough for local requirements for a growing population. Dairying has increased since the erection of a condensed milkCondensed milk
Condensed milk, also known as sweetened condensed milk, is cow's milk from which water has been removed and to which sugar has been added, yielding a very thick, sweet product which when canned can last for years without refrigeration if unopened. The two terms, condensed milk and sweetened...
factory at Bog Walk in 1940. Even so, the supply of dairy products is not enough for local requirements and there are large imports of powdered milk
Powdered milk
Powdered milk is a manufactured dairy product made by evaporating milk to dryness. One purpose of drying milk is to preserve it; milk powder has a far longer shelf life than liquid milk and does not need to be refrigerated, due to its low moisture content. Another purpose is to reduce its bulk for...
, butter
Butter
Butter is a dairy product made by churning fresh or fermented cream or milk. It is generally used as a spread and a condiment, as well as in cooking applications, such as baking, sauce making, and pan frying...
and cheese
Cheese
Cheese is a generic term for a diverse group of milk-based food products. Cheese is produced throughout the world in wide-ranging flavors, textures, and forms....
.
Fishing
The fishing industryFishing industry
The fishing industry includes any industry or activity concerned with taking, culturing, processing, preserving, storing, transporting, marketing or selling fish or fish products....
grew during the 1980s, primarily from the focus on inland fishing. Several thousand fishermen make a living from fishing. The shallow waters and cays off the south coast are richer than the northern waters. Other fishermen live on the Pedro Cays, 80 miles (128.7 km) to the south of Jamaica.
Jamaica supplies about half of its fish requirements; major imports of frozen and salted fish are imported from the USA & Canada.
The total catch in 2000 was 5,676 tons, a decrease from 11,458 tons in 1997; the catch was mainly marine, with freshwater carp
Carp
Carp are various species of oily freshwater fish of the family Cyprinidae, a very large group of fish native to Europe and Asia. The cypriniformes are traditionally grouped with the Characiformes, Siluriformes and Gymnotiformes to create the superorder Ostariophysi, since these groups have certain...
, barbel, etc., crustaceans & molluscs.
Catfish
Catfish
Catfishes are a diverse group of ray-finned fish. Named for their prominent barbels, which resemble a cat's whiskers, catfish range in size and behavior from the heaviest and longest, the Mekong giant catfish from Southeast Asia and the second longest, the wels catfish of Eurasia, to detritivores...
are responsible for over 4% of Jamaican inhabitants' deaths due to the deadly venom found on the tips of their dorsal and pectoral fins. However these deadly fish are considered a delicacy among the Jamaican population, due to the high levels of vitamin B12 which is found within the fatty tissue which is abundant in this fish.
Forestry
By the late 1980s, only 185,000 hectares (457,000 acres) of Jamaica's original 1,000,000 hectares (2,500,000 acres) of forest remained. Roundwood production was 881,000 cu m (31.1 million cu ft) in 2000. About 68% of the timber cut in 2000 was used as fuel wood while 32% was used for industrial use. The forests that once covered Jamaica now exist only in mountainous areas. They only supply 20% of the island timber requirements. The remaining forest is protected from further exploitation. Other accessible mountain areas are being reforested, mainly with pinePine
Pines are trees in the genus Pinus ,in the family Pinaceae. They make up the monotypic subfamily Pinoideae. There are about 115 species of pine, although different authorities accept between 105 and 125 species.-Etymology:...
s, mahoe and mahogany
Mahogany
The name mahogany is used when referring to numerous varieties of dark-colored hardwood. It is a native American word originally used for the wood of the species Swietenia mahagoni, known as West Indian or Cuban mahogany....
.
Mining
Jamaica is the third-leading producer of bauxiteBauxite
Bauxite is an aluminium ore and is the main source of aluminium. This form of rock consists mostly of the minerals gibbsite Al3, boehmite γ-AlO, and diaspore α-AlO, in a mixture with the two iron oxides goethite and hematite, the clay mineral kaolinite, and small amounts of anatase TiO2...
and alumina in 1998, with 12.6 million tons of bauxite, accounting for 10.4% of world production & 3.46 million tons of alumina, accounting for 7.4% of world production. Mining and quarrying contributed 4.1% to GDP in 1999. Bauxite and alumina formed 55.2% of exports in 1999 and is the second-leading money earner after tourism. Jamaica has reserves of over 2 billion tonnes and is expected to last 100 years. Bauxite is found in the central parishes of St.Elizabeth, Manchester, Clarendon, St.Catherine, St.Ann & Trelawny. There are 4 alumina plants and 6 mines.
Jamaica has deposits of several million tons of gypsum
Gypsum
Gypsum is a very soft sulfate mineral composed of calcium sulfate dihydrate, with the chemical formula CaSO4·2H2O. It is found in alabaster, a decorative stone used in Ancient Egypt. It is the second softest mineral on the Mohs Hardness Scale...
on the southern slopes of the Blue Mountains. Jamaica produced 330,441 tons of gypsum and some of this was used in the local cement industry and the manufacturing of building materials. Other minerals present in Jamaica include marble
Marble
Marble is a metamorphic rock composed of recrystallized carbonate minerals, most commonly calcite or dolomite.Geologists use the term "marble" to refer to metamorphosed limestone; however stonemasons use the term more broadly to encompass unmetamorphosed limestone.Marble is commonly used for...
, limestone
Limestone
Limestone is a sedimentary rock composed largely of the minerals calcite and aragonite, which are different crystal forms of calcium carbonate . Many limestones are composed from skeletal fragments of marine organisms such as coral or foraminifera....
and silica and ore
Ore
An ore is a type of rock that contains minerals with important elements including metals. The ores are extracted through mining; these are then refined to extract the valuable element....
s of copper
Copper
Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish...
, lead
Lead
Lead is a main-group element in the carbon group with the symbol Pb and atomic number 82. Lead is a soft, malleable poor metal. It is also counted as one of the heavy metals. Metallic lead has a bluish-white color after being freshly cut, but it soon tarnishes to a dull grayish color when exposed...
, zinc
Zinc
Zinc , or spelter , is a metallic chemical element; it has the symbol Zn and atomic number 30. It is the first element in group 12 of the periodic table. Zinc is, in some respects, chemically similar to magnesium, because its ion is of similar size and its only common oxidation state is +2...
, manganese
Manganese
Manganese is a chemical element, designated by the symbol Mn. It has the atomic number 25. It is found as a free element in nature , and in many minerals...
and iron
Iron
Iron is a chemical element with the symbol Fe and atomic number 26. It is a metal in the first transition series. It is the most common element forming the planet Earth as a whole, forming much of Earth's outer and inner core. It is the fourth most common element in the Earth's crust...
. Some of these are worked in small quantities. Petroleum
Petroleum
Petroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...
has been sought, but so far none has been found.
Secondary Industries
The manufacturing sector is an essential contributor to the Jamaican economy. Though manufacturing accounted for 13.9% of GDP in 1999. Jamaican companies contribute many manufactures such as foodFood
Food is any substance consumed to provide nutritional support for the body. It is usually of plant or animal origin, and contains essential nutrients, such as carbohydrates, fats, proteins, vitamins, or minerals...
processing; oil
Oil
An oil is any substance that is liquid at ambient temperatures and does not mix with water but may mix with other oils and organic solvents. This general definition includes vegetable oils, volatile essential oils, petrochemical oils, and synthetic oils....
refining; produced chemicals, construction materials, plastic
Plastic
A plastic material is any of a wide range of synthetic or semi-synthetic organic solids used in the manufacture of industrial products. Plastics are typically polymers of high molecular mass, and may contain other substances to improve performance and/or reduce production costs...
goods, paint
Paint
Paint is any liquid, liquefiable, or mastic composition which after application to a substrate in a thin layer is converted to an opaque solid film. One may also consider the digital mimicry thereof...
s, pharmaceuticals, carton
Carton
Carton is the name of certain types of containers typically made from paperboard which is also sometimes known as cardboard. Many types of cartons are used in packaging. Sometimes a carton is also called a box.-Folding cartons:...
s, leather
Leather
Leather is a durable and flexible material created via the tanning of putrescible animal rawhide and skin, primarily cattlehide. It can be produced through different manufacturing processes, ranging from cottage industry to heavy industry.-Forms:...
goods and cigar
Cigar
A cigar is a tightly-rolled bundle of dried and fermented tobacco that is ignited so that its smoke may be drawn into the mouth. Cigar tobacco is grown in significant quantities in Brazil, Cameroon, Cuba, the Dominican Republic, Honduras, Indonesia, Mexico, Nicaragua, Philippines, and the Eastern...
s & assembled electronics
Electronics
Electronics is the branch of science, engineering and technology that deals with electrical circuits involving active electrical components such as vacuum tubes, transistors, diodes and integrated circuits, and associated passive interconnection technologies...
, textile
Textile
A textile or cloth is a flexible woven material consisting of a network of natural or artificial fibres often referred to as thread or yarn. Yarn is produced by spinning raw fibres of wool, flax, cotton, or other material to produce long strands...
s and apparel. The garment industry is a major job employed thousands of locals and they formed 12.9% of exports in 1999 earning US$159 million dollars. Chemicals formed 3.3% of the exports in 1999 earning US$40 million dollars.
An oil refinery is located near Kingston converts crude petroleum obtained from Venezuela
Venezuela
Venezuela , officially called the Bolivarian Republic of Venezuela , is a tropical country on the northern coast of South America. It borders Colombia to the west, Guyana to the east, and Brazil to the south...
into gasoline
Gasoline
Gasoline , or petrol , is a toxic, translucent, petroleum-derived liquid that is primarily used as a fuel in internal combustion engines. It consists mostly of organic compounds obtained by the fractional distillation of petroleum, enhanced with a variety of additives. Some gasolines also contain...
and other products. These are mainly for local use. The construction
Construction
In the fields of architecture and civil engineering, construction is a process that consists of the building or assembling of infrastructure. Far from being a single activity, large scale construction is a feat of human multitasking...
industry is growing due to new hotels and attractions being built for tourism. Construction
Construction
In the fields of architecture and civil engineering, construction is a process that consists of the building or assembling of infrastructure. Far from being a single activity, large scale construction is a feat of human multitasking...
and installation formed 10.4% of the GDP in 1999.
Manufactured goods were imported and formed 30.3% of the imports and cost US$877 million dollars in 1999.
Tourism
Tourism is tied with remittances as Jamaica's top source of revenue. The tourism industry earns over 50 percent of the country's total foreign exchange earnings and provides about one-fourth of all jobs in Jamaica. Most tourist activity is centered on the island's northern coast, including the communities of Montego Bay, Ocho Rios, and Port Antonio, as well as in Negril on the island's western tip.Financial services
Another service is the financial services industry. The 1990s saw a rapid expansion in banking, investment, and insurance services. In 1999, financial institutions formed 7.8% of the GDP in 1999. There are many banks such as Century National Bank, National Commercial Bank, Pan Caribbean Bank, Scotia-Bank, Royal Bank of Canada and First Global Bank.GBTI bank.
Retail
The absence of large commercial centers, other than Kingston, Montego Bay and Ocho Rios has resulted in a poorly developed retail sector in Jamaica. While Kingston and Montego Bay are home to a number of retail stores, including American fast-food franchises such as Domino's, Pizza Hut & Dairy Queen, the majority of the towns in the interior of the country, such as Mandeville, May Pen, and Spanish Town, have small shops, public markets, and temporary roadside stands.Statistics
GDPGross domestic product
Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living....
: purchasing power parity
Purchasing power parity
In economics, purchasing power parity is a condition between countries where an amount of money has the same purchasing power in different countries. The prices of the goods between the countries would only reflect the exchange rates...
- US$11.3 billion (2004 est.)
GDP - real growth rate: 1.9% (2004 est.)
GDP - per capita: purchasing power parity - US$4,100 (2004 est.)
GDP - composition by sector:
agriculture: 6.1%
industry: 32.7%
services: 61.3% (2004 est.)
Population below poverty line: 14% (2003 est.)
Household income or consumption by percentage share:
lowest 10%: 2.7%
highest 10%: 30.3% (2000)
Inflation
Inflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
rate (consumer prices): 9.4% (1999 est.), 8,6% (2009)
Labor force: 1.14 million (2004)
Labor force - by occupation: services 63.4%, agriculture 20.1%, industry 16.6% (2003)
Unemployment rate: 15% (2004)
Budget:
revenues: $2.27 billion
expenditures: $3.66 billion, including capital expenditures of $1.265 billion (FY98/99 est.)
Industries: tourism, bauxite, textiles, food processing, light manufactures, rum, cement, metal, paper, chemical products.
Industrial production growth rate: NA%
Electricity - production: 6,386 GWh (1998)
Electricity - production by source:
fossil fuel: 92.7%
hydro: 2.21%
nuclear: 0%
other: 5.09% (1998)
Electricity - consumption: 5,939 GWh (1998)
Electricity - exports: 0 kWh (1998)
Electricity - imports: 0 kWh (1998)
Agriculture - products: sugarcane
Sugarcane
Sugarcane refers to any of six to 37 species of tall perennial grasses of the genus Saccharum . Native to the warm temperate to tropical regions of South Asia, they have stout, jointed, fibrous stalks that are rich in sugar, and measure two to six metres tall...
, banana
Banana
Banana is the common name for herbaceous plants of the genus Musa and for the fruit they produce. Bananas come in a variety of sizes and colors when ripe, including yellow, purple, and red....
s, coffee
Coffee
Coffee is a brewed beverage with a dark,init brooo acidic flavor prepared from the roasted seeds of the coffee plant, colloquially called coffee beans. The beans are found in coffee cherries, which grow on trees cultivated in over 70 countries, primarily in equatorial Latin America, Southeast Asia,...
, citrus
Citrus
Citrus is a common term and genus of flowering plants in the rue family, Rutaceae. Citrus is believed to have originated in the part of Southeast Asia bordered by Northeastern India, Myanmar and the Yunnan province of China...
, potato
Potato
The potato is a starchy, tuberous crop from the perennial Solanum tuberosum of the Solanaceae family . The word potato may refer to the plant itself as well as the edible tuber. In the region of the Andes, there are some other closely related cultivated potato species...
es, vegetables; poultry
Poultry
Poultry are domesticated birds kept by humans for the purpose of producing eggs, meat, and/or feathers. These most typically are members of the superorder Galloanserae , especially the order Galliformes and the family Anatidae , commonly known as "waterfowl"...
, goat
Goat
The domestic goat is a subspecies of goat domesticated from the wild goat of southwest Asia and Eastern Europe. The goat is a member of the Bovidae family and is closely related to the sheep as both are in the goat-antelope subfamily Caprinae. There are over three hundred distinct breeds of...
s, milk
Milk
Milk is a white liquid produced by the mammary glands of mammals. It is the primary source of nutrition for young mammals before they are able to digest other types of food. Early-lactation milk contains colostrum, which carries the mother's antibodies to the baby and can reduce the risk of many...
Exports: $1.4 billion (f.o.b., 1999 est.)
Exports - commodities: alumina, bauxite
Bauxite
Bauxite is an aluminium ore and is the main source of aluminium. This form of rock consists mostly of the minerals gibbsite Al3, boehmite γ-AlO, and diaspore α-AlO, in a mixture with the two iron oxides goethite and hematite, the clay mineral kaolinite, and small amounts of anatase TiO2...
, sugar
Sugar
Sugar is a class of edible crystalline carbohydrates, mainly sucrose, lactose, and fructose, characterized by a sweet flavor.Sucrose in its refined form primarily comes from sugar cane and sugar beet...
, banana
Banana
Banana is the common name for herbaceous plants of the genus Musa and for the fruit they produce. Bananas come in a variety of sizes and colors when ripe, including yellow, purple, and red....
s, rum
Rum
Rum is a distilled alcoholic beverage made from sugarcane by-products such as molasses, or directly from sugarcane juice, by a process of fermentation and distillation. The distillate, a clear liquid, is then usually aged in oak barrels...
Exports - partners: United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
39.5%, European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
(excluding UK) 15.6%, United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
12.1%, Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
11.5% (1998)
Imports: $2.7 billion (f.o.b., 1999 est.)
Imports - commodities: machinery and transport equipment, construction materials, fuel, food, chemicals, fertilizers
Imports - partners: United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
50.9%, European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
(excluding UK) 9.5%, Caricom countries 10.4%, Latin America 6% (1998)
Debt - external: $3.8 billion (1998 est.)
Economic aid - recipient: $102.7 million (1995)
Currency: 1 Jamaican dollar (J$) = 100 cents
Exchange rates: Jamaican dollars (J$) per US$1 – 80.83 (January 2009), 70.0 (December 2007), 62.5 (September 2005), 45.7 (June 2001), 41.139 (December 1999), 9.044 (1999), 36.550 (1998), 35.404 (1997), 37.120 (1996), 35.142 (1995)
Fiscal year: 1 April–31 March
- See also : JamaicaJamaicaJamaica is an island nation of the Greater Antilles, in length, up to in width and 10,990 square kilometres in area. It is situated in the Caribbean Sea, about south of Cuba, and west of Hispaniola, the island harbouring the nation-states Haiti and the Dominican Republic...