Economy

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. The economy faces serious long-term problems.

These problems include increased foreign competition, exchange rate instability, a sizable merchandise trade deficit, large-scale unemployment and underemployment, and a high debt burden - the result of government bailouts to ailing sectors of the economy, most notably the financial sector in the mid-to-late 1990s.

Today, inflation has declined to 5.8% at the end of 2006. Following a strategy begun in 2004, Jamaica has reduced its public debt to 133.3% of GDP.

Labor force: 1.1 million (2006 est.)

Labor force - by occupation: Agriculture: 18.1%

Industry: 17.3%

Services: 64.6% (2004)

Unemployment rate: 11.3% (2006 est.)

Population below poverty line: 14.8% (2003 est.)

Inflation rate: 5.8% (2006 est.)

Budget: revenues: $2.85 billion

Expenditures: $3.174 billion; including capital expenditures of $180.4 million (2006 est.)

Public debt: 133.3% of GDP (2006 est.)

Electricity - production: 6.913 billion kWh (2004)

Electricity - by source: fossil fuel: 96.8%

Hydro: 1.8%

Other: 1.4% (2001)

Electricity - consumption: 6.429 billion kWh (2004)

Oil - consumption: 72,080 bbl/day (2004 est.)

Current account balance: $-970 million (2006 est.)

Exports: $2.087 billion f.o.b. (2006 est.)

Exports - partners: US 25.8%, Canada 19.3%, UK 10.7%, Netherlands 8.6%, China 7%, Norway 6.4%, Germany 5.6% (2005)

Imports: $4.682 billion f.o.b. (2006 est.)

Imports - partners: US 41.4%, T and T 14%, Venezuela 5.5%, Japan 4.6% (2005)

Reserves of foreign exchange and gold: $2.317 billion (2006 est.)

Debt - external: $7.384 billion (2006 est.)

Economic aid - recipient: $254.7 million (2004)

Currency (code): Jamaican dollar (JMD)

Currency code: JMD

Exchange rates: JMD/US dollar - 65.768 (2006), 62.51 (2005), 61.197 (2004), 57.741 (2003), 48.416 (2002)

Fiscal year: 1 April - 31 March