Jamaica

Description of Jamaica

Jamaica, a vibrant island nation in the Caribbean, boasts a rich cultural heritage, stunning natural landscapes, and a diverse economy. Known for its reggae music, world-class beaches, and warm hospitality, Jamaica is a popular tourist destination. Beyond its tourism sector, Jamaica's economy is driven by industries such as agriculture, mining, and manufacturing. As we delve into the macroeconomic statistics and geopolitical implications affecting Jamaica, we gain a deeper understanding of the country's development trajectory and its role on the global stage.

Population And Age Structure

Population, total: Jamaica has a population of 2,820,436, which is significantly below the average population of 40,097,746. Jamaica ranks 135th out of 194 countries in total population.

Population ages 0-14 (% of total population): Jamaica's percentage of population ages 0-14 is 20.83%, below the average of 27.34%. Jamaica ranks 125th out of 194 countries in this demographic.

Population ages 0-14, total: In Jamaica, the total population ages 0-14 is 587,587, much lower than the average of 10,327,379. Jamaica ranks 138th out of 194 countries for this age group.

Population ages 15-64 (% of total population): Jamaica's percentage of population ages 15-64 is 72.12%, higher than the average of 63.44%. Jamaica ranks 9th out of 194 countries in this demographic.

Population ages 15-64, total: The total population ages 15-64 in Jamaica is 2,034,219, lower than the average of 26,003,407. Jamaica ranks 134th out of 194 countries for this age group.

Population ages 65 and above (% of total population): Jamaica's percentage of population ages 65 and above is 7.04%, below the average of 9.22%. Jamaica ranks 93rd out of 194 countries in this demographic.

Population ages 65 and above, total: In Jamaica, the total population ages 65 and above is 198,631, significantly lower than the average of 3,766,959. Jamaica ranks 132nd out of 194 countries for this age group.

Summary

Jamaica has a relatively small total population compared to the global average, with a higher percentage of working-age population (15-64 years) and lower percentages in the age groups 0-14 years and 65 and above. This demographic profile is important as it signifies potential challenges in terms of supporting and caring for the younger and older population segments, as well as opportunities for leveraging the working-age population for economic growth and development.

Population Miscellaneous

Regarding Rural population, Jamaica's value of 1,232,220 is significantly below the average of 18,044,041. Jamaica ranks 120 out of 190 countries in this attribute.

For Rural population (% of total population), Jamaica's value of 43.689% is above the average of 41.158%. Jamaica is ranked 81 out of 190 countries in this category.

Looking at Urban population, Jamaica's value of 1,588,216 is notably below the average of 22,425,747. Jamaica holds the 139th rank out of 194 countries for urban population.

In terms of Urban population (% of total population), Jamaica's value of 56.311% is lower than the average of 59.691%. Jamaica ranks 114 out of 194 countries in this aspect.

Regarding Age dependency ratio (% of working-age population), Jamaica's value of 38.65% is below the average of 59.22%. Jamaica holds the 186th rank out of 194 countries for this ratio.

For Birth rate, crude (per 1,000 people), Jamaica's rate of 11.813 is lower than the average of 19.384. Jamaica is ranked 133 out of 192 countries in this metric.

Considering Death rate, crude (per 1,000 people), Jamaica's rate of 7.583 is slightly below the average of 8.214. Jamaica holds the 94th rank out of 192 countries for this rate.

Examining Fertility rate, total (births per woman), Jamaica's rate of 1.358 is notably lower than the average of 2.603. Jamaica ranks 177 out of 190 countries in this category.

Summary

Jamaica exhibits characteristics of a country with a relatively small rural population and a higher urban population compared to global averages. The nation also has a comparatively low age dependency ratio, birth rate, death rate, and fertility rate. These statistics are significant as they indicate a demographic profile that may impact the country's economic development, healthcare system, and social welfare programs. Understanding these indicators can help policymakers make informed decisions to address challenges and leverage opportunities for sustainable growth and improved quality of life for the population.

Military

Analysis of Military Expenditure (current USD): Jamaica's military expenditure of 236,865,671.64 is below the average of 12,904,993,617.17. Jamaica ranks 108 out of 149 countries in this attribute.

Analysis of Military Expenditure (% of GDP): Jamaica's military expenditure as a percentage of GDP is 1.71%, which is below the average of 1.90%. Jamaica ranks 67 out of 148 countries in this attribute.

Analysis of Arms imports (SIPRI trend indicator values): Jamaica's arms imports of 10,000,000 are significantly below the average of 205,522,123.89. Jamaica ranks 83 out of 113 countries in this attribute.

Analysis of Armed forces personnel, total: Jamaica has 6,000 armed forces personnel, which is far below the average of 165,908.54. Jamaica ranks 144 out of 164 countries in this attribute.

Analysis of Armed forces personnel (% of total labor force): Jamaica's armed forces personnel as a percentage of the total labor force is 0.41%, below the average of 1.28%. Jamaica ranks 125 out of 164 countries in this attribute.

Summary

Jamaica demonstrates a relatively low level of military expenditure, arms imports, and armed forces personnel compared to global averages. These figures indicate Jamaica's minimal focus on military spending and size of armed forces in relation to its GDP and labor force. Such low levels suggest a prioritization of other sectors over defense, potentially impacting the country's defense capabilities and geopolitical influence.

Natural Resources

1. Jamaica has a forest area of 5968.9 sq. km, ranking 133 out of 191 countries included in the data. This value is significantly below the average forest area of 211606.11 sq. km.

2. The land area of Jamaica is 10830 sq. km, placing it at the 158th position out of 194 countries. Jamaica's land area is well below the average of 665166.51 sq. km.

3. Jamaica's surface area is 10990 sq. km, ranking 160th out of 194 countries. This value is notably lower than the average surface area of 689779.56 sq. km.

4. The arable land in Jamaica covers 120000 hectares, positioning Jamaica at the 145th rank out of 190 countries. Jamaica's arable land is significantly lower than the average of 7329543.16 hectares.

5. Jamaica has 1811 hectares of land under cereal production, placing it at the 158th position out of 174 countries. This value is notably lower than the average land under cereal production of 4206011.63 hectares.

6. With an average precipitation depth of 2051 mm per year, Jamaica ranks 28th out of 178 countries. Jamaica's average precipitation is higher than the average of 1157.83 mm per year.

7. Jamaica has 10.823 billion cubic meters of renewable internal freshwater resources, ranking 122nd out of 178 countries. This value is significantly lower than the average of 240.41 billion cubic meters.

Summary

Jamaica ranks below average in key macroeconomic indicators related to forest area, land area, surface area, arable land, land under cereal production, average precipitation, and renewable internal freshwater resources. These statistics indicate that Jamaica faces challenges in terms of its natural resources and agricultural potential compared to the global average. This information is crucial for policymakers and stakeholders to assess Jamaica's environmental sustainability, agricultural productivity, and water resource management strategies for future development and economic growth.

Resource Rents

Total natural resources rents (% of GDP): Jamaica's natural resources rents account for 0.32% of its GDP, significantly lower than the average of 4.63%. Jamaica ranks 128 out of 175 countries in this attribute.

Forest rents (% of GDP): Jamaica's forest rents contribute 0.21% to its GDP, below the average of 1.53%. Jamaica ranks 92 out of 174 countries in this attribute.

Oil rents (% of GDP): Jamaica's oil rents represent 0.12% of its GDP, notably lower than the average of 2.51%. Jamaica ranks 66 out of 117 countries in this attribute.

Summary

In terms of natural resources rents, Jamaica lags behind with only 0.32% of its GDP attributed to this sector, compared to the global average of 4.63%. A similar trend is observed in forest rents and oil rents, where Jamaica falls below the global averages. These indicators highlight Jamaica's limited reliance on natural resources for economic output, signaling potential challenges in diversification and sustainable growth.

Commodities

For Cereal production (metric tons), Jamaica's value of 2018 is significantly below the attribute average of 17,249,945.92 metric tons. Jamaica ranks 161 out of 174 countries included in the data.

Jamaica's Aquaculture production (metric tons) of 922.55 is notably lower than the attribute average of 679,642.92 metric tons. Jamaica holds the 125th rank out of 180 countries in the dataset.

With a Capture fisheries production (metric tons) of 12,874.92, Jamaica falls short of the attribute average of 467,453.06 metric tons. Jamaica is ranked 136th out of 190 countries.

Jamaica's Total fisheries production (metric tons) is 13,797.47, which is below the attribute average of 1,153,914.85 metric tons. The country ranks 139 out of 182 countries in this category.

Regarding Fertilizer consumption (kilograms per hectare of arable land), Jamaica's value of 65.29 is lower than the attribute average of 159.04 kilograms per hectare. Jamaica holds the 112th rank among 187 countries in the dataset.

Summary

Jamaica's agricultural sector, as reflected by key indicators such as cereal production, aquaculture and capture fisheries production, and total fisheries production, falls below global averages, impacting its rankings among other countries. Additionally, Jamaica's lower fertilizer consumption per hectare of arable land indicates potential challenges in maximizing agricultural yield and productivity. These findings highlight the need for Jamaica to invest in and improve its agricultural practices to enhance food security, economic growth, and competitiveness on the global stage.

Intellectual Property

1. Industrial design applications, nonresident, by count: Jamaica's value of 6 is significantly below the attribute average of 1415.83. With a rank of 104 out of 112 countries, Jamaica shows limited activity in this area.

2. Industrial design applications, resident, by count: Jamaica's value of 211 is below the attribute average of 9799.58. Ranked 58 out of 113 countries, Jamaica exhibits moderate participation in resident industrial design applications.

3. Patent applications, nonresidents: Jamaica's value of 47 falls short of the attribute average of 6538.40. Ranked 82 out of 129 countries, Jamaica's involvement in nonresident patent applications is relatively low.

4. Patent applications, residents: Jamaica's value of 10 is significantly lower than the attribute average of 19037.56. With a rank of 98 out of 117 countries, Jamaica's resident patent applications are notably limited.

5. Trademark applications, nonresident, by count: Jamaica's value of 3683 is well below the attribute average of 15878.93. Ranked 80 out of 130 countries, Jamaica's nonresident trademark applications are below average.

6. Trademark applications, resident, by count: Jamaica's value of 3043 is significantly lower than the attribute average of 111055.78. With a rank of 75 out of 129 countries, Jamaica's resident trademark applications are notably subdued.

7. Scientific and technical journal articles: Jamaica's value of 201.1 is well below the attribute average of 15103.76. Ranked 117 out of 192 countries, Jamaica's contribution to scientific and technical journal articles is relatively limited.

8. Charges for the use of intellectual property, payments (BoP, current US$): Jamaica's value of 50756619.68 is significantly below the attribute average of 3218843494.39. With a rank of 82 out of 143 countries, Jamaica's payments for the use of intellectual property are notably low.

9. Charges for the use of intellectual property, receipts (BoP, current US$): Jamaica's value of 4643968.35 is well below the attribute average of 3191687117.58. Ranked 76 out of 122 countries, Jamaica's receipts for the use of intellectual property are below average.

Summary

In analyzing Jamaica's key macroeconomic indicators related to industrial design applications, patent applications, trademark applications, scientific and technical journal articles, and charges for the use of intellectual property, a consistent pattern emerges. Jamaica's values for these indicators are consistently below the respective attribute averages, indicating limited activity and contribution in these areas. This is crucial as it suggests that Jamaica may need to focus on enhancing its innovation, research, and intellectual property processes to stimulate economic growth and competitiveness in the global market.

Broad Economy Attributes

Analysis of key economic indicators for Jamaica:

1. GDP (current US$): Jamaica's GDP is significantly below the average GDP of $442,870,224,838.68, ranking 125 out of 189 countries in the dataset.

2. GDP, PPP (current international $): Jamaica's GDP based on purchasing power parity is also notably lower than the average of $734,141,122,350.78, placing Jamaica at rank 132 out of 181 countries.

3. GDP per capita (current US$): Jamaica's GDP per capita is below the average of $15,462.11, with Jamaica ranking 102 out of 190 countries.

4. GDP per capita, PPP (current international $): Jamaica's GDP per capita based on PPP is below the average of $21,251.89, with Jamaica ranked 110 out of 181 countries.

5. GNI (current US$): Jamaica's GNI is significantly lower than the average of $452,040,815,370.70, ranking 123 out of 185 countries.

6. GNI, PPP (current international $): Jamaica's GNI based on PPP is notably below the average of $730,698,223,823.47, placing Jamaica at rank 134 out of 181 countries.

7. GNI per capita, PPP (current international $): Jamaica's GNI per capita based on PPP is below the average of $20,615.75, with Jamaica ranked 110 out of 181 countries.

Summary

Jamaica's key economic indicators, such as GDP, GDP per capita, and GNI, consistently reflect figures that are below the global averages. This indicates that Jamaica faces economic challenges in terms of overall output, individual income levels, and national income. These disparities are crucial as they underscore the need for targeted economic policies and reforms to enhance Jamaica's economic growth, raise income levels, and improve overall living standards for its citizens.

Broad Value Added

1. Gross value added at basic prices (GVA) (current US$): Jamaica's GVA is $11,534,285,951.71, ranking 123 out of 176 countries. This is significantly below the average GVA of $360,070,943,595.12.

2. Agriculture, forestry, and fishing, value added (% of GDP): Jamaica's value added in this sector is 8.68% of its GDP, ranking 81 out of 182 countries. This percentage is below the average of 10.86%.

3. Agriculture, forestry, and fishing, value added (current US$): Jamaica's value added in this sector is $1,199,365,181.17, ranking 122 out of 182 countries. This is notably below the average value of $19,924,732,828.07.

4. Services, value added (% of GDP): Jamaica's value added in services is 59.74% of its GDP, ranking 70 out of 183 countries. This percentage is higher than the average of 56.72%.

5. Services, value added (current US$): Jamaica's value added in services is $8,251,486,101.05, ranking 116 out of 183 countries. However, this is substantially below the average value of $295,837,711,130.69.

6. Industry (including construction), value added (current US$): Jamaica's value added in this sector is $2,816,524,015.79, ranking 127 out of 183 countries. Jamaica's value is well below the average of $118,421,095,413.50.

Summary

Jamaica's economy is characterized by a relatively low Gross Value Added at basic prices (GVA) compared to the global average, indicating room for growth and development. The country's heavy reliance on the services sector, with a significantly lower value added in agriculture, forestry, and fishing sectors compared to the average, suggests potential diversification challenges and opportunities for increased productivity in the primary industries to enhance economic resilience.

Manufacturing Value Added

For Manufacturing, value added (current US$), Jamaica's value is $1,098,461,289.98, significantly below the average of $76,207,179,589.66. Jamaica ranks 127th out of 173 countries in this attribute.

Jamaica's Manufacturing, value added (% of GDP) is 7.95%, lower than the average of 11.90%. The country ranks 120th out of 173 countries for this metric.

Regarding Medium and high-tech manufacturing value added (% manufacturing value added), Jamaica's value is 18.77%, below the average of 24.49%. Jamaica is ranked 86th out of 149 countries in this category.

Summary

Jamaica's manufacturing sector, as indicated by both the total value added and its contribution to the GDP, lags behind the global average. Additionally, the country's relative underperformance in medium and high-tech manufacturing further highlights the need for increased technological advancement within its industrial base. These indicators are crucial as they underscore Jamaica's current position in the global economy, signaling areas for potential growth and development to enhance competitiveness and sustainability.

Money

1. Inflation, consumer prices (annual %): Jamaica's inflation rate is 5.23%, which is below the average of 8.26%. With a rank of 34 out of 165 countries, Jamaica performs well in keeping consumer prices relatively stable compared to its counterparts.

2. Inflation, GDP deflator (annual %): Jamaica's GDP deflator inflation stands at 3.46%, lower than the average of 6.90%. Ranked 67 out of 188 countries, Jamaica maintains a moderate inflation level compared to a larger pool of countries.

3. Broad money growth (annual %): Jamaica's broad money growth rate is 18.48%, slightly higher than the average of 18.03%. Ranked 33 out of 139 countries, Jamaica experiences robust growth in its money supply.

4. Broad money (% of GDP): Jamaica's broad money as a percentage of GDP is 71.78%, slightly above the average of 71.75%. With a rank of 59 out of 139 countries, Jamaica maintains a healthy proportion of money supply to its GDP.

5. Broad money to total reserves ratio: Jamaica's ratio of broad money to total reserves is 2.52, below the average of 5.17. Ranked 71 out of 126 countries, Jamaica holds a lower proportion of money concerning its total reserves compared to many other nations.

Summary

Jamaica's macroeconomic indicators reflect a relatively stable economic environment. The country outperforms global averages in inflation rates, maintains moderate broad money growth, and keeps a healthy proportion of broad money to GDP. These indicators are crucial as they show Jamaica's ability to control prices, manage money supply effectively, and balance financial stability within its economy, which are essential for sustainable economic growth and investor confidence.

Equities

1. Listed domestic companies, total: Jamaica has 89 listed domestic companies, which is significantly below the average of 636.625 listed domestic companies. Jamaica ranks 45th out of 72 countries in this attribute data.

2. Stocks traded, total value (current US$): Jamaica's total value of stocks traded is $45,170,000, a drastic difference from the average of $1,379,501,820.91. Jamaica ranks 61st out of 71 countries in this attribute data.

3. Stocks traded, total value (% of GDP): The value of stocks traded in Jamaica, at 0.33% of GDP, is significantly lower than the average of 31.65%. Jamaica ranks 58th out of 71 countries in this attribute data.

4. Market capitalization of listed domestic companies (current US$): Jamaica's market capitalization of listed domestic companies is $11,701,080,000, far below the average of $1,196,037,851,618.88. Jamaica ranks 54th out of 73 countries in this attribute data.

5. Market capitalization of listed domestic companies (% of GDP): Jamaica's market capitalization of listed domestic companies, at 84.71% of GDP, is above the average of 71.24%. Jamaica ranks 18th out of 73 countries in this attribute data.

6. S&P Global Equity Indices (annual % change): Jamaica's S&P Global Equity Indices show a significant decrease of -29.50%, contrasting with the average of 2.06% increase. Jamaica ranks 78th out of 79 countries in this attribute data.

Summary

Jamaica lags behind the global average in key macroeconomic indicators such as the number of listed domestic companies, total value of stocks traded, and annual change in S&P Global Equity Indices. This could indicate a less developed stock market and potentially lower investor confidence. Despite having a higher market capitalization of listed domestic companies as a percentage of GDP compared to the average, the overall performance suggests the need for reforms to attract more investments and improve market stability.

Investment

Foreign direct investment, net (BoP, current US$): Jamaica's net foreign direct investment is significantly below the average of $-1.62 billion, ranking 81 out of 169 countries.

Foreign direct investment, net inflows (BoP, current US$): Jamaica's net inflows of $265.10 million are well below the average of $5.75 billion, placing the country at rank 106 out of 182.

Foreign direct investment, net inflows (% of GDP): Jamaica's net inflows as a percentage of GDP, at 1.92%, fall short of the average of 2.61%, ranking the country 84 out of 178.

Foreign direct investment, net outflows (BoP, current US$): Jamaica's net outflows are considerably lower than the average of $5.71 billion, positioning the country at rank 99 out of 156.

Foreign direct investment, net outflows (% of GDP): Jamaica's net outflows as a percentage of GDP, at 0.05%, are significantly lower than the average of 1.00%, placing Jamaica at rank 104 out of 155 countries.

Portfolio Investment, net (BoP, current US$): Jamaica's net portfolio investment of -$343.74 million is lower than the average of $679.56 million, ranking 117 out of 159.

Portfolio investment, bonds (PPG + PNG) (NFL, current US$): Jamaica's portfolio investment in bonds is well below the average of $4.13 billion, ranking the country 48 out of 59.

Portfolio equity, net inflows (BoP, current US$): Jamaica's net portfolio equity inflows of $260.75 million are significantly lower than the average of $9.20 billion, positioning Jamaica at rank 23 out of 125 countries.

Summary

Jamaica's foreign direct investment, both in terms of net inflows and outflows, lags behind global averages, indicating a need to attract more investment and engage in outward investments to boost economic growth. Additionally, Jamaica's net portfolio investment, particularly in bonds, is comparatively low, suggesting a potential area for improvement to diversify investment sources and increase capital inflows.

These findings are crucial as foreign direct investment and portfolio investment are vital for economic development, facilitating capital inflows, technology transfer, job creation, and infrastructure development. By addressing the gaps in investment inflows and outflows, Jamaica can enhance its economic competitiveness and sustainability in the global arena.

Debt

1. Total debt service (% of GNI): Jamaica's total debt service as a percentage of GNI is 12.09%, which is above the average of 5.98%. Jamaica ranks 15th out of 120 countries in this attribute.

2. Public and publicly guaranteed debt service (% of GNI): Jamaica's debt service for public and publicly guaranteed debt is 8.04% of GNI, significantly higher than the average of 2.84%. Jamaica is ranked 5th out of 120 countries in this category.

3. External debt stocks (% of GNI): Jamaica's external debt stocks stand at 119.13% of GNI, much higher than the average of 65.42%. Jamaica ranks 11th out of 120 countries in this attribute.

4. Debt service on external debt, total (TDS, current US$): Jamaica's total debt service on external debt is $1,614,957,752.80, lower than the average of $9,811,195,839.23. Jamaica is ranked 52nd out of 123 countries in this aspect.

5. Debt service on external debt, public and publicly guaranteed (PPG) (TDS, current US$): Jamaica's debt service on public and publicly guaranteed external debt is $1,073,526,109.40, below the average of $3,310,612,057.60. Jamaica ranks 44th out of 123 countries in this category.

6. External debt stocks, public and publicly guaranteed (PPG) (DOD, current US$): Jamaica's external debt stocks for public and publicly guaranteed debt amount to $9,160,731,514.90, much lower than the average of $28,695,879,144.98. Jamaica is ranked 57th out of 123 countries in this attribute.

7. External debt stocks, private nonguaranteed (PNG) (DOD, current US$): Jamaica's external debt stocks for private nonguaranteed debt stand at $3,519,489,000, significantly below the average of $33,734,699,285.22. Jamaica is ranked 59th out of 91 countries in this category.

8. External debt stocks, total (DOD, current US$): Jamaica's total external debt stocks amount to $15,914,077,389, far below the average of $73,845,530,111.82. Jamaica ranks 57th out of 123 countries in this attribute.

Summary

Jamaica demonstrates higher-than-average figures in key debt service and external debt indicators compared to a global average across 120 countries. Despite ranking moderately in some aspects such as total external debt stocks, Jamaica's debt service on both public and total external debt remains considerably above average, reflecting the country's significant financial obligations that may impact its fiscal sustainability and economic development moving forward.

Broad Trade Attributes

Jamaica's merchandise trade accounts for 43.55% of its GDP, which is below the average of 60.01%. The country is ranked 118 out of 186 countries in terms of this indicator.

Jamaica's trade in services makes up 26.88% of its GDP, exceeding the average of 24.63%. The country holds the 40th rank out of 171 countries in this aspect.

Summary

Jamaica's merchandise trade as a percentage of GDP is below the global average, ranking it 118th out of 186 countries. However, its trade in services exceeds the international average, placing Jamaica at the 40th position out of 171 countries. These indicators are crucial as they reflect Jamaica's economic openness, competitiveness, and ability to generate revenue from international trade, influencing its economic growth and stability.

Net Trade

1. Current account balance (BoP, current US$): Jamaica's current account balance is -156,909,555.12 USD, significantly below the average of 1,443,864,831.49 USD. Jamaica ranks 80th out of 170 countries in this attribute.

2. Current account balance (% of GDP): Jamaica's current account balance as a percentage of GDP is -1.14%, slightly above the average of -2.36%. Jamaica holds the 81st position out of 170 countries for this metric.

3. Net trade in goods and services (BoP, current US$): Jamaica's net trade in goods and services is -2,663,823,121.73 USD, lower than the average of 2,604,730,003.57 USD. Jamaica ranks 125th out of 171 countries in this category.

4. Net primary income (BoP, current US$): Jamaica's net primary income is -454,540,833.90 USD, higher than the average of -903,807,529.74 USD. Jamaica ranks 85th out of 170 countries for this factor.

5. Net secondary income (BoP, current US$): Jamaica's net secondary income is 2,961,454,400.51 USD, considerably above the average of -269,227,340.40 USD. Jamaica stands at the 35th position out of 170 countries concerning this attribute.

6. Net trade in goods (BoP, current US$): Jamaica's net trade in goods is -2,948,517,814.78 USD, well below the average of 1,302,831,005.68 USD. Jamaica is ranked 129th out of 171 countries in this aspect.

7. Net capital account (BoP, current US$): Jamaica's net capital account is -30,794,806.66 USD, lower than the average of 136,543,824.05 USD. Jamaica holds the 132nd position out of 159 countries in this particular attribute.

8. Net financial account (BoP, current US$): Jamaica's net financial account is -189,365,033.70 USD, above the average of -469,840,994.63 USD. Jamaica ranks 87th out of 170 countries for this parameter.

Summary

Jamaica's macroeconomic indicators paint a picture of a country with a negative current account balance, both in absolute terms and as a percentage of its GDP. The country also struggles with a deficit in net trade in goods and services and net trade in goods, indicating a trade imbalance. However, Jamaica excels in net secondary income, surpassing the average by a significant margin. While Jamaica ranks relatively low in some key indicators, such as net trade in goods and current account balance, the positive performance in net secondary income could help offset some of the economic challenges the country faces.

Broad Export Attributes

Jamaica's Exports of goods, services and primary income amount to $3,594,849,594.96. This value is significantly below the attribute average of $146,238,908,936.30, placing Jamaica at rank 125 out of 170 countries.

For Exports of goods and services, Jamaica recorded $3,249,426,079.76, falling below the attribute average of $122,938,540,059.78. Jamaica is ranked 122 out of 170 countries in this aspect.

Jamaica's Goods exports total $1,250,578,464.09. This figure is notably lower than the attribute average of $93,310,581,697.39, positioning Jamaica at rank 135 out of 171 countries.

In terms of ICT goods exports (% of total goods exports), Jamaica's percentage stands at 0.36%, well below the average of 3.81%. Jamaica ranks 81 out of 142 countries for this metric.

Summary

Jamaica's exports of goods, services, and primary income, as well as goods and services alone, are significantly below the attribute averages, placing the country at ranks 125 and 122 out of 170 countries, respectively. Specifically, Jamaica's goods exports and its share of ICT goods exports are notably lower than the average values, positioning Jamaica at ranks 135 and 81 out of 171 and 142 countries, respectively. These findings indicate that Jamaica has untapped potential for growth in export sectors, especially in technology-related goods, which could significantly boost its economic development and competitiveness on the global stage.

Merchandise Exports

Jamaica's merchandise exports amount to $1,251 million, ranking 142nd out of 187 countries. This value is significantly below the average merchandise export value of $89,542 million.

Agricultural raw materials exports account for only 0.08% of Jamaica's total merchandise exports, ranking 135th out of 151 countries. This percentage is notably lower than the average of 2.97%.

Jamaica's food exports represent 31.35% of its merchandise exports, ranking 40th out of 152 countries. This value is above the average of 24.06%.

The country's fuel exports stand at 18.90% of merchandise exports, ranking 34th out of 147 countries, which is higher than the average of 13.70%.

Jamaica's ores and metals exports constitute 45.34% of its merchandise exports, placing it 5th out of 152 countries. This percentage is significantly higher than the average of 9.10%.

Merchandise exports by the reporting economy, residual to total merchandise exports, make up 2.33% for Jamaica, placing it 37th out of 166 countries. Jamaica's value is below the average of 3.20%.

Summary

Jamaica's merchandise export performance is below the global average, with a heavy reliance on food and ores exports. The country's limited diversification in exports poses risks in terms of revenue stability, economic resilience, and vulnerability to global market fluctuations. Diversifying export sectors beyond food and ores could enhance Jamaica's economic sustainability and reduce dependency on volatile commodity markets.

Technology Exports

For Manufactures exports (% of merchandise exports), Jamaica's value of 4.14% is significantly below the average of 42.62%. This places Jamaica at a rank of 142 out of 152 countries in the dataset.

Jamaica's High-technology exports (current US$) amount to $1,133,039, which is drastically lower than the average of $16,655,934,078.80. This places Jamaica at a rank of 138 out of 151 countries.

In terms of High-technology exports (% of manufactured exports), Jamaica's value of 2.35% is notably under the average of 10.15%. Jamaica ranks 113 out of 150 countries for this attribute.

For Medium and high-tech exports (% manufactured exports), Jamaica's figure of 1.44% is significantly lower than the average of 34.29%. Jamaica ranks 142 out of 149 countries in this category.

Summary

Jamaica performs poorly in key macroeconomic indicators related to exports. With low percentages in Manufactures exports, High-technology exports, High-technology exports as a percentage of manufactured exports, and Medium and high-tech exports as a percentage of manufactured exports, Jamaica ranks quite low globally across these metrics. This indicates a lack of diversification in its export base and potentially points to challenges in competitiveness, technological advancement, and integration into higher value-added global production chains.

Service Exports

Analysis of key service export attributes for Jamaica:

1. Service exports (BoP, current US$): Jamaica's value of $1,998,847,615.68 is significantly below the average of $28,917,292,503.82, ranking 88th out of 171 countries.

2. ICT service exports (BoP, current US$): Jamaica's value of $127,564,045.98 is well below the average of $4,578,501,153.77, placing Jamaica 90th out of 166 countries.

3. ICT service exports (% of service exports, BoP): Jamaica's percentage of 6.38% is below the average of 11.75%, ranking Jamaica 102nd out of 166 countries.

4. Communications, computer, etc. (% of service exports, BoP): Jamaica's percentage of 27.66% is below the average of 45.85%, placing Jamaica 125th out of 169 countries.

5. Transport services (% of service exports, BoP): Jamaica's percentage of 8.67% is below the average of 21.80%, ranking 124th out of 169 countries.

6. Travel services (% of service exports, BoP): Jamaica's percentage of 62.84% is significantly above the average of 26.40%, positioning Jamaica 14th out of 167 countries.

7. Insurance and financial services (% of service exports, BoP): Jamaica's percentage of 0.84% is below the average of 6.46%, ranking Jamaica 138th out of 161 countries.

Summary

In analyzing Jamaica's key service export attributes, it is evident that the country performs below average in most categories, such as total service exports, ICT service exports, and various service export percentages. Particularly noteworthy is Jamaica's high ranking in travel services as a percentage of service exports, where it excels compared to the global average. These findings are crucial as they highlight areas where Jamaica can focus on improvement to enhance its service export competitiveness and diversification, ultimately fostering economic growth and stability.

Commercial Service Exports

Commercial service exports (current US$): Jamaica's commercial service exports amount to 1.97 billion USD. This is significantly below the average of 28.51 billion USD, ranking Jamaica 88th out of 171 countries in the dataset. Travel services (% of commercial service exports): Jamaica's travel services account for 63.84% of its commercial service exports, surpassing the average of 27.89%. Jamaica ranks 16th out of 167 countries in this category. Computer, communications and other services (% of commercial service exports): Jamaica's percentage in this category is 26.50%, which is below the average of 42.44%. Jamaica ranks 114th out of 169 countries. Insurance and financial services (% of commercial service exports): Jamaica's contribution in this category is 0.85%, notably lower than the average of 6.97%. Jamaica ranks 139th out of 161 countries. Transport services (% of commercial service exports): Jamaica's transport services make up 8.81% of its commercial service exports, falling short of the average of 23.37%. Jamaica holds the 125th position out of 169 countries included in the dataset.

Summary

Jamaica's commercial service exports are significantly below the global average, ranking 88th out of 171 countries. The country heavily relies on travel services, accounting for 63.84% of its commercial service exports, which is well above the average. However, Jamaica lags behind in other key sectors such as computer, communications, and financial services, ranking lower than the global average. These findings are crucial as they highlight Jamaica's strong dependence on tourism while also indicating the need for diversification and growth in other service sectors to enhance economic resilience and competitiveness in the global market.

Broad Import Attributes

1. International tourism, expenditures (% of total imports): Jamaica's value of 4.92% is higher than the average of 3.98%. With a rank of 24 out of 131 countries, Jamaica showcases a strong emphasis on international tourism compared to its peers.

2. ICT goods imports (% total goods imports): Jamaica's value of 4.46% is below the average of 6.85%. Ranked 88 out of 143 countries, Jamaica's focus on ICT goods imports is not as pronounced compared to the average across all countries.

3. Goods imports (BoP, current US$): Jamaica's import value stands at $4,199,096,278.87, significantly lower than the average of $92,007,788,027.17. Ranked 119 out of 171 countries, Jamaica's import volume is notably below the average level.

4. Imports of goods and services (BoP, current US$): Jamaica's import value of $5,913,249,201.49 is well below the average of $120,321,577,988.12. Positioned at rank 116 out of 170 countries, Jamaica's import value for goods and services is substantially lower compared to the average.

5. Imports of goods, services and primary income (BoP, current US$): Jamaica's total import value of $6,713,213,550.59 is significantly below the average of $144,514,428,722.28. With a rank of 116 out of 170 countries, Jamaica's import value for goods, services, and primary income is substantially lower than the average level.

Summary

Jamaica appears to heavily prioritize international tourism, as indicated by its above-average expenditures compared to its peers. However, the country's focus on ICT goods imports is lacking, with values below the global average. Jamaica's overall import volumes for goods, services, and primary income are notably lower than the average levels seen across all countries. These indicators are crucial as they reflect Jamaica's economic orientation towards tourism and trade, highlighting areas where the country may need to bolster its economic diversification and trade strategies to enhance its overall economic resilience and competitiveness.

Merchandise Imports

Analysis of key statistics for Jamaica:

Summary

In analyzing key macroeconomic indicators for Jamaica, it is evident that the country's merchandise imports value is significantly below the global average, ranking 123rd out of 190 countries. Jamaica also shows lower than average values in manufactures imports and ores and metals imports but performs better in food and fuel imports. The composition of Jamaica's imports signifies its reliance on food and fuel, which could indicate vulnerabilities to price fluctuations in these commodities and an opportunity for domestic production enhancement in other sectors.

Service Imports

1. Service imports (BoP, current US$): Jamaica's value of $1,714,152,922.63 is significantly below the average of $27,615,356,170.47, ranking 104th out of 171 countries.

2. Communications, computer, etc. (% of service imports, BoP): Jamaica's percentage of 40.69% is slightly below the average of 44.40%, ranking 99th out of 169 countries.

3. Transport services (% of service imports, BoP): Jamaica's percentage of 42.21% is notably above the average of 32.90%, ranking 42nd out of 169 countries.

4. Travel services (% of service imports, BoP): Jamaica's percentage of 7.66% is well below the average of 14.14%, ranking 111th out of 169 countries.

5. Insurance and financial services (% of service imports, BoP): Jamaica's percentage of 9.44% is above the average of 8.53%, ranking 55th out of 169 countries.

Summary

Jamaica has a relatively low value of service imports compared to the global average, ranking 104th out of 171 countries. The country shows strengths in transport services but weaknesses in travel services. The high percentage of transport services and above-average percentage of insurance and financial services indicate a focus on infrastructure and financial sectors, which are crucial for economic development and competitiveness in the global market.

Commercial Service Imports

1. Commercial service imports (current US$): Jamaica's commercial service imports are $1,652,579,744.25, ranking 103 out of 171 countries. This value is significantly below the average of $27,102,746,128.60 for all countries in the dataset.

2. Computer, communications and other services (% of commercial service imports): Jamaica's percentage of expenditure on these services is 38.48%, ranking 94 out of 169 countries. This value is slightly below the average of 41.71%.

3. Insurance and financial services (% of commercial service imports): Jamaica allocates 9.79% of its commercial service imports to insurance and financial services, ranking 55 out of 169 countries. This value is higher than the average of 8.85%.

4. Transport services (% of commercial service imports): Jamaica spends 43.78% on transport services, ranking 45 out of 169 countries. This percentage is notably higher than the average of 34.71%.

5. Travel services (% of commercial service imports): Jamaica expends 7.95% on travel services, ranking 114 out of 169 countries. This value is below the average of 14.73% for all countries in the dataset.

Summary

In reviewing Jamaica's key macroeconomic indicators, it is evident that the country has a relatively low volume of commercial service imports compared to the global average. Jamaica's allocation towards computer, communications, and other services is slightly below average, while a higher-than-average proportion is allocated to insurance and financial services as well as transport services. However, there is a notable underspending on travel services in comparison to the global average.

These findings are crucial as they shed light on Jamaica's trade composition and priorities in the services sector. The emphasis on insurance, financial, and transport services suggests a focus on bolstering infrastructure and financial stability. The lower expenditure on travel services might indicate a potential area for growth and development in tourism and related industries to enhance economic diversification and revenue generation.

Infrastructure

Container port traffic in Jamaica is 1,631,011 TEUs, significantly below the attribute average of 6,907,110 TEUs. Jamaica ranks 48 out of 110 countries in this statistic.

Summary

Jamaica's container port traffic of 1,631,011 TEUs is considerably lower than the global average of 6,907,110 TEUs, positioning the country at 48th out of 110 nations in this metric. This indicates a potential opportunity for Jamaica to further develop its maritime trade infrastructure to enhance its competitiveness and facilitate greater connectivity with global markets.

Information Technology Infrastructure

For Secure Internet servers, Jamaica has 475 servers, which is significantly below the average of 458,294. Jamaica ranks 136th out of 193 countries in this regard.

When it comes to Secure Internet servers per 1 million people, Jamaica has 168.41 servers, also notably lower than the average of 14,067.17. Jamaica holds the 125th rank out of 193 countries.

Jamaica's 79.43% of individuals using the Internet is higher than the average of 64.77%. The country ranks 65th out of 180 countries for this metric.

Regarding Fixed broadband subscriptions, Jamaica has 385,603 subscriptions, falling short of the average of 6,591,956.35 subscriptions. Jamaica ranks 96th out of 185 countries.

Jamaica's 2,873,259 mobile cellular subscriptions are well below the average of 42,526,463.87 subscriptions. Jamaica ranks 136th out of 193 countries in this category.

Summary

Jamaica lags behind the global average in key digital infrastructure indicators such as Secure Internet servers, Secure Internet servers per 1 million people, Fixed broadband subscriptions, and mobile cellular subscriptions. Despite having a higher percentage of individuals using the Internet compared to the global average, Jamaica still faces challenges in providing adequate digital connectivity to its population. These disparities highlight the need for further investment in digital infrastructure to enhance connectivity, facilitate economic growth, and improve overall competitiveness in the global digital economy.

Energy Consumption

Regarding Renewable energy consumption (% of total final energy consumption), Jamaica's value of 11.43% is notably below the average of 32.18%. The country is ranked 135 out of 191 countries in this dataset. On the other hand, for CO2 emissions (kt), Jamaica's emissions of 5835.6kt are significantly below the average of 171895.94kt. Jamaica holds the 124th position out of 188 countries in terms of CO2 emissions.

Summary

Jamaica has a low renewable energy consumption of 11.43%, placing it well below the global average of 32.18%. Additionally, its CO2 emissions at 5835.6kt are significantly lower than the average emission levels of 171895.94kt. These indicators reveal Jamaica's potential for environmental improvement by transitioning towards cleaner energy sources, which could not only benefit the country by reducing reliance on fossil fuels but also contribute to global efforts in combating climate change.

Government Balance Sheet

1. Central government debt, total (% of GDP): Jamaica's value is 106.28% of GDP, which is above the average of 74.12%. Jamaica ranks 10th out of 61 countries in this attribute.

2. Total reserves (% of total external debt): Jamaica's value is 24.75%, below the average of 66.13%. Jamaica ranks 65th out of 102 countries in this attribute.

3. Reserves and related items (BoP, current US$): Jamaica's value is $35,982,694.23, significantly below the average of $1,924,407,186.58. Jamaica ranks 86th out of 171 countries in this attribute.

4. Total reserves minus gold (current US$): Jamaica's value is $3,938,028,780.65, much below the average of $74,221,588,171.61. Jamaica ranks 94th out of 161 countries in this attribute.

5. Total reserves (includes gold, current US$): Jamaica's value is $3,938,028,780.65, well below the average of $85,708,019,773.47. Jamaica ranks 98th out of 161 countries in this attribute.

6. Total reserves in months of imports: Jamaica's value is 7.04 months, slightly below the average of 7.10 months. Jamaica ranks 58th out of 151 countries in this attribute.

Summary

Jamaica's macroeconomic indicators paint a concerning picture, with high central government debt relative to GDP, low total reserves compared to external debt, and significantly lower reserves and related items in US dollars. This places Jamaica below average in terms of global rankings for these key indicators. These findings are important as they highlight Jamaica's vulnerability to economic shocks, limited fiscal flexibility, and potential challenges in meeting its external financial obligations.

Government Revenue

1. Revenue, excluding grants (% of GDP): Jamaica's value for this attribute is 29.25% of GDP, slightly above the average of 27.02%. Jamaica ranks 46th out of 122 countries in this data set.

2. Taxes on goods and services (% of revenue): Jamaica's value for this attribute is 45.81%, significantly higher than the average of 31.82%. Jamaica ranks 14th out of 122 countries for this metric.

3. Taxes on international trade (% of revenue): Jamaica's value for this attribute is 8.83%, which is higher than the average of 6.24%. Jamaica ranks 26th out of 101 countries in this data set.

4. Taxes on income, profits and capital gains (% of revenue): Jamaica's value for this attribute is 33.24%, above the average of 24.66%. Jamaica ranks 26th out of 119 countries for this specific metric.

Summary

Jamaica demonstrates a strong reliance on taxes, particularly on goods and services, which accounts for 45.81% of its revenue, significantly higher than the global average. Additionally, taxes on income, profits, and capital gains contribute a substantial 33.24% to Jamaica's revenue. This heavy reliance on taxation signifies Jamaica's need for consistent revenue streams to fund its operations and services, indicating a focus on domestic resource mobilization.

Taxes

For Tax revenue (% of GDP), Jamaica's value of 25.71% is higher than the average of 16.72%. Jamaica ranks 8th out of 123 countries in this attribute.

Jamaica's value for Customs and other import duties (% of tax revenue) is slightly below the average of 9.01% at 8.99%. The country ranks 33rd out of 99 countries.

Regarding Taxes on income, profits and capital gains (% of total taxes), Jamaica's value of 37.82% is slightly below the average of 38.40%. Jamaica holds the 58th rank out of 120 countries.

For Tariff rate, applied, weighted mean, all products (%), Jamaica's value stands at 8.41%, notably higher than the average of 5.21%. Jamaica ranks 40th out of 153 countries in this aspect.

Summary

Jamaica demonstrates above-average performance in Tax revenue (% of GDP) and Tariff rate compared to global averages, ranking 8th and 40th respectively. However, it falls slightly below average in Customs and other import duties (% of tax revenue) and Taxes on income, profits and capital gains (% of total taxes). These indicators are crucial as they reflect Jamaica's fiscal policy effectiveness, trade dynamics, and revenue generation strategies in comparison to other nations, highlighting areas for potential improvement for sustainable economic growth.

Government Expenses

For "Expense (% of GDP)", Jamaica's value of 29.83% is slightly below the average of 31.69%. Jamaica ranks 65th out of 123 countries for this attribute.

In terms of "Compensation of employees (% of expense)", Jamaica's value of 38.01% is notably above the average of 24.70%. Jamaica ranks 22nd out of 123 countries for this metric.

Regarding "Interest payments (% of expense)", Jamaica's value of 21.99% significantly exceeds the average of 6.85%. Jamaica holds the 5th rank out of 121 countries considered for this attribute.

Summary

Jamaica demonstrates a higher-than-average Expense (% of GDP) and Compensation of employees (% of expense), indicating a higher portion of its GDP and government spending is directed towards expenses and employee compensations. Additionally, Jamaica's Interest payments (% of expense) are significantly higher than the global average, signaling a heavier financial burden due to interest payments. These statistics are crucial as they reflect Jamaica's budget allocation priorities, fiscal discipline, and financial health in relation to its peers on the global stage.

Top Stats

Ranks in Top Decile For:

Attribute Rank/Total
Population ages 15-64 (% of total population) 9/194
Public and publicly guaranteed debt service (% of GNI) 5/120
External debt stocks (% of GNI) 11/120
Ores and metals exports (% of merchandise exports) 5/152
Travel services (% of service exports, BoP) 14/167
Travel services (% of commercial service exports) 16/167
Fuel imports (% of merchandise imports) 14/152
Tax revenue (% of GDP) 8/123
Interest payments (% of expense) 5/121

Ranks in Bottom Decile For:

Attribute Rank/Total
Age dependency ratio (% of working-age population) 186/194
Fertility rate, total (births per woman) 177/190
Land under cereal production (hectares) 158/174
Cereal production (metric tons) 161/174
Industrial design applications, nonresident, by count 104/112
S&P Global Equity Indices (annual % change) 78/79
Manufactures exports (% of merchandise exports) 142/152
High-technology exports (current US$) 138/151
Medium and high-tech exports (% manufactured exports) 142/149
Ores and metals imports (% of merchandise imports) 149/152