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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. Remittances account for nearly 20% of GDP, but have declined 15% since the onset of the Global recession. Tourism revenues account for 20% of GDP, and arrivals have remained strong, up 4% in 2009, although total revenues have declined due to discounts offered to retain visitors. The economy faces serious long-term problems: a sizable merchandise trade deficit, large-scale unemployment and underemployment, and a debt-to-GDP ratio of more than 130%. Jamaica's onerous debt burden - the fourth highest per capita - is the result of government bailouts to ailing sectors of the economy, most notably to the financial sector in the mid-to-late 1990s. The Government of Jamaica signed a $1.27 billion, 27-month Standby Agreement with the International Monetary Fund for balance of payment support in February 2010. Other multilaterals have also provide millions of dollars in loans and grants. The government's difficult fiscal position hinders spending on infrastructure and social programs, particularly as job losses rise in a shrinking economy. The GOLDING administration faces the difficult prospect of having to achieve fiscal discipline in order to maintain debt payments, while simultaneously attacking a serious and growing crime problem that is hampering economic growth. High unemployment exacerbates the crime problem, including gang violence that is fueled by the drug trade.
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$23.8 billion (2009 est.)
country comparison to the world: 114
$24.49 billion (2008 est.)
$24.72 billion (2007 est.)
note:
data are in 2009 US dollars
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$11.9 billion (2009 est.)
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-2.8% (2009 est.)
country comparison to the world: 163
-0.9% (2008 est.)
1.5% (2007 est.)
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$8,400 (2009 est.)
country comparison to the world: 116
$8,700 (2008 est.)
$8,900 (2007 est.)
note:
data are in 2009 US dollars
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agriculture: 6%
industry:
30.1%
services:
63.9% (2009 est.)
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1.311 million (2009 est.)
country comparison to the world: 135
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agriculture: 17%
industry:
19%
services:
64% (2006)
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12.9% (2009 est.)
country comparison to the world: 135
10.6% (2008 est.)
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14.8% (2003 est.)
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lowest 10%: 2.1%
highest 10%:
35.8% (2004)
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45.5 (2004)
country comparison to the world: 40
37.9 (2000)
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24.6% of GDP (2009 est.)
country comparison to the world: 47
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revenues: $3.422 billion
expenditures:
$4.795 billion (2009 est.)
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124.5% of GDP (2009 est.)
country comparison to the world: 5
115.6% of GDP (2008 est.)
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9.6% (2009 est.)
country comparison to the world: 191
22% (2008 est.)
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NA%
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16.83% (31 December 2008)
country comparison to the world: 30
17.2% (31 December 2007)
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$1.253 billion (31 December 2008)
country comparison to the world: 106
$1.373 billion (31 December 2007)
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$4.244 billion (31 December 2008)
country comparison to the world: 89
$4.554 billion (31 December 2007)
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$7.175 billion (31 December 2008)
country comparison to the world: 84
$6.609 billion (31 December 2007)
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$6.127 billion (31 December 2009)
country comparison to the world: 72
$7.513 billion (31 December 2008)
$12.33 billion (31 December 2007)
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sugarcane, bananas, coffee, citrus, yams, ackees, vegetables; poultry, goats, milk; crustaceans, mollusks
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tourism, bauxite/alumina, agro processing, light manufactures, rum, cement, metal, paper, chemical products, telecommunications
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-11.6% (2009 est.)
country comparison to the world: 146
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7.324 billion kWh (2007 est.)
country comparison to the world: 100
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6.345 billion kWh (2007 est.)
country comparison to the world: 103
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0 kWh (2008 est.)
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0 kWh (2008 est.)
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0 bbl/day (2008 est.)
country comparison to the world: 171
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77,000 bbl/day (2009 est.)
country comparison to the world: 87
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0 bbl/day (2007 est.)
country comparison to the world: 148
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77,720 bbl/day (2007 est.)
country comparison to the world: 75
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0 bbl (1 January 2009 est.)
country comparison to the world: 167
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0 cu m (2008 est.)
country comparison to the world: 174
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0 cu m (2008 est.)
country comparison to the world: 127
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0 cu m (2008 est.)
country comparison to the world: 85
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0 cu m (2008 est.)
country comparison to the world: 159
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0 cu m (1 January 2009 est.)
country comparison to the world: 159
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-$776 million (2009 est.)
country comparison to the world: 125
-$3.038 billion (2008 est.)
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$1.444 billion (2009 est.)
country comparison to the world: 135
$2.5 billion (2008 est.)
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alumina, bauxite, sugar, rum, coffee, yams, beverages, chemicals, wearing apparel, mineral fuels
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US 38.19%, Canada 12.2%, UK 10.79%, Norway 4.89%, Netherlands 4.69% (2009)
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$4.554 billion (2009 est.)
country comparison to the world: 112
$7.547 billion (2008 est.)
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food and other consumer goods, industrial supplies, fuel, parts and accessories of capital goods, machinery and transport equipment, construction materials
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US 28.32%, Trinidad and Tobago 22.98%, Venezuela 12.14%, China 4.61%, Brazil 4.18% (2009)
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$1.736 billion (31 December 2009 est.)
country comparison to the world: 119
$1.773 billion (31 December 2008 est.)
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$11.55 billion (31 December 2009 est.)
country comparison to the world: 80
$10.65 billion (31 December 2008 est.)
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Jamaican dollars (JMD) per US dollar - 88.674 (2009), 72.236 (2008), 69.034 (2007), 65.768 (2006), 62.51 (2005)
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