Country Summary: Jamaica

Jamaica

Country Name: Jamaica

Capital: Kingston

Government Type: parliamentary democracy (Parliament) under a constitutional monarchy; a Commonwealth realm

Background: The island - "discovered" by Christopher COLUMBUS in 1494 - was settled by the Spanish early in the 16th century. The Native Taino, who had inhabited Jamaica for centuries, were gradually exterminated and replaced by African slaves. England seized the island in 1655 and established a plantation economy based on sugar, cocoa, and coffee. The abolition of slavery in 1834 freed a quarter million slaves, many of whom became small farmers. Jamaica gradually increased its independence from Britain. In 1958, it joined other British Caribbean colonies in forming the Federation of the West Indies. Jamaica withdrew from the Federation in 1961 and gained full independence in 1962. Deteriorating economic conditions during the 1970s led to recurrent violence as rival gangs affiliated with the major political parties evolved into powerful organized crime networks involved in international drug smuggling and money laundering. Violent crime, drug trafficking, corruption, the COVID-19 pandemic, and poverty pose significant challenges to the government today. Nonetheless, many rural and resort areas remain relatively safe and contribute substantially to the economy.

Continent: Caribbean

Population: 2,820,982 (2023 est.)

Ethnic Groups: Black 92.1%, mixed 6.1%, East Indian 0.8%, other 0.4%, unspecified 0.7% (2011 est.)

Languages: English, Jamaican patois

Religions: Protestant 64.8% (includes Seventh Day Adventist 12.0%, Pentecostal 11.0%, Other Church of God 9.2%, New Testament Church of God 7.2%, Baptist 6.7%, Church of God in Jamaica 4.8%, Church of God of Prophecy 4.5%, Anglican 2.8%, United Church 2.1%, Methodist 1.6%, Revived 1.4%, Brethren 0.9%, and Moravian 0.7%), Roman Catholic 2.2%, Jehovah's Witness 1.9%, Rastafarian 1.1%, other 6.5%, none 21.3%, unspecified 2.3% (2011 est.)

Economic Overview: upper middle-income Caribbean island economy; ongoing debt restructuring; hurricane-vulnerable economy; high crime, youth unemployment, and poverty; susceptible to commodity shocks from ongoing Russia invasion of Ukraine

Currency: Jamaican Dollar (JMD)

Reserves of Foreign Exchange & Gold: $4.52 billion (2022 est.) note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars

Real GDP (Purchasing Power Parity): $28.579 billion (2022 est.) note: data in 2017 dollars

Real GDP Growth Rate: 5.22% (2022 est.) note: annual GDP % growth based on constant local currency

Real GDP per Capita: $10,100 (2022 est.) note: data in 2017 dollars

Exports: 

  • $6.424 billion (2022 est.) note: balance of payments - exports of goods and services in current dollars

  • Comparison Ranking: 126

Export Commodities: aluminum oxide, refined petroleum, aluminum, rums, fruits, nuts, natural gas, sauces and seasonings (2021)

Export Partners: United States 46%, Netherlands 9%, Canada 6%, United Kingdom 4%, Russia 3% (2021)

Imports: 

  • $9.726 billion (2022 est.) note: balance of payments - imports of goods and services in current dollars

  • Comparison Ranking: 125

Import Commodities: refined petroleum, natural gas, cars, crude petroleum, iron bars, steel bars (2021)

Import Partners: United States 35%, China 13%, Turkey 5%, Trinidad and Tobago 3%, Japan 3% (2021)

Natural Resources: bauxite, alumina, gypsum, limestone

Agricultural Products: sugar cane, goat milk, yams, poultry, coconuts, oranges, bananas, gourds, plantains, grapefruit

Industries: agriculture, mining, manufacture, construction, financial and insurance services, tourism, telecommunications

Industrial Production Growth Rate: 

  • -0.38% (2022 est.) note: annual % change in industrial value added based on constant local currency

  • Comparison Ranking: 169

Labor Force: 1.517 million (2022 est.)

Unemployment Rate: 5.5% (2022 est.) note: % of labor force seeking employment

Natural Hazards: hurricanes (especially July to November)

Geography:

  • Total: 10,991 sq km

  • Land: 10,831 sq km

  • Water: 160 sq km

(Country Summary, The World Factbook, CIA.gov)

LEGAL, FINANCIAL, & TAX ADVICE DISCLAIMER: The information on SportsLifeMoney’s™ (“SLM”) websites, podcast network, videos, social media accounts, and other platforms (collectively, “SLM Platforms”) is strictly and solely provided for educational and informational purposes only. All of the information and materials on the aforementioned SLM Platforms do not constitute and are not intended to provide legal, financial, accounting, or tax advice, and should not be relied on in that respect. SLM recommends that you consult with an attorney, certified financial advisor, or licensed accountant to answer any legal, financial, or tax questions you may have. SLM also recommends that you consult with an attorney, certified financial advisor, or licensed accountant before making any legal, financial, or tax-related decisions based on content and/or subject matter included and/or discussed on any of the SLM Platforms. Before you act or rely on any information you have heard, read, viewed, and/or listened to on any of the SLM Platforms or communication mediums, SLM recommends that you confirm any and all facts that are important to your decision and that you subsequently consult with an appropriate professional (e.g., attorney, certified financial advisor, certified accountant, etc.) and have them review these facts and also confirm their validity. CAUTION: IF YOU RELY ON ANY INFORMATION, CONTENT, PRODUCT, OR SERVICE FROM ANY OF THE SLM PLATFORMS, YOU DO SO AT YOUR OWN RISK. YOU UNDERSTAND THAT YOU ARE SOLELY RESPONSIBLE FOR ANY AND ALL DAMAGES OR LOSS THAT YOU MAY INCUR THAT RESULTS FROM YOUR USE AND/OR RELIANCE OF ANY OF THE SLM PLATFORMS OR ANY OF THE CONTENT OR MATERIAL OTHERWISE PROVIDED ON ANY OF THESE SLM PLATFORMS. SLM AND ANY AND ALL OF ITS AFFILIATES MAKE NO IMPLIED OR EXPRESS REPRESENTATIONS OR IMPLIED OR EXPRESS WARRANTIES OF ANY KIND REGARDING ANY AND ALL INFORMATION ON ANY OF THE SLM PLATFORMS OR SLM’S AFFILIATE PLATFORMS. SLM AND ITS AFFILIATES WILL NOT BE HELD LIABLE FOR ANY DAMAGES. By continuing to use any of the SLM Platforms, you acknowledge and agree to the aforementioned terms and conditions of this disclaimer and any and all other legally binding terms and conditions set forth in SLM’s Privacy Policy, Terms & Conditions, and other legally binding agreements. 

 
 
Previous
Previous

Country Summary: Italy (Italian Republic)

Next
Next

Territory Summary: Jan Mayen