Starting in the s, the state reduced its role as a major player in the economy, partly because structural adjustment and economic liberalization favoured private enterprise as the engine of economic growth.
The major crop is sugarcanewith its by-products molasses and rum. The principal exports are aluminum and bauxite, which account for approximately one-third of export earnings; sugar, bananas, coffee, and other agricultural products, beverages and tobacco, and chemicals constitute most of the remainder.
Import substitution, which had helped the manufacturing industries, was abandoned in the s. The government encourages afforestation. Fishing is a major enterprise, supporting thousands of people. Life insurance companies, building societies, and credit unions also offer savings and credit services.
Generators, partly owned by the government, supply most of the electric power, and privately owned facilities provide for the major industries.
The central bank is the Bank of Jamaica founded ; it issues currency the Jamaican dollar and credit and promotes economic development. The main products are processed foods including sugar, rum, and molassestextiles, and metal products. In the s, however, a financial crisis necessitated government bailouts of some faltering industries and financial institutions.
Blue Mountain Coffee, a renowned gourmet brand, is grown on slopes just below 5, feet 1, metres and is processed by a select group of Jamaican companies; other types of coffee are grown in the lowlands.
During the same period, the government sold most of its struggling sugar enterprises to a Chinese company. Bring fact-checked results to the top of your browser search. Manufacturing Manufacturing accounts for roughly one-eighth of the GDP and less than one-tenth of the labour force. Jamaica imports petroleum for nearly all of its energy needs, including electric power generation.
Mining and manufacturing became more important to the economy in the latter part of the 20th century, while the export of agricultural commodities declined.
Since independence inthe country has developed markedly but unevenly. Hydroelectric resources and the burning of bagasse sugarcane residue generate smaller amounts of electricity. Cement is used largely in local construction.
In the late s a crisis in the financial sector obliged the government to intervene in the operations of several banks and insurance companies. Fruits, including oranges, coconuts, and bananas, are also important. Also important are coconuts, squashes, coffeeallspice pimentocacao the source of cocoa beanstobacco, and ginger.
Marijuana ganja is illegally grown in many areas; however, U. Printing, chemicals, and cement and clay products are also notable. Iron ore, gypsum, and marble are in eastern Jamaica, and clays occur in the west. Resources and power Large deposits of bauxite the ore of aluminum are found in central Jamaica.
Trade Trade constitutes about one-fourth of the GDP and employs one-sixth of the labour force. Several banks and special funding institutions provide loans for industry, housing, tourism, and agriculture. The Jamaican dollar had a relatively stable exchange rate relative to the U.
Finance Commercial banks—some of which are subsidiaries of Canadian, British, and U. Silica sand and limestone are found throughout the island.Jamaica Economic Growth Moderating but still robust global economic activity and a pickup in mining output are expected to drive growth this year and the next, while lower unemployment should translate into solid private consumption gains.
Furthermore, public sector reforms ought to improve government finances. Jamaica Economy - overview Factbook > Countries > Jamaica > Economy Economy - overview: The Jamaican economy is heavily dependent on services, which accounts for more than 70% of GDP.
Jamaica - Economy: Jamaica’s economy is mixed but increasingly based on services, notably tourism and finance. Since independence inthe country has developed markedly but unevenly. Mining and manufacturing became more important to the economy in the latter part of the 20th century, while the export of agricultural.
Economy - overview: The Jamaican economy is heavily dependent on services, which accounts for more than 70% of GDP.
The country continues to derive most of its foreign exchange from tourism, remittances, and bauxite/alumina. Underlining Jamaica’s climate vulnerability, Jamaica’s GDP grew by an estimated percent indown from percent in (a decline due mostly due to severe floods and other adverse weather during the first half of ).
The economy is expected to rebound in with growth of percent. Jamaica is ranked 5th among 32 countries in the Americas region, and its overall score is above the regional and world averages.
Jamaica’s economy has grown on average by less than 1 percent a year for the past three decades.Download