Jamaica, with a population of 2,827,377, is ranked 131st in the world, just behind Lithuania. Located in the Caribbean, Jamaica covers a total area of 10,990 square kilometers, ranking 152nd globally, just below Gambia, The.
Jamaica’s economic position in 2022 reflects a GDP of $17,097,760,723.92, ranking it at 127th globally. It falls behind Mongolia, which has a GDP of $17,146,471,626.40. In terms of GDP per capita, Jamaica stands at $6,047.22, placing it at the 103rd position worldwide.
It is surpassed by Paraguay, with a GDP per capita of $6,153.06. Despite facing challenges, Jamaica continues to strive for economic growth and development in various sectors to improve its standing in the global economy.
What are the economic activities of Jamaica?
- Primary activities: 7% of GDP.
- Secondary activities: 21.1% of GDP.
- Tertiary activities: 71.9% of GDP.
Primary Sector of Jamaica
The primary sector in Jamaica, with 38.5% agricultural land, thrives due to its tropical climate and rich natural resources. Main products include sugarcane, yams, goat milk, chicken, coconuts, oranges, bananas, pumpkins/squash, plantains, and sweet potatoes.
Despite agriculture contributing 7% to GDP, its significance lies in the diverse range of crops and animal products, sustaining the country’s agricultural sector and providing vital resources for the economy.
Jamaica’s diverse geology provides a rich array of natural resources. The primary sector thrives on bauxite, alumina, gypsum, and limestone. These resources fuel the economy through mining, construction, and export industries, driving economic growth and development.
Secondary Sector of Jamaica
What is the secondary sector or what are secondary activities?
The secondary sector comprises industries that transform raw materials from primary activities into finished products for consumption. In Jamaica, the main industrial products include manufacturing, construction, financial and insurance services.
Manufactures in Jamaica’s total exports are not significant, accounting for only 4.61% in 2023. This indicates a heavy reliance on other sectors for export revenue.
Tertiary sector of Jamaica
What is the tertiary sector or what are tertiary activities?
The tertiary sector in Jamaica involves providing intangible goods and services to enhance productivity and meet needs. Main activities include restaurants, healthcare, education, banking, communication, media, tourism, transportation, and security services.
In particular, Jamaica’s economy heavily relies on tourism, contributing significantly to its GDP. With 4,233,000 annual arrivals, equating to 1.4971 tourist per capita, popular destinations like Negril’s beaches and the Bob Marley Museum in Kingston attract visitors, driving the tourism industry’s growth and economic impact.
Another example of tertiary economic activity is the mobile cellular sector, with approximately 3 million subscriptions, supporting technological growth by enhancing communication, fostering innovation, and facilitating e-commerce.
Military Activities and Economic Sectors of Jamaica
The military is a good example of many economic activities working together. In Jamaica, the primary sector helps by providing resources needed for military use. The secondary sector makes military equipment, while the tertiary sector offers services like training and support. The quaternary sector focuses on research and development for better technology, and the quinary sector involves high-level decision-making and strategy in the military.
In 2023, Jamaica’s military expenditure was $230.6 million, which is 1.31% of its GDP. The active military force has 3,950 personnel, resulting in about 1.8 active military members for every 1,000 people in the country.
Biggest company in Jamaica
Which is the biggest company in Jamaica? It’s Sagicor Group Jamaica, with a market value of $1.27 billion USD. Founded in 1840, Sagicor operates in the insurance industry, providing various financial services. It plays a vital role in the tertiary economic sector.
International Trade of Jamaica
Import Activities of Jamaica
Jamaica’s import activities are crucial as they account for 44.57% of the GDP, totaling $7.62 billion in 2023.
Jamaica’s key import activities include importing refined petroleum, crude petroleum, natural gas, cars, and plastic products. The country’s top import partners are the US (36%), China (12%), Trinidad and Tobago (6%), Brazil (5%), and Turkey (4%).
Exports Activities of Jamaica
Jamaica’s total exports in 2023 amounted to $1.95 billion, representing 11.41% of its GDP. With a low importance level, diversifying export activities is crucial for economic growth and stability.
Jamaica primarily exports refined petroleum, natural gas, aluminum oxide, liquor, and aluminum ore. Its top export partner is the US at 57%, followed by Russia at 5%, Canada at 4%, the UK at 4%, and Iceland at 2%.
Jamaica economy challenges in 2024
In 2024, Jamaica faces challenges with its debt restructuring, vulnerability to hurricanes, high crime rates, youth unemployment, and poverty. The ongoing Russia invasion of Ukraine adds to its susceptibility to commodity shocks, impacting its economy.
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