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The economy of Jamaica is heavily reliant on services, accounting for 71% of the country's GDP. [16] Jamaica has natural resources and a climate conducive to agriculture and tourism. The discovery of bauxite in the 1940s and the subsequent establishment of the bauxite-alumina industry shifted Jamaica's economy from sugar , and bananas .
Economic history of Jamaica (3 C, 3 P) I. Industry in Jamaica (4 C) Infrastructure in Jamaica (1 C) L. Labour in Jamaica (1 C) S. Science and technology in Jamaica (3 ...
Location of Jamaica. Jamaica is an island country situated in the Caribbean Sea, consisting of the third-largest island of the Greater Antilles. Jamaica is a mixed economy with both state enterprises and private sector businesses. Major sectors of the Jamaican economy include agriculture, mining, manufacturing, tourism, and financial and ...
The economy of Jamaica consists mostly of a service sector, contributing over 70% of the GDP. [4] Tourism accounts for 20% of GDP, and remittances accounts for 14%. [4] The Jamaican economy has suffered from poor overall growth in the past several decades, averaging less than 1% growth annually over the past 30 years. [4]
Jamaica's initial quota was in the amount of US$20,000, which was allocated to the IMF in February 1963. Subsequently, Jamaica has increased its quota shares in 1966 (twice),and again in 1969, 1970, 1978, 1980, 1984, 1992, 1999, and in 2016. As of today, Jamaica has an outstanding (unpaid) loan in the amount of 528.78 million SDR's. [28]
Latin American and the Caribbean countries by GDP per capita PPP (2019). This is a list of Latin American and the Caribbean countries by gross domestic product at purchasing power parity in international dollars according to the International Monetary Fund's estimates in the October 2023 World Economic Outlook database.
While agriculture is the major economic land-use activity in many Caribbean countries, agriculture accounts for a declining percentage of most islands' GDP. However, unlike many developed countries, this trend may be accounted for by a growing tertiary sector , as opposed to industrial growth, except for Trinidad and Tobago and Mexico.
Jamaica is an upper-middle-income country [15] with an economy heavily dependent on tourism; it has an average of 4.3 million tourists a year. [20] Jamaica is a parliamentary constitutional monarchy, with power vested in the bicameral Parliament of Jamaica, consisting of an appointed Senate and a directly elected House of Representatives. [9]