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The economy of Jamaica is heavily reliant on services, accounting for 71% of the country's GDP. [17] 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 .
The 2010s look to be a bad time for Jamaica's sugarcane industry. After a brief increase sugar prices, the outlook for Jamaican sugar took a hit in 2015 when the EU began moving towards ending a cap on European sugar beet production. Jamaica exports 25% of the sugar it produces to Britain and prices for Jamaican sugar are expected to fall in ...
[24] [predatory publisher] Today Jamaica has a population of 2.8 million individuals (2018), [4] a GNI per capita of $4,990 (2018), and a lower inequality rate than most nations in Latin America. [ 25 ] [ 5 ] The current GDP is 15.71 billion US Dollars, [ 26 ] making Jamaica one of the largest economies in the Caribbean .
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Jamaica's share of the seats in the federal parliament was smaller than its share of the total population of the Federation. It was believed that the smaller islands would be a drain on Jamaica's wealth – the financial rewards of the island's bauxite were beginning to roll in. Jamaica was somewhat isolated in distance from the other islands.
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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]