The growth of the real gross domestic product (GDP) in Jamaica was estimated at about -0.80 percent in 2024. From 1980 to 2024, the growth rose by approximately 3.24 percentage points, though the increase followed an uneven trajectory rather than a consistent upward trend. Between 2024 and 2030, the growth will rise by around 2.40 percentage points, showing an overall upward trend with periodic ups and downs.This indicator describes the annual change in the gross domestic product at constant prices, expressed in national currency units. Here the gross domestic product represents the total value of the final goods and services produced during a year.

The Gross Domestic Product (GDP) in Jamaica expanded 1.10 percent in the first quarter of 2025 over the same quarter of the previous year. This dataset provides - Jamaica GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Historical chart and dataset showing Jamaica economic growth by year from 1960 to 2023.

GDP per capita growth (annual %) in Jamaica was reported at --0.69744 % in 2024, according to the World Bank collection of development indicators, compiled from officially recognized sources. Jamaica - GDP per capita growth (annual %) - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.

Historical dataset showing Jamaica economic growth by year from 1960 to 2023.

The gross domestic product (GDP) in current prices in Jamaica was estimated at about 20.07 billion U.S. dollars in 2024. Between 1980 and 2024, the GDP rose by approximately 17.50 billion U.S. dollars, though the increase followed an uneven trajectory rather than a consistent upward trend. The GDP will steadily rise by around 5.37 billion U.S. dollars over the period from 2024 to 2030, reflecting a clear upward trend.This indicator describes the gross domestic product at current prices. The values are based upon the GDP in national currency converted to U.S. dollars using market exchange rates (yearly average). The GDP represents the total value of final goods and services produced during a year.

This statistic shows the share of economic sectors in the gross domestic product (GDP) in Jamaica from 2013 to 2023. In 2023, the share of agriculture in Jamaica's gross domestic product was 9.02 percent, industry contributed approximately 18.65 percent and the services sector contributed about 60.14 percent.

The Gross Domestic Product (GDP) in Jamaica was worth 19.93 billion US dollars in 2024, according to official data from the World Bank. The GDP value of Jamaica represents 0.02 percent of the world economy. This dataset provides - Jamaica GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

GDP per capita growth of Jamaica sank by 57.87% from 5.2 % in 2022 to 2.2 % in 2023. Since the 120.16% jump in 2018, GDP per capita growth soared by 25.59% in 2023. Annual percentage growth rate of GDP per capita based on constant local currency. Aggregates are based on constant U.S. dollars. GDP per capita is gross domestic product divided by midyear population. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.

Jamaica JM: Real GDP: Index data was reported at 117.738 2000=100 mn in 2023. This records an increase from the previous number of 115.204 2000=100 mn for 2022. Jamaica JM: Real GDP: Index data is updated yearly, averaging 108.284 2000=100 mn from Dec 1990 (Median) to 2023, with 34 observations. The data reached an all-time high of 117.738 2000=100 mn in 2023 and a record low of 83.819 2000=100 mn in 1990. Jamaica JM: Real GDP: Index data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Jamaica – Table JM.OECD.GGI: Governance: Economic Environment and Growth: Non OECD Member: Annual.

GDP deflator of Jamaica slumped by 8.68% from 12.8 % in 2022 to 11.7 % in 2023. Since the 114.36% surge in 2021, GDP deflator rocketed by 57.37% in 2023. Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. The GDP implicit deflator is the ratio of GDP in current local currency to GDP in constant local currency.

Inflation in Jamaica dropped to about 3.91 percent in 2019, meaning that a group of goods that cost 100 Jamaican dollars in 2019 would cost 103.91 Jamaican dollars in 2020. This rate dropped from 4.38 percent in 2017 and was forecast to stay around 5 percent in the medium term.

Inflation and growth

After adjusting for inflation, the growth rate in Jamaica’s economy has been relatively slow over the past few years. This is an issue for the island because its gross domestic product per capita indicates a moderate level of development. This suggests that the people would benefit from a higher level of growth. Developmental economists often call this “catch-up” growth, a period of relatively rapid growth that occurs because the economy develops to the level of other countries that have fully realized their economic potential under modern levels of technology and trade.

Effects of inflation

Inflation is often associated with a corresponding increase in unemployment. In developed economies, central bankers worry about the tradeoff between higher inflation and higher unemployment. For Jamaica, more inflation may be the lesser of two evils. Since the Jamaican dollar is not pegged to any other currency, inflation also weakens the currency. For a country so heavily reliant on foreign currencies through tourism, this actually makes Jamaica a more attractive destination because tourists’ U.S. dollars or euros are worth more in relative terms.

Jamaica JM: GDP: % of Total Value Added: Services data was reported at 60.140 % in 2023. This records an increase from the previous number of 58.330 % for 2022. Jamaica JM: GDP: % of Total Value Added: Services data is updated yearly, averaging 63.360 % from Dec 1993 (Median) to 2023, with 31 observations. The data reached an all-time high of 68.140 % in 2009 and a record low of 57.150 % in 1993. Jamaica JM: GDP: % of Total Value Added: Services data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Jamaica – Table JM.OECD.GGI: Governance: Economic Environment and Growth: Non OECD Member: Annual.

Claims on other sectors of the domestic economy (annual growth as % of broad money) in Jamaica was reported at 3.5963 % in 2024, according to the World Bank collection of development indicators, compiled from officially recognized sources. Jamaica - Claims on other sectors of the domestic economy (annual growth as % of broad money) - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.

The share of value added by the agriculture, forestry and fishing sector to the gross domestic product in Jamaica increased by 0.9 percentage points (+11.11 percent) in 2023 in comparison to the previous year. Therefore, the share in Jamaica reached a peak in 2023 with 9.02 percent. The value added by agriculture, forestry, and fishing refers to the net output of the sector. It is calculated as the gross output, which is the gross revenue of production, minus the intermediate inputs, which is the value of goods and services consumed in the production process. Activities included in this sector are crop cultivation, forestry, hunting, fishing, and livestock production.Find more key insights for the share of value added by the agriculture, forestry and fishing sector to the gross domestic product in countries like Trinidad and Tobago and Antigua and Barbuda.

This statistic shows the life expectancy at birth in Jamaica from 2013 to 2023. In 2023, the average life expectancy at birth in Jamaica was 71.48 years. Jamaica's economic improvement Life expectancy in Jamaica is rising slowly, comparing ever more favorably with the rest of the world. In 2003, life expectancy was 70.98 years of age and over the period of ten years it rose slightly by about 3 years. When looking at past figures, in 1975 the median age of the population was significantly lower than what it is today. Back then, the average age of the population was only 17, but in 2015 it has risen to 29.1 years of age. This indicates a significant improvement in health care and living standards, resulting in extended life spans. Improvements have also been made regarding the fertility rate, and as of 2015 it stood at 2.03 – right at the natural replacement rate where most countries would like to be. This is shifting the age structure of Jamaica towards what is typical for developing countries. However, despite improvements in health and longer lifespans, GDP per capita remains low at around 5,000 U.S. dollars per capita. On the other hand, the unemployment rate, while still high is getting better, GDP growth is on the rise after some difficult years, and the inflation rate is also dropping. It appears that the living conditions and standard of living in Jamaica will continue to improve and as they do, it is also likely that tourism on the island will continue.

Broad money (% of GDP) of Jamaica declined by 2.00% from 66.3 % in 2022 to 64.9 % in 2023. Since the 0.98% growth in 2021, broad money (% of GDP) slumped by 10.40% in 2023. Broad money (IFS line 35L..ZK) is the sum of currency outside banks; demand deposits other than those of the central government; the time, savings, and foreign currency deposits of resident sectors other than the central government; bank and traveler’s checks; and other securities such as certificates of deposit and commercial paper.

Annual percentage growth rate of GDP at market prices based on constant 2010 US Dollars. in Jamaica was reported at 1.6 % in 2026, according to the World Bank collection of development indicators, compiled from officially recognized sources. Jamaica - Annual percentage growth rate of GDP at market prices based on constant 2010 US Dollars. - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

Inflation rate (GDP deflator) of Jamaica plummeted by 56.59% from 11.2 % in 2023 to 4.9 % in 2024. Since the 72.34% surge in 2022, inflation rate (GDP deflator) sank by 61.85% in 2024. Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. The GDP implicit deflator is the ratio of GDP in current local currency to GDP in constant local currency.

Exports of goods and services (annual % growth) in Jamaica was reported at 15.1 % in 2022, according to the World Bank collection of development indicators, compiled from officially recognized sources. Jamaica - Exports of goods and services (annual % growth) - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.