Compare Jamaica (2007) - Jamaica (2008)

Compare Jamaica (2007) z Jamaica (2008)

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	Jamaica (2007)	Jamaica (2008)

Background	The island - discovered by Christopher COLUMBUS in 1494 - was settled by the Spanish early in the 16th century. The native Taino Indians, who had inhabited Jamaica for centuries, were gradually exterminated, replaced by African slaves. England seized the island in 1655 and a plantation economy - based on sugar, cocoa, and coffee - was established. The abolition of slavery in 1834 freed a quarter million slaves, many of whom became small farmers. Jamaica gradually obtained increasing independence from Britain, and in 1958 it joined other British Caribbean colonies in forming the Federation of the West Indies. Jamaica gained full independence when it withdrew from the Federation in 1962. Deteriorating economic conditions during the 1970s led to recurrent violence as rival gangs affiliated with the major political parties evolved into powerful organized crime networks involved in international drug smuggling and money laundering. The cycle of violence, drugs, and poverty has served to impoverish large sectors of the populace. Nonetheless, many rural and resort areas remain relatively safe and contribute substantially to the economy.	The island - discovered by Christopher COLUMBUS in 1494 - was settled by the Spanish early in the 16th century. The native Taino Indians, who had inhabited Jamaica for centuries, were gradually exterminated and replaced by African slaves. England seized the island in 1655 and established a plantation economy based on sugar, cocoa, and coffee. The abolition of slavery in 1834 freed a quarter million slaves, many of whom became small farmers. Jamaica gradually obtained increasing independence from Britain, and in 1958 it joined other British Caribbean colonies in forming the Federation of the West Indies. Jamaica gained full independence when it withdrew from the Federation in 1962. Deteriorating economic conditions during the 1970s led to recurrent violence as rival gangs affiliated with the major political parties evolved into powerful organized crime networks involved in international drug smuggling and money laundering. Violent crime, drug trafficking, and poverty pose significant challenges to the government today. Nonetheless, many rural and resort areas remain relatively safe and contribute substantially to the economy.
Budget	revenues: $3.214 billion expenditures: $3.772 billion (2006 est.)	revenues: $3.441 billion expenditures: $3.905 billion (2007 est.)
Debt - external	$6.926 billion (2006 est.)	$7.138 billion (31 December 2007 est.)
Economy - overview	The Jamaican economy is heavily dependent on services, which now account for more than 60% of GDP. The country continues to derive most of its foreign exchange from tourism, remittances, and bauxite/alumina. Jamaica's economy, already saddled with a record of sluggish growth, was hit hard by Hurricane Ivan in late 2004, but has made a gradual recovery. The economy faces serious long-term problems: high but declining interest rates, increased foreign competition, exchange rate instability, a sizable merchandise trade deficit, large-scale unemployment and underemployment, and a high debt burden - the result of government bailouts to ailing sectors of the economy, most notably the financial sector in the mid-to-late 1990s. Following a strategy begun in 2004, Jamaica has reduced its public debt to 133.3% of GDP. Inflation also had declined to 5.8% at the end of 2006. High unemployment exacerbates the serious crime problem, including gang violence fueled by the drug trade. The government faces the difficult prospect of having to achieve fiscal discipline in order to maintain debt payments while simultaneously attacking a serious and growing crime problem that is hampering economic growth.	The Jamaican economy is heavily dependent on services, which now account for more than 60% of GDP. The country continues to derive most of its foreign exchange from tourism, remittances, and bauxite/alumina. Remittances account for nearly 20% of GDP and are equivalent to tourism revenues. Jamaica's economy, already saddled with a record of sluggish growth, will suffer an economic setback from damages caused by Hurricane Dean in August 2007. The economy faces serious long-term problems: high but declining interest rates, increased foreign competition, exchange rate instability, a sizable merchandise trade deficit, large-scale unemployment and underemployment, and a debt-to-GDP ratio of 135%. Jamaica's onerous debt burden - the fourth highest per capita - is the result of government bailouts to ailing sectors of the economy, most notably the financial sector in the mid-to-late 1990s. Inflation also has declined, standing at about 7% at the end of 2007. High unemployment exacerbates the serious crime problem, including gang violence that is fueled by the drug trade. The GOLDING administration faces the difficult prospect of having to achieve fiscal discipline in order to maintain debt payments while simultaneously attacking a serious and growing crime problem that is hampering economic growth.
Exchange rates	Jamaican dollars per US dollar - 65.768 (2006), 62.51 (2005), 61.197 (2004), 57.741 (2003), 48.416 (2002)	Jamaican dollars per US dollar - 69.034 (2007), 65.768 (2006), 62.51 (2005), 61.197 (2004), 57.741 (2003)
Exports	NA bbl/day	1,531 bbl/day (2004)
GDP - composition by sector	agriculture: 5.4% industry: 33.8% services: 60.8% (2006 est.)	agriculture: 5% industry: 34% services: 61% (2007 est.)
GDP - real growth rate	2.5% (2006 est.)	1.5% (2007 est.)
Imports	NA bbl/day	71,420 bbl/day (2004)
Industrial production growth rate	-2% (2000 est.)	2% (2007 est.)
Inflation rate (consumer prices)	8.6% (2006 est.)	7.1% (2007 est.)
International organization participation	ACP, C, Caricom, CDB, FAO, G-15, G-77, IADB, IAEA, IBRD, ICAO, ICCt (signatory), ICRM, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Interpol, IOC, IOM, ISO, ITSO, ITU, LAES, MIGA, NAM, OAS, OPANAL, OPCW, UN, UNCTAD, UNESCO, UNIDO, UNWTO, UPU, WCO, WFTU, WHO, WIPO, WMO, WTO	ACP, C, Caricom, CDB, FAO, G-15, G-77, IADB, IAEA, IBRD, ICAO, ICCt (signatory), ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Interpol, IOC, IOM, ISO, ITSO, ITU, LAES, MIGA, NAM, OAS, OPANAL, OPCW, UN, UNCTAD, UNESCO, UNIDO, UNWTO, UPU, WCO, WFTU, WHO, WIPO, WMO, WTO
Labor force	1.249 million (2006 est.)	1.255 million (2007 est.)
Labor force - by occupation	agriculture: 18.1% industry: 17.3% services: 64.6% (2004)	agriculture: 17% industry: 19% services: 64% (2006)
Unemployment rate	11.3% (2006 est.)	10.2% (2007 est.)

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