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. Remittances account for nearly 20% of GDP - roughly equivalent to tourism revenues. The economy faces serious long-term problems: a sizable merchandise trade deficit, large-scale unemployment and underemployment, and a debt-to-GDP ratio of almost 130%. Jamaica's onerous debt burden - the fourth highest per capita - is the result of government bailouts to ailing sectors of the economy, most notably to the financial sector in the mid-to-late 1990s. It hinders government spending on infrastructure and social programs as debt servicing accounts for nearly half of government expenditures. 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. Inflation rose sharply in 2008 as a result of high prices for imported food and oil, but slowed in 2009 because of the global recession. Jamaica spent the latter half of 2009 negotiating with the IMF for economic assistance and will need to introduce major fiscal reforms in 2010 in order to secure a deal.

GDP (purchasing power parity):
$23.36 billion (2009 est.)