Jamaica GDP Annual Growth Rate
The Gross Domestic Product (GDP) in Jamaica expanded 1.80 percent in the fourth quarter of 2013 over the same quarter of the previous year. GDP Annual Growth Rate in Jamaica averaged 0.52 Percent from 2003 until 2013, reaching an all time high of 4.30 Percent in the fourth quarter of 2006 and a record low of -4.50 Percent in the second quarter of 2009. GDP Annual Growth Rate in Jamaica is reported by the Statistical Institute of Jamaica.
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Jamaica, a small island nation situated in a strategic position near the Panama Canal, is the slowest growing economy in the Caribbean. Services, with tourism employing 10 percent of the population, is the most important sector of the economy and accounts for around 60 percent of GDP. Jamaica’s large shadow economy and lax tax regulations have translated into persistent fiscal deficits and heavy dependence on remittances. Bureaucracy, high energy costs and a slow, inefficient legal system are hampering foreign direct investments and private initiative. High unemployment and drug related crime are also issues that need to be addressed. This page provides - Jamaica GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.