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Jamaica

Introduction to Jamaica

Jamaica gained full independence within the British Commonwealth in 1962. Deteriorating economic conditions during the 1970s led to recurrent violence and a drop off in tourism. Elections in 1980 saw the democratic socialists voted out of office. Political violence marred elections during the 1990s.

Government

Capital:

Kingston 

Independence:

6 August 1962 (from UK) 

National holiday:

Independence Day, first Monday in August (1962) 

Economy

Economy overview:

The Jamaican economy is heavily dependent on services, which now account for 70% of GDP. The country continues to derive most of its foreign exchange from tourism, remittances, and bauxite/alumina. The global economic slowdown, particularly after the terrorist attacks in the US on 11 September 2001, stunted economic growth; the economy rebounded moderately in 2003, with one of the best tourist seasons on record. But the economy faces serious long-term problems: high interest rates; increased foreign competition; a pressured, sometimes sliding, exchange rate; a sizable merchandise trade deficit; large-scale unemployment; and a growing internal debt, the result of government bailouts to ailing sectors of the economy. The ratio of debt to GDP is close to 150%. Inflation, previously a bright spot, is expected to remain in the double digits. Depressed economic conditions have led to increased civil unrest, including gang violence fueled by the drug trade. In 2004, 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. 

GDP:

purchasing power parity -$0.61 billion (2004 est.)

GDP - composition by sector:

agriculture: 6.7%
industry: 37.2%
services: 56.2% (2004 est.)

Agriculture products:

sugarcane, bananas, coffee, citrus, yams, vegetables, poultry, goats, milk, crustaceans, and mollusks 

Industries:

tourism, bauxite/alumina, textiles, agro processing, wearing apparel, light manufactures, rum, cement, metal, paper, chemical products, telecommunications 

Transportation

Pipelines:

petroleum products 10 km

Ports and harbors:

Alligator Pond, Discovery Bay, Kingston, Montego Bay, Ocho Rios, Port Antonio, Rocky Point, Port Esquivel (Longswharf)

Merchant marine:

total: 6 ships (1,000 GRT or over) 74,881 GRT/100,682 DWT
foreign-owned: Greece 2, Iceland 1, Latvia 1, United States 2 (2003 est.)
by type: bulk 2, petroleum tanker 1, refrigerated cargo 2, short-sea/passenger 1

Airports:

35 (2003 est.)

 

 

 

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