Jamaican EconomyThe Jamaican Economy is a mixed, free market one and the major sectors include tourism, agriculture, mining, manufacturing and financial services. Mining and tourism are the major foreign exchange income earners. Jamaica is a tiny yet beautiful little island country in the Caribbean, just south of the impressive island of Cuba. From a map's perspective, Cuba makes the little island of Jamaica look even smaller than it really is, but in stepping from the borders of one island to another it is easy to see that the two really are worlds apart. Jamaica is a world trading nation and counts the U.S. as one of it's major trading partners but it is also one of the pioneers of the Caribbean trading group. Jamaica Depends Heavily on the Tourism Industry In the Jamaican economy, the main trade that people depend on for everyday sustenance is tourism. Both businesses and private people benefit from the tourism industry in Jamaica. As a matter of fact, even the very poorest street people benefit from the tourism industry, as just one more example of how important it is to the country.As far as the Jamaican economy is concerned, the tourism sector of their economy consists of a variety of things. Hotels and resorts, food and drink, casinos, car rentals, admission fees, and so many other things make up a great deal of the revenue that Jamaica brings in. There are at least two major cruise ship ports in Jamaica and what those tourists bring in combined with travelers who fly in, amounts to nearly $1.5 billion dollars. Plans are already in place to build a third cruise port and to invest heavily in advertising in order to double the amount that cruise visitors spend while on the island. More than a million people travel to Jamaica every year, [estimated to be nearer two million!] and the industry accounts for more than a quarter of all of the employment of Jamaican people. It is easy to see that the Jamaica economy depends greatly on the tourism industry for survival. International Headlines Affect Travel to JamaicaSince the terrorist attacks of September 11, there has been a slight downgrade in the tourism industry in Jamaica. Economy has gone down because of this, but understandably so. More and more people were afraid to fly after that ordeal occurred, and the ensuing war has made it less safe to travel abroad for anyone. It has only been in the last few years that tourist traffic has begun to return to normal: with a particular increase in cruise traffic! Natural disasters, although very rare, are also something that has somewhat crippled the Jamaica economy. With the public having more of an awareness for things like earthquakes and hurricanes, tourist dollars seem to depend heavily on the "climate". The Economy of Jamaica Includes Industrial Variety Jamaica has a considerable amount of furniture manufacturing, metal fabrication, industrial and light engineering and aviation maintenance. You will also find food and beverage processing, glassware manufacturing, computer and data processing, printing, publishing, music recording and insurance underwriting in major centers throughout the island. It should also be noted that the Jamaican construction industry has it's own locally developed technical standards and is almost entirely self sufficient. The Jamaican Economy Shows a Recent Growth PatternThe Jamaican economy has been showing strong growth since 2006. Inflation for 2007 was 6.0%, unemployment 8.9% and dropping, and an economic growth rate of 2.9% has shown Jamaica in a very positive light. There is a heavy infrastructure investment in the island especially in the cruise ship ports where the aim is to vastly increase cruise ship revenue. [and lately there has been talk of investing in the tourist area of Golf!]
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Main exports (1999)...Food, Bananas, Chemicals and Machinery
