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Economy

Economy

The Jamaican economy is closely integrated with the economies of the members of the Caribbean Community (CARICOM), forming a Single Market governed by common rules and procedures, as well as mutually agreed mechanisms for trade and economic relations. The main aim of the Single Market is to allow the CARICOM countries to overcome some of the challenges of small size and vulnerability, improve international competitiveness and support their integration into the global economy.

As a result, the Jamaican economy is stronger and more stable than at any time in its history.

 

Tourism

A major asset of Jamaica is its natural beauty. This is the basis for a thriving tourist industry which is the main source of foreign exchange earnings. Other major contributors to the Jamaican economy are remittances from the Jamaican Diaspora, as well as the mining of bauxite and the manufacturing of alumina.

 

Agriculture

Agriculture, agro-industry and light manufacturing also play an important role and are important sources of employment, but they contribute less to the economy than the services sector, which accounts for 71 per cent of Jamaica’s Gross Domestic Product.

The Jamaican economy is vulnerable to external shocks, such as high oil prices, and suffers periodically from hurricanes and flooding, which affect productivity and competitiveness.