Jamaica's GDP changed from approximately $2B 565M in 1980 to $20B 98M in 2024, showing an overall 683.5% sharply increased during the period.
The lowest GDP was recorded in 1985 at $1B 993M, and the highest in 2024 at $20B 98M.
Over the 44-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 4.8%.
For comparison, the average annual growth rate of Haiti was 5.1%, and that of Trinidad and Tobago was 3.5%.
Jamaica GDP from 1980 to 2024
The total market value of goods and services produced annually in Jamaica.
Overview of Jamaica's GDP (1980–2024)
The Gross Domestic Product (GDP) of Jamaica recorded a 683.5% sharply increased from 1980 to 2024.
The average GDP during this period was $9B 570M, and the median was $9B 430M.
GDP fluctuated within a range of $18B 105M, with a standard deviation of $5B 193M.
The average annual change was $387M 375K.
Highest and Lowest GDP Records
- Lowest GDP: 1985, $1B 993M
- Highest GDP: 2024, $20B 98M
- Most Recent GDP: 2024, $20B 98M
Notable Annual GDP Changes
- 2022: Significant increase in GDP
- 2020: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and Jamaica's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $15B 808M → $13B 885M
- Outcome: sharply declined
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $12B 881M → $12B 107M
- Outcome: declined
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $9B 65M → $9B 195M
- Outcome: increased
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $8B 400M → $8B 787M
- Outcome: increased
Key Economic Indicators of Jamaica (1980–2024)
| year | GDP Growth | Nominal GDP | PPP GDP | GDP per Capita | PPP per Capita | Savings | Population | Current Account | Fiscal Balance |
|---|---|---|---|---|---|---|---|---|---|
1980 | -4.041 % | $ 2B 565M | $ 6B 149M | $ 1,214.38 | $ 2,911.41 | 11.15 % | 2M 112K people | -4.579 % | 0 % |
1981 | 4.42 % | $ 2B 817M | $ 7B 28M | $ 1,310.50 | $ 3,269.15 | 8.59 % | 2M 150K people | -15.407 % | 0 % |
1982 | 3.08 % | $ 3B 235M | $ 7B 692M | $ 1,479.51 | $ 3,518.22 | 8.34 % | 2M 186K people | -16.661 % | 0 % |
1983 | 4.153 % | $ 2B 875M | $ 8B 326M | $ 1,289.23 | $ 3,733.11 | 14.19 % | 2M 230K people | -10.405 % | 0 % |
1984 | 0.95 % | $ 2B 119M | $ 8B 708M | $ 948 | $ 3,895.80 | 16.62 % | 2M 235K people | -11.564 % | 0 % |
1985 | -0.9 % | $ 1B 993M | $ 8B 902M | $ 878.36 | $ 3,923.32 | 16.43 % | 2M 269K people | -12.738 % | 0 % |
1986 | 7 % | $ 2B 369M | $ 9B 717M | $ 1,034.77 | $ 4,244.31 | 17.87 % | 2M 290K people | -3.518 % | 0 % |
1987 | 7.7 % | $ 2B 672M | $ 10B 725M | $ 1,158.60 | $ 4,650.57 | 19.35 % | 2M 306K people | -5.263 % | 0 % |
1988 | -3.993 % | $ 3B 184M | $ 10B 660M | $ 1,372.73 | $ 4,595.25 | 22.88 % | 2M 320K people | -1.907 % | 0 % |
1989 | 4.7 % | $ 3B 692M | $ 11B 599M | $ 1,588.56 | $ 4,990.14 | 20.73 % | 2M 324K people | -8.764 % | 0 % |
1990 | 4.875 % | $ 4B 663M | $ 12B 619M | $ 1,971.69 | $ 5,335.39 | 25.52 % | 2M 365K people | -6.692 % | 9.787 % |
1991 | 0.834 % | $ 4B 285M | $ 13B 155M | $ 1,799.77 | $ 5,525.44 | 28.34 % | 2M 381K people | -5.603 % | 9.718 % |
1992 | 2.778 % | $ 4B 328M | $ 13B 829M | $ 1,804.41 | $ 5,765.10 | 26.81 % | 2M 399K people | 0.658 % | 9.21 % |
1993 | 2.211 % | $ 5B 440M | $ 14B 469M | $ 2,249.32 | $ 5,982.61 | 25.80 % | 2M 419K people | -3.382 % | 9.059 % |
1994 | 1.875 % | $ 5B 453M | $ 15B 55M | $ 2,234.80 | $ 6,170.60 | 25.91 % | 2M 440K people | 1.497 % | 10.162 % |
1995 | 2.521 % | $ 6B 549M | $ 15B 758M | $ 2,660.15 | $ 6,400.53 | 23.62 % | 2M 462K people | -1.51 % | 9.006 % |
1996 | 0.236 % | $ 7B 394M | $ 16B 85M | $ 2,975.13 | $ 6,472.15 | 23.75 % | 2M 485K people | -1.929 % | 4.429 % |
1997 | -1.641 % | $ 8B 400M | $ 16B 94M | $ 3,347.37 | $ 6,413.24 | 21.69 % | 2M 509K people | -3.955 % | 1.511 % |
1998 | -1.21 % | $ 8B 787M | $ 16B 78M | $ 3,467.54 | $ 6,344.44 | 18.76 % | 2M 534K people | -3.799 % | 4.729 % |
1999 | 0.981 % | $ 8B 887M | $ 16B 465M | $ 3,473.43 | $ 6,435.23 | 18.69 % | 2M 559K people | -2.434 % | 8.135 % |