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%.
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.
Jamaica GDP from 1980 to 2024
The total market value of goods and services produced annually in Jamaica.
Data Source: International Monetary Fund
Image Source: Freepik from www.flaticon.com
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 | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
1980 | $ 2B 565M | $ 1,214.38 | $ 2,911.41 | $ 6B 149M | -4.041 % | -4.579 % | 11.15 % | 0 % | 2M 112K people |
1981 | $ 2B 817M | $ 1,310.50 | $ 3,269.15 | $ 7B 28M | 4.42 % | -15.407 % | 8.59 % | 0 % | 2M 150K people |
1982 | $ 3B 235M | $ 1,479.51 | $ 3,518.22 | $ 7B 692M | 3.08 % | -16.661 % | 8.34 % | 0 % | 2M 186K people |
1983 | $ 2B 875M | $ 1,289.23 | $ 3,733.11 | $ 8B 326M | 4.153 % | -10.405 % | 14.19 % | 0 % | 2M 230K people |
1984 | $ 2B 119M | $ 948 | $ 3,895.80 | $ 8B 708M | 0.95 % | -11.564 % | 16.62 % | 0 % | 2M 235K people |
1985 | $ 1B 993M | $ 878.36 | $ 3,923.32 | $ 8B 902M | -0.9 % | -12.738 % | 16.43 % | 0 % | 2M 269K people |
1986 | $ 2B 369M | $ 1,034.77 | $ 4,244.31 | $ 9B 717M | 7 % | -3.518 % | 17.87 % | 0 % | 2M 290K people |
1987 | $ 2B 672M | $ 1,158.60 | $ 4,650.57 | $ 10B 725M | 7.7 % | -5.263 % | 19.35 % | 0 % | 2M 306K people |
1988 | $ 3B 184M | $ 1,372.73 | $ 4,595.25 | $ 10B 660M | -3.993 % | -1.907 % | 22.88 % | 0 % | 2M 320K people |
1989 | $ 3B 692M | $ 1,588.56 | $ 4,990.14 | $ 11B 599M | 4.7 % | -8.764 % | 20.73 % | 0 % | 2M 324K people |
1990 | $ 4B 663M | $ 1,971.69 | $ 5,335.39 | $ 12B 619M | 4.875 % | -6.692 % | 25.52 % | 9.787 % | 2M 365K people |
1991 | $ 4B 285M | $ 1,799.77 | $ 5,525.44 | $ 13B 155M | 0.834 % | -5.603 % | 28.34 % | 9.718 % | 2M 381K people |
1992 | $ 4B 328M | $ 1,804.41 | $ 5,765.10 | $ 13B 829M | 2.778 % | 0.658 % | 26.81 % | 9.21 % | 2M 399K people |
1993 | $ 5B 440M | $ 2,249.32 | $ 5,982.61 | $ 14B 469M | 2.211 % | -3.382 % | 25.80 % | 9.059 % | 2M 419K people |
1994 | $ 5B 453M | $ 2,234.80 | $ 6,170.60 | $ 15B 55M | 1.875 % | 1.497 % | 25.91 % | 10.162 % | 2M 440K people |
1995 | $ 6B 549M | $ 2,660.15 | $ 6,400.53 | $ 15B 758M | 2.521 % | -1.51 % | 23.62 % | 9.006 % | 2M 462K people |
1996 | $ 7B 394M | $ 2,975.13 | $ 6,472.15 | $ 16B 85M | 0.236 % | -1.929 % | 23.75 % | 4.429 % | 2M 485K people |
1997 | $ 8B 400M | $ 3,347.37 | $ 6,413.24 | $ 16B 94M | -1.641 % | -3.955 % | 21.69 % | 1.511 % | 2M 509K people |
1998 | $ 8B 787M | $ 3,467.54 | $ 6,344.44 | $ 16B 78M | -1.21 % | -3.799 % | 18.76 % | 4.729 % | 2M 534K people |
1999 | $ 8B 887M | $ 3,473.43 | $ 6,435.23 | $ 16B 465M | 0.981 % | -2.434 % | 18.69 % | 8.135 % | 2M 559K people |
