Jamaica’s economy is varied and no longer rests on a single industry. According to the figures quoted in the original guide, which date from the early 2010s, services account for well over half of economic output. Tourism, remittances and bauxite together make up roughly a quarter of gross domestic product, while banking, farming, sport, construction, manufacturing and real estate all contribute. Below is a sector-by-sector look. Statistics are historical, so consult official sources for up-to-date numbers.
Tourism
Tourism kept growing through the global recession, rising by at least four percent a year by the guide’s account. It is credited with about a quarter of jobs and around a tenth of GDP, and in 2012 it brought in close to four billion US dollars. More than three million visitors arrive each year, with the United States, Europe and Canada the largest source markets. Hotels, attractions, music, food and culture draw them, and every parish has its own hotels and sights. See tourist attractions.
Remittances
Money sent home by Jamaicans abroad is described as the biggest foreign exchange earner, passing two billion US dollars a year since 2011. Most comes from the United States, United Kingdom, Canada and the Cayman Islands through money-transfer services, and it kept rising despite the global downturn.
Agriculture
Climate favours farming, and the island was once a world leader in exporting sugar and bananas. Sugar cane, bananas, coffee, pimento, tobacco, ginger and corn have been among its main products for the last century. Rum, made from sugar cane, remains an important export, with Appleton Estate among the best-known labels. Agriculture still employs about a fifth of workers, mostly self-employed and rural. The guide argues that investment in farming could bring back some of the prosperity of earlier times.
Mining and bauxite
Jamaica ranks among the top suppliers of bauxite. The recession hit exports, and several plants closed in the preceding years even though overseas demand rose. The country also has deposits of gypsum, marble, silica, sand and clay, and it needs investment to expand production.
Banking and finance
The banking sector has expanded considerably since the 1990s. Institutions mentioned include Scotiabank, National Commercial Bank, First Caribbean International Bank, Victoria Mutual, RBC Royal Bank, JMMB, First Global Bank and EXIM Bank, alongside credit unions, building societies, foreign exchange dealers, lenders and investment companies.
Doing business
Starting a business is described as relatively straightforward, with permits not especially difficult to obtain and low-interest loans for foreign investors. Hotels, construction firms and attractions can receive tax breaks and reduced customs duties. The mixture of revenue sources attracts investors despite concerns about crime.
Telecommunications
Digicel is described as the largest mobile provider, with over two million subscribers, and Cable and Wireless a clear second with close to one million. Both changed how business is done through international and local calling plans and internet services, and Flow is also expanding internet access.
Real estate and construction
Property is promoted as an investment, with house values rising even during the recession and loans available for building homes, apartments, malls and plazas. Treat any such claims cautiously and seek independent advice before buying.
Manufacturing
Manufacturing was larger in the 1980s and 1990s. Taxes, fuel costs and the price of materials have limited it, though opportunities remain in fabrics, food and clothing under the Jamaican brand.
People
Jamaica’s motto is “Out of Many, One People”. Roughly 91 percent of the population is of African descent, about 7 percent is of mixed ancestry and 1.3 percent is East Indian, with smaller groups making up the rest.
For related reading, see the guides to jobs in Jamaica and the capital.