Jamaica is economically under-developed and has to cope with many related troubles. The main drawbacks of the local economy are the high level of internal and external debts, negative or extremely low GDP growth and poor living conditions of the local population. Jamaican economy is primarily agricultural, but mining, manufacturing and tourism revenues have created new sources of income. The government ties positive economic changes with the development of two key sectors - tourism and bauxite mining.
Blessed with luxuriant nature, brilliant climate and exotic culture, Jamaica is one of the world's mainstream travel destinations. Tourism plays a considerable role in the local economy not only through accommodation, meals and services, but also through sales of local arts and crafts.
The discovery of bauxite in the 1940s and the subsequent establishment of the bauxite-alumina industry shifted Jamaica's economy from sugar and bananas. Today Jamaica is the third largest world producer of bauxite and alumina (enriched bauxite ore). Several international aluminum companies mine deposits of bauxite on the central plateaus. Some of them process bauxite into aluminum. Bauxite and alumina industries account for about 60 percent of the total annual exports.
More than 20 percent of the Jamaican labor force is engaged in agricultural production. The chief crop has traditionally been sugarcane. Other major agricultural products include bananas, citrus fruits, tobacco, cacao, coffee, coconuts, corn, peppers, pimento (allspice), ginger and mangoes. Jamaica grows nearly the entire world supply of allspice.
Foreign trade is primarily done with the United States, Great Britain, Venezuela and Canada. Chief exports include alumina, bauxite, sugar, bananas, citrus, papayas, pimento and rum. Tourism is vital to the economy and provides a large portion of foreign exchange earnings. |
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Name: Jamaica |
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Area: 11,425 sq km |
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Capital City: Kingston |
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Population: 3 million |
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Language: English, Creole |
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Currency: Jamaica Dollar |
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Time Zone: GMT - 5 hrs |
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Religion: 80% Christian |
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