Jamaica has natural resources, primarily bauxite, and an ideal climate conducive to agriculture and tourism. Jamaica (ˈdʒəˈmeɪkə} is an Island nation of the Greater Antilles, in length and as much as in width situated in the Caribbean Sea. Bauxite is the most important Aluminium Ore. It consists largely of the minerals Gibbsite Al(OH3 Boehmite γ-AlO(OH and The discovery of bauxite in the 1940s and the subsequent establishment of the bauxite-alumina industry shifted Jamaica's economy from sugar and bananas. Sugar is a class of edible Crystalline substances mainly Sucrose, Lactose, and Fructose. For the fruit see Banana. For other meanings see Banana (disambiguation. By the 1970s, Jamaica had emerged as a world leader in export of these minerals as foreign investment increased.
The country faces some serious problems but has the potential for growth and modernization. The Jamaican economy suffered its fourth consecutive year of negative growth (0. 4%) in 1999. All sectors excepting bauxite/alumina, energy, and tourism shrank in 1998 and 1999. In 2000, Jamaica experienced its first year of positive growth since 1995. Nominal economic growth has continued to the upside approximately in line with US growth since. This is the result of the government's continued tight macroeconomic policies, which have been largely successful. Inflation fell from 25% in 1995 to single digits in 2000, reaching a multidecade low of 4. 3% in 2004. Through periodic intervention in the market, the central bank also has prevented any abrupt drop in the exchange rate. However, the Jamaican dollar has been slipping, despite intervention, resulting in an average exchange rate of J$73. 40 per US$1. 00 and J107. 64 per €1. 00 (May 2008). [1] In addition, inflation has been trending upward since 2004 and is projected to once again reach a double digit rate of 12-13% through the year 2008 due to a combination of unfavorable weather damaging crops and increasing agricultural imports and high energy prices. [2]
Weakness in the financial sector, speculation, and lower levels of investment erode confidence in the productive sector. The government continues its efforts to raise new sovereign debt in local and international financial markets in order to meet its U. S. dollar debt obligations, to mop up liquidity to maintain the exchange rate and to help fund the current budget deficit.
Jamaican Government economic policies encourage foreign investment in areas that earn or save foreign exchange, generate employment, and use local raw materials. The government provides a wide range of incentives to investors, including remittance facilities to assist them in repatriating funds to the country of origin; tax holidays which defer taxes for a period of years; and duty-free access for machinery and raw materials imported for approved enterprises. Free trade zones have stimulated investment in garment assembly, light manufacturing, and data entry by foreign firms. The Jamaican Free Zones are a controversial government Free trade zone initiative in Jamaica. However, over the last 5 years, the garment industry has suffered from reduced export earnings, continued factory closures, and rising unemployment. This may be attributed to intense competition, absence of NAFTA parity, drug contamination delaying deliveries, and the high cost of operation, including security costs. The Government of Jamaica hopes to encourage economic activity through a combination of privatization, financial sector restructuring, reduced interest rates, and by boosting tourism and related productive activities.
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Primary industries
Agriculture
Jamaican agriculture, along with forestry and fishing accounts for about 6. 6% of GDP in 1999. Sugar, the leading export crop, is produced in nearly all the parishes in Jamaica. Sugar is a class of edible Crystalline substances mainly Sucrose, Lactose, and Fructose. Sugar production in 2000 was estimated at 175,000 tons, a decrease from 290,000 tons in 1999. Sugar formed 7. 1% of the exports in 1999 & Jamaica formed 4. 8% of production in the Caribbean. Sugar is also used for the production of by-products such as molasses, rum & some wallboard is made from bagasse. Bagasse (sometimes spelled bagass) is the Biomass remaining after Sugarcane or Sorghum stalks are crushed to extract their juice and is Banana production in 1999 was 130,000 tons. For the fruit see Banana. For other meanings see Banana (disambiguation. Bananas formed 2. 4% of the exports in 1999 & Jamaica formed 7. 5% of production in the Caribbean.
Coffee is mainly grown around the Blue Mountains and in hilly areas, where one type, Blue Mountain coffee, is considered among the best in the world because at those heights in the Blue Mountains the cooler climate causes the berries to take longer to ripen and the beans develop more of the substances which on roasting give coffee its flavor. CoFFEE is an Open source Software for computer supported collaborative learning (CSCL in a digital classroom Coffee formed 1. 9% of the exports in 1999. The picking season lasts from August to March. The coffee is exported from Kingston. Cocoa is grown throughout Jamaica and local sales absorb about 1/3 of the output to be made into instant drinks and confectionery. Cocoa is the dried and fully fermented fatty seed of the cacao tree from which Chocolate is made Citrus fruit is mainly grown in the central parts of Jamaica, particularly between the elevations of 1,000-2,500 feet. Citrus is a common term and Genus of Flowering plants in the family Rutaceae, originating in tropical and subtropical southeast regions of The picking season lasts from November to April. Two factories in may Pen and Bog Walk produces fruit juices, canned fruit, essential oils & marmalade. The term fruit has different meanings dependent on context and the term is not synonymous in Food preparation and Biology. An oil is a substance that is in a viscous Liquid state ( "oily") at ambient temperatures or slightly warmer and is British-style marmalade is a sweet preserve with a bitter tang made from Fruit, Sugar, water and (in some commercial brands a Gelling agent Coconuts are grown on the northern and eastern coasts, which provide enough copra to supply factories to make butterine, margarine, lard, edible oil & laundry soap. The Coconut Palm ( Cocos nucifera) is a member of the Family Arecaceae (palm family Copra is the dried meat or kernel of the Coconut. The name copra is derived from the Malayalam word kopra for dried coconut Margarine (ˈmɑrdʒərɨn /ˈmɑrdʒəriːn/ or /ˈmɑrgəriːn/ as a generic term can indicate any of a wide range of Butter substitutes Lard is pig Fat in both its rendered and unrendered forms Lard was commonly used in many cuisines as a Cooking fat or Shortening An oil is a substance that is in a viscous Liquid state ( "oily") at ambient temperatures or slightly warmer and is SOAP (see below for name and origins is a protocol for exchanging XML -based messages over Computer networks normally using Cannabis has also been one of Jamaica's leading economic assets. Cannabis ( Cán-na-bis) is a Genus of Flowering plants that includes three putative species Cannabis sativa subsp Over 15% percent of gross domestic product is contributed by this plant alone.
Other export crops are pimento, ginger, tobacco, sisal and other fruit are exported. Pimento is sometimes a synonym for Allspice. The Pimento, Pimiento, or Cherry Pepper is a variety of large red heart-shaped Ginger is commonly used as a cooking spice throughout the world Tobacco is an Agricultural product recognized as an addictive drug processed from the fresh Leaves of plants in the genus Nicotiana. Sisal or sisal hemp is an Agave Agave sisalana that yields a stiff Fiber used in making Rope. Rice is grown around swampy areas around the Black River & around Long Bay in Hanover and Westmoreland parishes for local consumption. Rice is a Cereal foodstuff which forms an important part of the diet of many people worldwide and as such it is a staple food for many
Animal husbandry
Pastures form a good percentage of the land in Jamaica. Many properties specialize in cattle rearing. Livestock holdings were 400,000 head of cattle, 440,000 goats, 180,000 hogs & 30,000 sheep. Although animal products & numbers of livestock are increasing, this isn't enough for local requirements for a growing population. Dairying has increased since the erection of a condensed milk factory at Bog Walk in 1940. Condensed milk, also known as sweetened condensed milk, is cow's milk from which Water has been removed and to which Sugar has been added yielding Even so, the supply of dairy products is not enough for local requirements and there are large imports of powdered milk, butter and cheese. Powdered milk is a manufactured dairy product made by evaporating Milk to dryness. Butter is a Dairy product made by churning fresh or fermented Cream or Milk. Cheese is a Food made from Milk, usually the milk of cows, Buffalo, Goats or sheep, by coagulation.
Fishing
The fishing industry grew during the 1980s, primarily from the focus on inland fishing. Several thousand fishermen make a living from fishing. The shallow waters and cays off the south coast are richer then the northern waters. Other fishermen live on the Pedro Cays, 80 miles to the south of Jamaica. Jamaica supplies about half of its fish requirements; major imports of frozen and salted fish are imported from the USA & Canada. The total catch in 2000 was 5,676 tons, a decrease from 11,458 tons in 1997; the catch was mainly marine, with freshwater carp, barbel, etc. Carp is a common name for various Freshwater Fish of the family Cyprinidae, a very large , crustaceans & molluscs. Catfish are responsible for over 4% of Jamaican inhabitants' deaths due to the deadly venom found on the tips of their dorsal and pectoral fins. However these deadly fish are considered a dilicacy among the jamaican population, due to the high levels of vitamin B12 which is found within the fatty tissue which is abundant in this fish.
Forestry
By the late 1980s, only 185,000 hectares (457,000 acres) of Jamaica's original 1,000,000 hectares (2,500,000 acres) of forest remained. Roundwood production was 881,000 cu m (31. 1 million cu ft) in 2000. About 68% of the timber cut in 2000 was used as fuel wood while 32% was used for industrial use. The forests that once covered Jamaica now exist only in mountainous areas. They only supply 20% of the island timber requirements. The remaining forest is protected from further exploitation. Other accessible mountain areas are being reforested, mainly with pines, mahoe and mahogany. This article is about the tree For other uses of the term "pine" see Pine (disambiguation. The name mahogany is used when referring to numerous varieties of dark-colored wood originally the wood of the species Swietenia mahagoni, known as West
Mining
Jamaica is the third-leading producer of bauxite and alumina in 1998, with 12. Bauxite is the most important Aluminium Ore. It consists largely of the minerals Gibbsite Al(OH3 Boehmite γ-AlO(OH and 6 million tons of bauxite, accounting for 10. 4% of world production & 3. 46 million tons of alumina , accounting for 7. 4% of world production. Mining and quarrying contributed 4. 1% to GDP in 1999. Bauxite and alumina formed 55. 2% of exports in 1999 and is the second-leading money earner after tourism. Jamaica has reserved of over 2 billion tonnes and is expected to last 100 years. Bauxite is found in the central parishes of St. Elizabeth, Manchester, Clarendon, St. Catherine, St. Ann & Trelawny. There are 4 alumina plants and 6 mines.
Jamaica has deposits of several million tons of gypsum on the southern slopes of the Blue Mountains. Gypsum is a very soft Mineral composed of Calcium sulfate dihydrate with the Chemical formula Ca[[sulfur S]] O 4·2 Jamaica produced 330,441 tons of gypsum and some of this was used in the local cement industry and the manufacturing of building materials. Other minerals present in Jamaica include marble, limestone and silica and ores of copper, lead, zinc, manganese and iron. Marble is a nonfoliated Metamorphic rock resulting from the Metamorphism of Limestone, composed mostly of Calcite (a crystalline form of Limestone is a Sedimentary rock composed largely of the Mineral Calcite ( Calcium carbonate: CaCO3 The Chemical compound silicon dioxide, also known as silica or silox (from the Latin " Silex " is an Oxide An ore is a volume of rock containing components or Minerals in a mode of occurrence that renders it valuable for mining Copper (ˈkɒpɚ is a Chemical element with the symbol Cu (cuprum and Atomic number 29 Characteristics Lead has a dull luster and is a dense, Ductile, very soft highly Zinc (ˈzɪŋk from Zink is a Metallic Chemical element with the symbol Zn and Atomic number 30 Manganese (ˈmæŋgəniːz is a Chemical element, designated by the symbol Mn. Iron (ˈаɪɚn is a Chemical element with the symbol Fe (ferrum and Atomic number 26 Some of these are worked in small quantities. Petroleum has been sought, but so far none has been found. Petroleum ( L petroleum, from Greek πετρέλαιον, lit
Industry
The manufacturing sector is an essential contributor to the Jamaican economy. Though manufacturing accounted for 13. 9% of GDP in 1999. Jamaican companies contribute many manufactures such as food processing; oil refining; produced chemicals, construction materials, plastic goods, paints, pharmaceuticals, cartons , leather goods and cigars & assembled electronics, textiles and apparel. Food is any substance usually composed primarily of Carbohydrates Fats water and/or Proteins that can be eaten or drunk by an An oil is a substance that is in a viscous Liquid state ( "oily") at ambient temperatures or slightly warmer and is A chemical substance is a Material with a definite chemical composition. Plastic is the general common term for a wide range of synthetic or semisynthetic organic solid materials suitable for the manufacture of industrial products Paint is any Liquid, liquifiable or mastic composition which after application to a substrate in a thin layer is converted to an opaque Solid Carton is the name of certain types of containers typically made from Paperboard which is also sometimes known as "cardboard" Leather is a material created through the Tanning of hides and Skins of Animals primarily Cattlehide The Tanning process A cigar is a tightly rolled bundle of dried and fermented Tobacco which is ignited so that its smoke may be drawn into the smoker's mouth Electronics refers to the flow of charge (moving Electrons through Nonmetal conductors (mainly Semiconductors, whereas electrical A textile is a flexible material comprised of a network of natural or artificial Fibres often referred to as thread or Yarn. Clothing (also called clothes, accoutrements, accouterments, or habiliments) protects the Human body from extreme Weather The garment industry is a major job employed thousands of locals and they formed 12. 9% of exports in 1999 earning US$159 million dollars. Chemicals formed 3. 3% of the exports in 1999 earning US$40 million dollars.
An oil refinery is located near Kingston converts crude petroleum obtained from Venezuela into gasoline and other products. Venezuela (ˌvɛnəˈzweɪlə) officially the Bolivarian Republic of Venezuela (Spanish República Bolivariana de Venezuela) is a country on the These are mainly for local use. The construction industry is growing due to new hotels and attractions being built for tourism. In the fields of Architecture and Civil engineering, construction is a process that consists of the Building or assembling of Infrastructure Construction and installation formed 10. In the fields of Architecture and Civil engineering, construction is a process that consists of the Building or assembling of Infrastructure 4% of the GDP in 1999.
Manufactured goods were imported and formed 30. 3% of the imports and cost US$877 million dollars in 1999. the m,ost funniest place on earth from the aliens in outer space(hint jack and kay)
Tertiary industries
Tourism
Tourism is now the principal earner of foreign exchange which earns over $1 billion each year. Tourism has expanded greatly in the 1980s and is currently rising. Major tourist areas are the resort centers of Montego Bay, Ocho Rios, Negril and Kingston. In 1999, Americans from the USA formed 69. 7% of the tourists, followed by British from the UK which formed 10. 0%.
In 1999, about 2,000,000 million tourists visited the island and receipts from tourism were about US$1. 35 billion dollars. Most of the tourists were stopover. The tourist economy employs hundred of thousands of Jamaicans in many occupations. Most tourist activity is centered on the
Financial services
Another service is the financial services industry. The 1990s saw a rapid expansion in banking, investment, and insurance services. In 1999, financial institutions formed 7. 8% of the GDP in 1999. There are many banks such as Century National Bank, Scotia-Bank, Royal Bank of Canada and First Caribbean Int'l Bank.
Retail
The absence of large commercial centers, other than Kingston, Montego Bay and Ocho Rios has resulted in a poorly developed retail sector in Jamaica. While Kingston and Montego Bay are home to a number of retail stores, including American fast-food franchises such as Domino's, Pizza Hut & Dairy Queen and the majority of the towns in the interior of the country such as Mandeville, May Pen and Spanish Town have small shops, public markets, and temporary roadside stands.
Statistics
GDP: purchasing power parity - US$11. The purchasing power parity ( PPP) theory uses the long-term equilibrium Exchange rate of two currencies to equalize their Purchasing power. 3 billion (2004 est. )
GDP - real growth rate: 1. 9% (2004 est. )
GDP - per capita: purchasing power parity - US$4,100 (2004 est. )
GDP - composition by sector:
agriculture: 6. 1%
industry: 32. 7%
services: 61. 3% (2004 est. )
Population below poverty line: 19. 7% (2002 est. )
Household income or consumption by percentage share:
lowest 10%: 2. 7%
highest 10%: 30. 3% (2000)
Inflation rate (consumer prices): 9. In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time 4% (1999 est. )
Labor force: 1. 14 million (2004)
Labor force - by occupation: services 63. 4%, agriculture 20. 1%, industry 16. 6% (2003)
Unemployment rate: 15% (2004)
Budget:
revenues: $2. 27 billion
expenditures: $3. 66 billion, including capital expenditures of $1. 265 billion (FY98/99 est. )
Industries: tourism, bauxite, textiles, food processing, light manufactures, rum, cement, metal, paper, chemical products.
Industrial production growth rate: NA%
Electricity - production: 6,386 GWh (1998)
Electricity - production by source:
fossil fuel: 92. 7%
hydro: 2. 21%
nuclear: 0%
other: 5. 09% (1998)
Electricity - consumption: 5,939 GWh (1998)
Electricity - exports: 0 kWh (1998)
Electricity - imports: 0 kWh (1998)
Agriculture - products: sugarcane, bananas, coffee, citrus, potatoes, vegetables; poultry, goats, milk
Exports: $1. Sugarcane ( Saccharum) is a genus of 6 to 37 species (depending on taxonomic interpretation of tall perennial grasses (family Poaceae tribe Andropogoneae For the fruit see Banana. For other meanings see Banana (disambiguation. CoFFEE is an Open source Software for computer supported collaborative learning (CSCL in a digital classroom Citrus is a common term and Genus of Flowering plants in the family Rutaceae, originating in tropical and subtropical southeast regions of The potato is a Starchy Tuberous crop Vegetable from the perennial Solanum tuberosum of the Solanaceae Poultry is the category of Domesticated Birds which some humans keep for the purpose of collecting their eggs, or kill for their Meat and/or The domestic goat ( Capra aegagrus hircus) is a subspecies of goat Domesticated from the Wild goat of Southwest Asia and Eastern Europe Milk is an opaque white liquid produced by the Mammary glands of female Mammals (including Monotremes. 4 billion (f. o. b. , 1999 est. )
Exports - commodities: alumina, bauxite, sugar, bananas, rum
Exports - partners: United States 39. Bauxite is the most important Aluminium Ore. It consists largely of the minerals Gibbsite Al(OH3 Boehmite γ-AlO(OH and Sugar is a class of edible Crystalline substances mainly Sucrose, Lactose, and Fructose. For the fruit see Banana. For other meanings see Banana (disambiguation. Rum is a Distilled beverage made from Sugarcane by-products such as Molasses and sugarcane Juice by a process of fermentation The United States of America —commonly referred to as the 5%, European Union (excluding UK) 15. The European Union ( EU) is a political and economic union of twenty-seven member states, located primarily in 6%, United Kingdom 12. The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located 1%, Canada 11. Country to "Dominion of Canada" or "Canadian Federation" or anything else please read the Talk Page 5% (1998)
Imports: $2. 7 billion (f. o. b. , 1999 est. )
Imports - commodities: machinery and transport equipment, construction materials, fuel, food, chemicals, fertilizers
Imports - partners: United States 50. The United States of America —commonly referred to as the 9%, European Union (excluding UK) 9. The European Union ( EU) is a political and economic union of twenty-seven member states, located primarily in 5%, Caricom countries 10. The Caribbean Community ( CARICOM) is an organization of Caribbean nations and dependencies 4%, Latin America 6% (1998)
Debt - external: $3. 8 billion (1998 est. )
Economic aid - recipient: $102. 7 million (1995)
Currency: 1 Jamaican dollar (J$) = 100 cents
Exchange rates: Jamaican dollars (J$) per US$1 - 70. 0 (December 2007) 62. 5 (September 2005), 45. 7 (June 2001), 41. 139 (December 1999), 9. 044 (1999), 36. 550 (1998), 35. 404 (1997), 37. 120 (1996), 35. 142 (1995)
Fiscal year: 1 April–31 March
- See also : Jamaica