Jamaica: economy

What is the inflation rate in Jamaica?

Consumer prices were 7.9% higher in August 2026 than a year earlier, according to the Statistical Institute of Jamaica (STATIN). Prices rose 0.6% in the month, 2.4% since December and 4.2% since the start of the fiscal year in April. The Bank of Jamaica notes that the rate was 7.5% in July 2026 and 1.2% in August 2025.

The point-to-point rate is the one compared with the Bank of Jamaica's target range of 4% to 6%. August was the third month in a row above that range. The bank attributes the rise mainly to drought, which pushed up vegetable prices, and to higher petrol costs. Core inflation, which leaves out agricultural food and fuel, was 5.2%. STATIN publishes the CPI every month.

Official sources: STATIN: key indicators · Bank of Jamaica: Monetary Policy Press Release, September 2026

What is the Bank of Jamaica policy rate?

The Bank of Jamaica policy rate is 6.0%, effective 29 September 2026, according to the bank's Monetary Policy Press Release for September 2026. The Monetary Policy Committee voted unanimously at its meetings on 24 and 25 September to raise the rate by 50 basis points, after holding it in August.

The policy rate is the rate the bank pays deposit-taking institutions on their current account balances at the central bank, and it feeds through to deposit and loan rates. The committee said it raised the rate to keep inflation, then 7.9%, from becoming embedded in expectations, and projected a return to the 4% to 6% target range by mid-2027. The Bank of Jamaica home page gives the next decision date as 18 November 2026.

Official sources: Bank of Jamaica: Monetary Policy Press Release, September 2026 · Bank of Jamaica

Is Jamaica's economy growing?

Total value added at constant 2015 prices fell 2.9% in April to June 2026 compared with the same quarter of 2025, according to the Statistical Institute of Jamaica. The figure is the country's quarterly measure of real GDP, not seasonally adjusted.

The fall follows Hurricane Melissa, which struck on 28 October 2025. The Ministry of Finance cites the Independent Fiscal Commission's estimate of US$8.8 billion in damage, about 41% of GDP. Year-on-year comparisons will continue to reflect the storm until a full year has passed. STATIN's advance release calendar gives the date of the next quarterly release.

Official sources: STATIN: press releases · Ministry of Finance: statement from the Minister, 11 February 2026

What is the Jamaican dollar exchange rate?

On 14 October 2026 the US dollar bought at J$158.07 and sold at J$159.81, according to the foreign exchange rates on the Bank of Jamaica home page. The same table gave J$207.58 buying and J$209.39 selling for the pound sterling, J$111.86 and J$112.24 for the Canadian dollar, and J$174.04 and J$181.59 for the euro.

The bank publishes buying and selling rates daily. Jamaica's exchange rate floats, and the Bank of Jamaica sells US dollars to the market through its B-FXITT operations. Rates at banks and cambios differ from these averages. The September 2026 policy statement says the bank expects the rate to stay relatively stable, citing healthy international reserves.

Official sources: Bank of Jamaica: foreign exchange rates

How much does Jamaica import?

Jamaica spent US$3,921.4 million on imports from January to June 2026, according to the Statistical Institute of Jamaica. The same International Merchandise Trade release gives export earnings for the period.

The International Merchandise Trade Statistics cover goods only, valued as they cross the border. Earnings from tourism and remittances, which are services and transfers, appear in the balance of payments published by the Bank of Jamaica. STATIN releases the figures monthly as cumulative year-to-date totals and posts the release dates on its advance release calendar. A notice on its home page says the timing of the June 2026 release was changed.

Official sources: STATIN: press releases

What is Jamaica's GDP per capita?

Jamaica's GDP per capita was US$8,003 in 2025, according to the World Bank, up from US$7,754 in 2024.

The figure is GDP in current US dollars divided by the mid-year population, which the World Bank puts at about 2.84 million. Because it is in current dollars, it moves with prices and the exchange rate as well as with real output. STATIN publishes GDP in Jamaican dollars, with annual and quarterly tables on its national accounts pages. The 2025 figure covers only two months after Hurricane Melissa, so the effect of the storm on output shows more fully in 2026 data.

Official sources: World Bank: GDP per capita, Jamaica

Is Jamaica's economy growing?

0.1%: that is real GDP growth in Jamaica for 2025, according to the World Bank. The peak was 6.4% in 2022 and the low -8.3% in 2020. It is 27th highest of 31 in Latin America & Caribbean, where the median is 2.7%. World rank, highest first: 170th of 180.

What is GDP per capita in Jamaica?

The World Bank puts GDP per person in Jamaica at $8,003 in 2025. That is the highest since at least 2005. Latin America & Caribbean median: $10,989; Jamaica is 20th highest of 31. World rank, highest first: 88th of 180.

What is Jamaica's GDP per capita at PPP?

$13,291 in international dollars: that is GDP per person at purchasing power parity in Jamaica for 2025, according to the World Bank. No year since 2005 has been higher. It is 26th highest of 30 in Latin America & Caribbean, where the median is $22,756 in international dollars. Worldwide: 112th of 179.

Does Jamaica have a current account surplus or deficit?

According to the IMF, the current account balance in Jamaica was 1.5% of GDP in 2025. Since 2005 it has ranged from -20.4% of GDP (2008) to 2.9% of GDP (2024). Latin America & Caribbean median: -1.2% of GDP; Jamaica is 6th highest of 27. Of 132 countries with 2025 data, 44th highest.

What is FDI in Jamaica?

The IMF puts net inflows of foreign direct investment in Jamaica at 1.2% of GDP in 2025. Since 2005 it has ranged from 1.2% of GDP (2011) to 10.0% of GDP (2008). It is 23rd highest of 31 in Latin America & Caribbean, where the median is 2.5% of GDP. Of 179 countries with 2025 data, 119th highest.

What interest rate do banks charge in Jamaica?

The latest figure from the IMF, for 2025, is 12.1%. The peak was 20.5% in 2010 and the low 11.4% in 2022. It is 8th highest of 23 in Latin America & Caribbean, where the median is 8.8%. Of 73 countries with 2025 data, 24th highest.