Jamaica: public finances

What is Jamaica's budget for 2026/27?

Central government spending is projected at J$1,274.2 billion for fiscal year 2026/27, against revenue and grants of J$1,083.5 billion, according to the Ministry of Finance's Fiscal Policy Paper 2026. The ministry has programmed a fiscal deficit of 4.9% of GDP and a primary surplus of 0.5% of GDP.

The paper says the budget is built around recovery and reconstruction after Hurricane Melissa. Interest payments take J$211.0 billion and capital spending J$79.7 billion. The deficit is projected to narrow to 1.7% of GDP by 2029/30. Jamaica's fiscal year runs from April to March, and the budget is debated in the House of Representatives in March. The ministry also publishes the Fiscal Policy Papers and interim reports.

Official sources: Ministry of Finance: Fiscal Policy Paper 2026 (as passed, PDF) · Ministry of Finance: Fiscal Operations

What is Jamaica's debt to GDP ratio?

Public debt was estimated at 68.9% of GDP at the end of fiscal year 2025/26 (March 2026), 6.5 percentage points higher than a year earlier, according to the Ministry of Finance's Fiscal Policy Paper 2026. The ministry projects a fall to 65.7% at the end of March 2027.

The rise reflects borrowing and lower output after Hurricane Melissa. The paper puts the public debt stock at J$2,197.8 billion at the end of December 2025. The medium-term target is 60% of GDP. The ministry posts monthly central government gross debt tables, with the August 2026 figures published on 30 September.

Official sources: Ministry of Finance: Fiscal Policy Paper 2026 (as passed, PDF) · Ministry of Finance: 2026 Central Government Gross Debt

What is Jamaica's budget deficit?

The central government deficit for fiscal year 2025/26 was projected at J$134.6 billion, or 3.8% of GDP, in the fourth supplementary estimates, according to the Ministry of Finance's Fiscal Policy Paper 2026. That was J$135.4 billion worse than the original budget, which had planned a small surplus.

The government suspended its fiscal rules after Hurricane Melissa so that it could borrow for relief and rebuilding. The primary balance, which leaves out interest, was still in surplus at 1.3% of GDP. For 2026/27 the ministry plans a deficit of 4.9% of GDP. Monthly outturns are published in the ministry's fiscal operations tables.

Official sources: Ministry of Finance: Fiscal Policy Paper 2026 (as passed, PDF)

How much tax does Jamaica collect?

Tax revenue is budgeted at J$979.4 billion for fiscal year 2026/27, or 25.4% of GDP, according to the Ministry of Finance's Fiscal Policy Paper 2026. Tax makes up 90.4% of total revenue and grants of J$1,083.5 billion.

The share is higher than the 81.3% estimated for 2025/26, when non-tax revenue was unusually large. The budget includes new revenue measures to help close the gap left by Hurricane Melissa, set out in the Revenue Measures Ministry Paper. The paper's revenue tables show General Consumption Tax on local sales and on imports, income taxes and customs duty as separate lines.

Official sources: Ministry of Finance: Fiscal Policy Paper 2026 (as passed, PDF)

How much did Jamaica borrow on international markets in 2026?

The government issued a US$1 billion bond on 17 September 2026 at a coupon of 6.25%, according to the Ministry of Finance. The ministry says the issue was about 2.5 times oversubscribed and was Jamaica's first US dollar issue in more than a decade.

The bond was part of a liability management operation. Holders of three existing global bonds, due in 2028, 2036 and 2039, were invited to sell them back, and US$491.1 million was tendered. The new money paid for those buybacks, and the rest goes to the budget's financing needs for 2026/27. Swapping older, higher-coupon bonds for a cheaper one lowers interest costs, but does not by itself reduce the total stock of debt.

Official sources: Ministry of Finance: GOJ issues US$1.0 billion in international capital markets

What is Jamaica's government debt?

In 2025, general government gross debt in Jamaica was 66.0% of GDP, according to the IMF. Since 2005 it has ranged from 62.5% of GDP (2024) to 140.3% of GDP (2012). It is 15th highest of 31 in Latin America & Caribbean, where the median is 65.6% of GDP. Worldwide: 61st of 185.

What is Jamaica's fiscal deficit?

The IMF puts general government net lending or borrowing in Jamaica at -2.5% of GDP in 2025 (a deficit). The peak was 1.1% of GDP in 2018 and the low -10.8% of GDP in 2009. Latin America & Caribbean median: -2.8% of GDP; Jamaica is 14th highest of 32. Worldwide: 89th of 188.

What is Jamaica's government revenue?

The IMF puts general government revenue in Jamaica at 29.8% of GDP in 2025. The peak was 30.3% of GDP in 2024 and the low 24.9% of GDP in 2011. Latin America & Caribbean median: 24.9% of GDP; Jamaica is 7th highest of 32. Worldwide: 75th of 187.

How big is Jamaica's government spending as a share of GDP?

In 2025, general government spending in Jamaica was 32.3% of GDP, according to the IMF. Its high point since 2005 was 2009, at 37.7% of GDP; its low point was 2015, at 25.9% of GDP. It is 9th highest of 32 in Latin America & Caribbean, where the median is 26.7% of GDP. Of 186 countries with 2025 data, 81st highest.

How much tax does Jamaica collect?

23.7% of GDP: that is central government tax revenue in Jamaica for 2020, according to the IMF. Since 2005 it has ranged from 23.2% of GDP (2005) to 25.5% of GDP (2019). Latin America & Caribbean median: 13.9% of GDP; Jamaica is 1st highest of 19. Worldwide: 16th of 136.

What is Jamaica's military budget as a share of GDP?

The latest figure from SIPRI, for 2025, is 1.4% of GDP. Its high point since 2005 was 2020, at 1.7% of GDP; its low point was 2005, at 0.5% of GDP. Latin America & Caribbean median: 1.0% of GDP; Jamaica is 6th highest of 22. Of 149 countries with 2025 data, 89th highest.