Gross Domestic Product In Jamaica

Gross Domestic Product (GDP)

The Gross Domestic Profit (GDP), is often considered the best measure of how well an economy performs. The gross domestic product (GDP) is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time. The Gross Domestic Product (GDP) in Jamaica expanded 0.20 percent in the first quarter of 2015 over the previous quarter. Jamaica achieved an overall growth rate of 0.40% for FY 2014/15.The country continues to derive most of its foreign exchange from tourism, remittances, and bauxite/alumina. Remittances and tourism each account for 30% of GDP. Tourism has consistently been the largest earner of foreign exchange in our economy. Its contribution to the

The unemployment rate was forecasted for fiscal year 2015-2017 and same revealed a decrease of (14.21%), (13.87%), (12.04%) respectively. The country continues to be confronted by serious social issues that predominantly affect youth, such as high levels of crime and violence and high unemployment. Jamaica, which had seen its poverty rate drop almost 20 percent over two decades, saw it increase by eight percent in a few years. The country is not only hampered by domestic challenges, but has to remain flexible to withstand the effects of global economic conditions on the stability of the domestic economy. The falling oil prices seem to have led to an increase in production in the manufacturing sector, evidenced by the increase in employment figures in the industry. The drought conditions that have been happen for the past two year have a negative impact on farming, made evident by the falling employment in the

The positive outlook toward this is that it creates a better relationship among different countries but because of the different countries being able to do business it causes high levels of competition between local and foreign businesses. Foreign competitors are able to sell goods and services at cheaper costs which leave local competitors at a disadvantage. Some local producers are focused on being more efficient in order to compete with foreign industries while other local producers have opted to default production resulting in a decline in production levels hence a fall in the country’s GDP. The lower production level of the country, leads to a reduction in exports and an increase in imports which are costly to the country because it our depreciating the country currency. Inflation is then used to compensate for costly imported goods and services. the Jamaican economy needs to increase productivity to attracting foreign investors and creating job opportunities that will decrease the rate of unemployment in the country. This will impact growth of the economy’s GDP and an appreciation of the Jamaican dollar relative to other