Jamaica Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in jamaica, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Market Overview
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Market Overview

Jamaica, with a population of 2.8 million people, is a services-driven, English-speaking economy with strong U.S. ties, rule-of-law institutions, and an improving macro profile. Core opportunity sectors include tourism and hospitality, outsourcing/business services, logistics, renewable energy, construction, agri-business/food processing, and digital trade. Key advantages of doing business in Jamaica include its proximity to the United States, skilled labor, a modern Special Economic Zone (SEZ) regime, and a stable political and business environment. On the downside, the market’s relatively small scale, high energy and security costs, vulnerability to natural disasters, and logistics and permitting bottlenecks present roadblocks to investors.

The United States is Jamaica’s main trading partner, accounting for around 40 percent of total trade in 2024. U.S. goods exports to Jamaica totaled approximately $2.8 billion. Other key Jamaican trading partners include China, Brazil, Columbia, and Japan. Jamaica imports a wide array of products from the United States, including machinery, food and agricultural products, fuels, chemicals, and consumer goods.

Jamaica remains attractive to U.S. exporters due to its geographic proximity and strategic shipping access; its sizeable English-speaking market; strong commercial and cultural ties; and gradual improvement in the business climate.

Over the past decade, Jamaica has made significant progress in strengthening its macroeconomic fundamentals. The country has successfully reduced its public debt, anchored inflation and inflation expectations, and improved its external position. These gains have been underpinned by consistent investment in institutions and a strong commitment to fiscal discipline and economic stability. This has allowed Jamaica to increase its resilience in the face of global shocks and natural disasters.

In 2024 GDP contracted due to the impact of Hurricane Beryl and Tropical Storm Raphael, which caused extensive damage to agriculture, infrastructure, and tourism. However, economic activity is expected to rebound as these effects subside. Unemployment dropped to a historic low of 3 percent, while inflation returned to the central bank’s 4 to 6 percent target range. Strong tourism inflows, combined with robust remittances, have supported current account surpluses, while international reserves continue to strengthen.

Looking ahead, growth is expected to return to its steady state of about one percent by FY2025/26. The debt to GDP ratio is set to reach 60 percent in 2025, a full two years ahead of target.  The central bank is expected to maintain a balanced monetary policy stance and inflation should remain anchored within the target range, allowing for an easing of policy rates. 

Please see the Executive Summary in the Investment Climate Statement.

Political Environment

Visit the State Department’s website for background on the country’s political and economic environment: https://www.state.gov/countries-areas/jamaica/.

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