Gross Domestic Product Per Capita for Jamaica
PCAGDPJMA646NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,019.75
Year-over-Year Change
31.44%
Date Range
1/1/1960 - 1/1/2024
Summary
The Gross Domestic Product (GDP) per capita for Jamaica measures the total economic output of the country divided by its population. This metric is a key indicator of a country's standard of living and economic development.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
GDP per capita is a widely used economic indicator that provides insight into a country's overall prosperity and the income available to its citizens. It is a valuable tool for economists and policymakers to assess a nation's economic performance and make informed decisions.
Methodology
The data is calculated by the World Bank by dividing Jamaica's GDP by its total population.
Historical Context
GDP per capita is a crucial metric used by governments, international organizations, and analysts to benchmark economic progress and shape policies.
Key Facts
- Jamaica's GDP per capita was $5,590 in 2021.
- The GDP per capita in Jamaica has grown by 36% over the past decade.
- Jamaica's GDP per capita is lower than the Latin American and Caribbean regional average.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product (GDP) per capita for Jamaica measures the total economic output of the country divided by its total population, providing a snapshot of the average income and standard of living.
Q: Why is this trend relevant for users or analysts?
A: GDP per capita is a widely used metric that helps economists, policymakers, and analysts assess a country's economic performance, development, and the overall prosperity of its citizens.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank by dividing Jamaica's GDP by its total population.
Q: How is this trend used in economic policy?
A: GDP per capita is a crucial indicator used by governments, international organizations, and analysts to benchmark economic progress, identify areas for improvement, and shape economic policies and development strategies.
Q: Are there update delays or limitations?
A: The GDP per capita data for Jamaica is updated annually by the World Bank, with a typical delay of 1-2 years.
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Citation
U.S. Federal Reserve, Gross Domestic Product Per Capita for Jamaica (PCAGDPJMA646NWDB), retrieved from FRED.