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Economy of Jamaica vs Kuwait compared: GDP & Debt

Updated on by Georank team

Jamaica has a GDP of $22B compared to $160B for Kuwait, ranking 124/197 and 59/197 by economy size, respectively.

Jamaica has $14B in government debt (63.4% of GDP), compared to $4.68B (2.92% of GDP) in Kuwait.

Jamaica vs Kuwait GDP by year

Jamaica
Kuwait
1x
Year GDP, current $
Jamaica Kuwait
2024 $22,014,397,090 $160,227,273,053
2023 $21,418,804,320 $165,384,407,116
2022 $18,813,516,805 $183,502,046,694
2021 $15,963,885,376 $148,350,671,489
2020 $15,000,214,216 $111,045,470,606
2019 $17,026,269,263 $140,856,394,861
2018 $16,855,447,986 $138,646,316,351
2017 $15,783,583,237 $120,687,539,806
2016 $14,898,999,754 $109,406,674,125
2015 $14,963,589,916 $114,585,555,689
2014 $13,899,217,680 $162,650,450,685
2013 $14,264,205,153 $174,168,116,535
2012 $14,807,086,556 $174,047,662,680
2011 $14,444,661,522 $154,039,231,246
2010 $13,220,549,908 $115,416,245,242
2009 $12,120,458,115 $105,968,691,905
2008 $13,709,401,520 $147,379,737,230
2007 $12,799,600,047 $114,634,043,362
2006 $11,930,179,090 $101,557,330,723
2005 $11,243,865,778 $80,798,630,137
2004 $10,174,664,854 $59,439,090,601
2003 $9,430,234,811 $47,874,582,232
2002 $9,719,009,495 $38,135,788,414
2001 $9,194,727,831 $34,889,559,870
2000 $9,005,064,475 $37,718,743,480
1999 $8,887,057,997 $30,122,365,849
1998 $8,787,195,622 $25,943,705,784
1997 $8,400,041,724 $30,350,190,704
1996 $7,393,891,921 $31,492,373,309
1995 $6,577,520,643 $27,186,980,647
1994 $5,452,558,947 $24,848,483,838
1993 $5,440,075,676 $23,941,391,391
1992 $3,535,460,090 $19,858,555,215
1991 $4,106,207,649 $11,009,993,703
1990 $4,592,208,087 $18,427,777,778
1989 $4,404,937,853 $24,313,855,653
1988 $3,828,342,820 $20,690,322,153
1987 $3,287,007,322 $22,368,704,134
1986 $2,754,549,582 $17,903,989,745
1985 $2,100,239,019 $21,445,970,614
1984 $2,373,564,549 $21,700,082,753
1983 $3,619,262,277 $20,871,081,080
1982 $3,293,496,312 $21,577,153,356
1981 $2,979,027,966 $25,058,020,338
1980 $2,679,379,372 $28,638,868,356
1979 $2,425,064,229 $24,749,063,922
1978 $2,644,527,822 $15,503,557,496
1977 $3,249,733,140 $14,137,406,741
1976 $2,966,042,856 $13,132,252,802
1975 $2,860,442,750 $12,022,811,621
1974 $2,375,122,375 $13,006,948,296
1973 $1,905,917,553 $5,408,804,607
1972 $1,875,146,587 $4,450,537,925
1971 $1,539,861,816 $3,880,392,195
1970 $1,404,720,442 $2,873,638,851
1969 $1,191,239,047 $2,769,198,892
1968 $1,083,839,133 $2,662,798,935
1967 $1,148,014,311 $2,441,599,023
1966 $1,096,759,561 $2,391,199,044
1965 $972,159,611 $2,097,199,161
1964 $897,949,001 $2,071,668,533
1963 $826,706,669 $1,900,895,857
1962 $777,727,689 $1,828,107,503
1961 $748,043,501 -
1960 $699,064,380 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/jamaica/kuwait | CC BY

GDP per capita in Jamaica vs Kuwait by year

Jamaica
GDP per capita

GDP per capita, PPP
Kuwait
GDP per capita

GDP per capita, PPP
1x
Year Current $
Jamaica Kuwait
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $7,754 $12,890 $32,718 $52,444
2023 $7,542 $12,651 $34,076 $53,025
2022 $6,626 $11,888 $39,982 $55,043
2021 $5,626 $10,431 $34,019 $50,652
2020 $5,299 $9,764 $25,236 $41,462
2019 $6,031 $10,845 $31,708 $50,703
2018 $5,977 $10,753 $32,068 $51,371
2017 $5,605 $10,466 $29,048 $46,566
2016 $5,302 $9,948 $27,324 $41,862
2015 $5,339 $9,476 $29,882 $45,267
2014 $4,975 $9,210 $44,369 $68,337
2013 $5,124 $9,101 $49,651 $76,813
2012 $5,341 $8,831 $52,155 $82,090
2011 $5,233 $8,809 $49,170 $79,037
2010 $4,810 $8,521 $39,212 $75,184
2009 $4,428 $8,580 $37,907 $80,110
2008 $5,030 $8,952 $55,585 $90,337
2007 $4,716 $8,893 $45,709 $91,435
2006 $4,417 $8,577 $42,947 $89,075
2005 $4,184 $8,127 $36,123 $84,968
2004 $3,808 $7,854 $27,552 $77,227
2003 $3,550 $7,593 $22,691 $69,752
2002 $3,681 $7,226 $18,513 $59,713
2001 $3,504 $7,019 $17,374 $58,553
2000 $3,453 $6,816 $19,296 $58,703
1999 $3,432 $6,653 $15,854 $56,406
1998 $3,419 $6,543 $14,067 $58,344
1997 $3,297 $6,682 $16,977 $57,420
1996 $2,929 $6,706 $18,201 $56,913
1995 $2,631 $6,657 $16,168 $57,163
1994 $2,203 $6,435 $14,930 $53,946
1993 $2,221 $6,279 $14,318 $48,482
1992 $1,458 $5,664 $12,146 $36,149
1991 $1,710 $5,485 $8,147 $23,390
1990 $1,930 $5,106 $10,938 $30,763
1989 $1,865 - $10,965 -
1988 $1,632 - $9,692 -
1987 $1,411 - $10,896 -
1986 $1,191 - $9,077 -
1985 $917 - $11,322 -
1984 $1,048 - $11,919 -
1983 $1,619 - $11,965 -
1982 $1,494 - $12,979 -
1981 $1,370 - $15,825 -
1980 $1,249 - $19,032 -
1979 $1,144 - $17,386 -
1978 $1,262 - $11,567 -
1977 $1,569 - $11,238 -
1976 $1,450 - $11,141 -
1975 $1,417 - $10,882 -
1974 $1,193 - $12,527 -
1973 $972 - $5,532 -
1972 $971 - $4,836 -
1971 $809 - $4,486 -
1970 $748 - $3,552 -
1969 $642 - $3,695 -
1968 $591 - $3,872 -
1967 $633 - $3,887 -
1966 $612 - $4,176 -
1965 $549 - $4,024 -
1964 $514 - $4,379 -
1963 $480 - $4,445 -
1962 $458 - $4,748 -
1961 $447 - - -
1960 $424 - - -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/jamaica/kuwait | CC BY

Jamaica's GDP per capita is $7,754, ranking 95/197, compared to $32,718 in Kuwait, ranking 37/197. Adjusted for purchasing power (GDP per capita PPP), Jamaica ranks 121st at $12,890, while Kuwait ranks 40th at $52,444.

Economic indicators

Jamaica Kuwait
Gross domestic product
$22B
2024
$160B
2024
GDP rank
124/197
2024
59/197
2024
GDP growth
-0.54%
2023-2024
-2.56%
2023-2024
GDP per capita
$7,754
2024
$32,718
2024
GDP per capita rank
95/197
2024
37/197
2024
GDP per capita, PPP
$12,890
2024
$52,444
2024
GDP per capita PPP rank
121/197
2024
40/197
2024
Government debt
$14B
2024
$4.68B
2024
Debt-to-GDP ratio
63.4%
2024
2.92%
2024
Government debt per person
$4,917
2024
$956
2024
Government debt per person rank
79/185
2024
143/185
2024
Average annual personal income after taxes
$6,905
2026
$23,828
2026
Market capitalization of domestic companies
$12.4B
2024
$141B
2024
Income share by richest 10%
29.6%
2021
n/a
Income share by poorest 10%
2.2%
2021
n/a
Government expenditure, % of GDP
30.5%
2024
50.4%
2024
Consumer prices inflation
5.41%
2023-2024
2.9%
2023-2024
Central bank interest rate
5.75%
2025
3.5%
2025
Unemployment rate
3.02%
2023
2.16%
2016
Population
2834980
5100145

Spending and national debt comparison by year

Jamaica
Spending

Debt
Kuwait
Spending

Debt
1x
Year % of GDP
Jamaica Kuwait
Government spending Government debt Government spending Government debt
2024 30.5% 63.4% 50.4% 2.92%
2023 28% 67.3% 48.3% 3.13%
2022 28.4% 73.5% 39.6% 2.95%
2021 29% 90.9% 48.3% 7.2%
2020 29.8% 100.1% 62.9% 10.2%
2019 27.8% 88.6% 50.3% 10.5%
2018 27.8% 89.2% 51.1% 14.3%
2017 27.3% 96.7% 51.9% 19.6%
2016 27% 109.1% 54.1% 9.88%
2015 26.3% 117.6% 55.4% 4.6%
2014 26.5% 136.7% 45% 3.43%
2013 26.9% 138.1% 38.4% 3.09%
2012 29.6% 143% 38.2% 3.6%
2011 31.7% 138.1% 39.7% 4.64%
2010 32.9% 140.1% 45.5% 6.16%
2009 38.6% 141.5% 42.9% 6.65%
2008 34.4% 125.6% 40.9% 5.38%
2007 31.6% 115.3% 30.4% 7.05%
2006 31.2% 118% 32.3% 7.79%
2005 29.3% 124.5% 28.8% 10.2%
2004 31.5% 120.1% 35.3% 13.9%
2003 32.5% 125.5% 38.2% 17.2%
2002 31.1% 119.1% 42.8% 21.3%
2001 28.5% 107.9% 41.4% 23%
2000 26.2% 91.3% 29.9% 21.4%
1999 28.9% 83.5% 44.5% 25.5%
1998 28.3% 75.6% 51.7% 25.6%
1997 28.3% 74.4% 43.8% 24.3%
1996 27.7% 70.2% 42.8% 26.5%
1995 23.1% 85.2% 52% 34.9%
1994 21.5% 90.4% 57.8% 37.7%
1993 21.5% 106.2% 58.2% 28.8%
1992 20% 100.4% 77.6% 27.9%
1991 24.5% 175.1% 208.9% 45.3%
1990 25.7% 128.8% 122.9% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1990–1998, retrieved 2026-02-20).

GeoRank.org/economy/jamaica/kuwait | CC BY

In 2024, Jamaica's government spending was $6.72B, accounting for 30.5% of its GDP, while Kuwait spent $80.8B, or 50.4% of GDP.

Debt-to-GDP ratio is 63.4% in Jamaica and 2.92% in Kuwait, ranking 73/185 and 184/185, respectively.

Government deficit by year

Deficit/surplus
Jamaica

Kuwait
1x
Year Deficit/surplus, % of GDP
Jamaica Kuwait
2024 0.22% 23.8%
2023 0.04% 28.2%
2022 0.27% 30%
2021 0.89% 9.98%
2020 -2.83% 0.14%
2019 0.85% 13%
2018 1.12% 17.5%
2017 0.43% 15.3%
2016 -0.19% 13.1%
2015 -0.28% 16.6%
2014 -0.49% 30%
2013 0.12% 40.6%
2012 -4.05% 40.7%
2011 -6.34% 38.8%
2010 -6.27% 31.9%
2009 -11.1% 31.3%
2008 -7.43% 21.3%
2007 -3.82% 37.1%
2006 -4.9% 28%
2005 -3.3% 38.9%
2004 -4.68% 32.5%
2003 -5.67% 27.2%
2002 -6.77% 31%
2001 -4.89% 45.2%
2000 -0.8% 52.5%
1999 -3.53% 28.2%
1998 -5.82% 19.5%
1997 -6.54% 29.5%
1996 -5.32% 24.3%
1995 1.6% 11.7%
1994 2.59% 1.76%
1993 2.6% -3.12%
1992 3.11% -28.1%
1991 3.87% -145%
1990 2.34% -50%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/jamaica/kuwait | CC BY

In 2024, Jamaica's government surplus, the difference between spending and revenue, was $49.1M, equivalent to 0.22% of GDP. This compares to Kuwait's surplus of $38.1B, or 23.8% of GDP.

Over the past 35 years, Jamaica recorded a fiscal deficit in 21 of those years, while Kuwait ran a deficit in 4 years. On average, Jamaica posted an annual deficit equal to 2.14% of GDP, compared to surplus of 16.7% of GDP for Kuwait.

Inflation comparison by year

Inflation
Jamaica

Kuwait
1x
Year Consumer prices inflation
Jamaica Kuwait
2024 5.41% 2.9%
2023 6.47% 3.64%
2022 10.3% 3.98%
2021 5.86% 3.42%
2020 5.23% 2.1%
2019 3.91% 1.09%
2018 3.74% 0.54%
2017 4.38% 2.17%
2016 2.35% 3.2%
2015 3.69% 3.27%
2014 8.27% 2.91%
2013 9.34% 2.68%
2012 6.87% 3.26%
2011 7.56% 4.84%
2010 12.6% 4.5%
2009 9.59% 4.61%
2008 22% 10.6%
2007 9.24% 5.48%
2006 8.56% 3.06%
2005 15.1% 4.14%
2004 13.6% 1.25%
2003 10.1% 0.96%
2002 7.08% 0.89%
2001 6.8% 1.3%
2000 8.17% 1.81%
1999 5.95% 2.99%
1998 8.63% 0.13%
1997 9.66% 0.68%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/jamaica/kuwait | CC BY

Over the past 28 years, Jamaica has recorded an average annual inflation rate of 8.23%, compared with 2.94% in Kuwait. In 2024, inflation was 5.41% in Jamaica and 2.9% in Kuwait.

Top exports between countries

Jamaica
Export category Export value
Kuwait
Export category Export value
Raw materials & minerals $32K
Miscellaneous $1K

Balance of trade

Jamaica Kuwait
Current account balance
$679M
2024
$46.7B
2024
Current account balance ranking
56/190
2024
15/190
2024
Current account balance, % of GDP
+3.08%
2024
+29.1%
2024
Goods imports
$6.07B
2024
$33.4B
2024
Goods exports
$1.87B
2024
$77.5B
2024
Service imports
$3.46B
2024
$28.1B
2024
Service exports
$5.26B
2024
$12.2B
2024
Imports of goods and services, % of GDP
52.1%
2019
38.3%
2023
Exports of goods and services, % of GDP
38%
2019
57.7%
2023

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Jamaica Kuwait
Economic freedom 68.2 59.9
Economic freedom ranking 48/197 100/197
Property rights 66.8 42
Government integrity 49.4 47.9
Judicial effectiveness 75.6 43.4
Tax burden 76.3 97.7
Government spending 76 36.2
Fiscal health 92.2 99.9
Business freedom 68.5 57.4
Labor freedom 59.2 49.2
Monetary freedom 74.2 68.7
Trade freedom 70.4 75.8
Investment freedom 60 50
Financial freedom 50 50

Economic freedom comparison by year

Jamaica
Kuwait
1x
Year Economic freedom index
Jamaica Kuwait
2026 68.2 59.9
2025 68.7 59.9
2024 68.1 58.5
2023 68.1 56.7
2022 67.4 58.3
2021 69 64.1
2020 68.5 63.2
2019 68.6 60.8
2018 69.1 62.2
2017 69.5 65.1
2016 67.5 62.7
2015 67.7 62.5
2014 66.7 62.3
2013 66.8 63.1
2012 65.1 62.5
2011 65.7 64.9
2010 65.5 67.7
2009 65.2 65.6
2008 65.7 68.1
2007 65.5 66.4
2006 66.4 66.5
2005 67 64.6
2004 66.7 63.6
2003 67 66.7
2002 61.7 65.4
2001 63.7 68.2
2000 65.5 69.7
1999 64.7 69.5
1998 67.1 66.3
1997 67.7 64.8
1996 66.7 66.1
1995 64.4 -

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/jamaica/kuwait | CC BY

The Economic Freedom Index for Jamaica is 68.2, ranking 48/197, compared to 59.9 for Kuwait, ranking 100/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Jamaica Kuwait
Services, % of GDP
60%
2024
55.9%
2024
Industry, % of GDP
16.5%
2024
57.1%
2024
Agriculture, forestry, and fishing, % of GDP
7.97%
2024
0.49%
2024
GNI, Atlas method
$20.5B
2024
$200B
2024
GNI per capita, PPP
$12,690
2024
$63,270
2024
Total reserves including gold
$5.63B
2024
$50.7B
2024
Total reserves ranking
93/177
2024
41/177
2024
Net foreign direct investment
-$304M
2024
$9.71B
2024
Net inflows of foreign direct investment
$305M
2024
$615M
2024
Net outflows of foreign direct investment
$1.07M
2024
$10.3B
2024
Servicing debt to the IMF, % of GNI
11.3%
2024
n/a
Poverty at national poverty lines
8.2%
2023
n/a
Gross capital formation, % of GDP
22.6%
2019
17.7%
2023

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/jamaica/kuwait | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1990–1998, retrieved 2026-02-20)
  6. TradeMap (2023–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.