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Economy of Jamaica vs Laos compared: GDP & Debt

Updated on by Georank team

Jamaica has a GDP of $19.9B compared to $16.5B for Laos, ranking 130/197 and 139/197 by economy size, respectively.

Jamaica has $13.9B in government debt (65.3% of GDP), compared to $15.9B (91.4% of GDP) in Laos.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Jamaica
GDP, current $

GDP, constant 2015 $
Laos
GDP, current $

GDP, constant 2015 $
Year GDP
Jamaica Laos
Current $ Constant $ Current $ Constant $
1960 $699,064,380 - - -
1961 $748,043,501 - - -
1962 $777,727,689 - - -
1963 $826,706,669 - - -
1964 $897,949,001 - - -
1965 $972,159,611 - - -
1966 $1,096,759,561 $7,024,390,231 - -
1967 $1,148,014,311 $7,151,436,058 - -
1968 $1,083,839,133 $7,562,224,001 - -
1969 $1,191,239,047 $7,983,793,326 - -
1970 $1,404,720,442 $8,946,990,810 - -
1971 $1,539,861,816 $9,166,914,416 - -
1972 $1,875,146,587 $10,817,743,267 - -
1973 $1,905,917,553 $10,224,334,976 - -
1974 $2,375,122,375 $9,791,921,133 - -
1975 $2,860,442,750 $9,766,844,781 - -
1976 $2,966,042,856 $9,113,028,254 - -
1977 $3,249,733,140 $8,876,312,907 - -
1978 $2,644,527,822 $8,871,546,299 - -
1979 $2,425,064,229 $8,777,504,243 - -
1980 $2,679,379,372 $8,275,943,672 - -
1981 $2,979,027,966 $8,494,382,902 - -
1982 $3,293,496,312 $8,670,151,359 - -
1983 $3,619,262,277 $8,835,671,346 - -
1984 $2,373,564,549 $8,699,394,740 $1,757,142,856 $2,109,467,955
1985 $2,100,239,019 $8,443,316,262 $2,366,666,616 $2,216,417,220
1986 $2,754,549,582 $8,602,269,136 $1,776,842,097 $2,324,692,155
1987 $3,287,007,322 $9,277,577,786 $1,087,273,104 $2,291,546,871
1988 $3,828,342,820 $9,646,296,747 $598,961,269 $2,245,482,172
1989 $4,404,937,853 $10,338,254,971 $714,046,821 $2,564,130,388
1990 $4,592,208,087 $10,772,517,002 $865,559,879 $2,736,044,527
1991 $4,106,207,649 $11,293,717,094 $1,028,087,972 $2,853,600,421
1992 $3,535,460,090 $11,514,570,532 $1,127,806,945 $3,012,256,546
1993 $5,440,075,676 $12,598,909,449 $1,327,748,690 $3,190,357,918
1994 $5,452,558,947 $12,773,201,477 $1,543,606,345 $3,450,659,812
1995 $6,577,520,643 $13,073,366,225 $1,763,536,305 $3,693,284,479
1996 $7,393,891,921 $13,058,497,728 $1,873,671,550 $3,949,167,184
1997 $8,400,041,724 $12,909,570,801 $1,747,011,857 $4,220,557,557
1998 $8,787,195,622 $12,608,189,959 $1,280,177,839 $4,388,012,740
1999 $8,887,057,997 $12,740,282,670 $1,454,430,642 $4,708,617,453
2000 $9,005,064,475 $12,852,231,986 $1,731,198,022 $4,981,659,930
2001 $9,194,727,831 $13,025,085,454 $1,768,619,058 $5,268,175,761
2002 $9,719,009,495 $13,285,234,306 $1,758,176,653 $5,579,985,581
2003 $9,430,234,811 $13,772,313,189 $2,023,324,407 $5,918,523,435
2004 $10,174,664,854 $13,954,620,755 $2,366,398,120 $6,294,805,132
2005 $11,243,865,778 $14,079,346,868 $2,735,558,735 $6,742,212,710
2006 $11,930,179,090 $14,487,524,782 $3,455,030,061 $7,323,341,972
2007 $12,799,600,047 $14,694,979,478 $4,223,152,739 $7,879,683,724
2008 $13,709,401,520 $14,575,694,936 $5,446,433,157 $8,496,261,313
2009 $12,120,458,115 $13,942,336,993 $5,836,137,330 $9,133,631,713
2010 $13,220,549,908 $13,739,176,618 $7,131,771,015 $9,912,447,860
2011 $14,444,661,522 $13,976,916,070 $8,750,104,617 $10,709,275,115
2012 $14,807,086,556 $13,891,148,676 $10,192,846,339 $11,568,812,077
2013 $14,264,205,153 $13,963,061,209 $11,983,252,627 $12,497,359,667
2014 $13,899,217,680 $14,059,381,527 $13,279,245,886 $13,448,654,116
2015 $14,188,936,918 $14,188,936,918 $14,426,380,126 $14,426,380,126
2016 $14,077,096,677 $14,384,066,451 $15,912,501,723 $15,439,521,179
2017 $14,808,985,133 $14,527,493,295 $17,071,155,481 $16,503,694,943
2018 $15,730,792,876 $14,802,051,831 $18,141,641,090 $17,534,839,203
2019 $15,830,766,531 $14,934,129,304 $18,740,561,513 $18,491,844,276
2020 $13,812,421,836 $13,452,615,522 $18,981,805,250 $18,584,864,138
2021 $14,657,586,159 $14,071,627,469 $18,827,148,531 $19,054,754,737
2022 $17,097,760,687 $14,806,380,290 $15,468,785,204 $19,570,648,222
2023 $19,423,355,367 $15,192,036,608 $15,843,155,731 $20,303,702,352
2024 $19,930,288,337 $15,082,835,198 $16,502,933,121 $21,168,286,229

Economic indicators

Jamaica Laos
Gross domestic product
$19.9B
2024
$16.5B
2024
GDP rank
130/197
2024
139/197
2024
GDP growth
2.61%
2023-2024
4.16%
2023-2024
GDP per capita
$7,020
2024
$2,124
2024
GDP per capita rank
104/197
2024
155/197
2024
GDP per capita, PPP
$11,662
2024
$9,788
2024
Government debt
$13.9B
2024
$15.9B
2024
Debt-to-GDP ratio
65.3%
2025
91.4%
2025
Government debt per person
$4,908
2024
$2,049
2024
Government debt per person rank
79/185
2024
118/185
2024
Average annual personal income after taxes
$6,964
2025
$2,296
2025
Market capitalization of domestic companies
$12.4B
2024
n/a
Income share by richest 10%
29.6%
2021
31.2%
2018
Income share by poorest 10%
2.2%
2021
3%
2018
Government expenditure, % of GDP
32.1%
2025
18.4%
2025
Consumer prices inflation
5.41%
2023-2024
7.8%
2024-2025
Central bank interest rate
5.75%
2025
n/a
Unemployment rate
3.02%
2023
1.21%
2022
Population
2837071
7954155

GDP per capita in Jamaica vs Laos

Jamaica's GDP per capita is $7,020, ranking 104/197, compared to $2,124 in Laos, ranking 155/197. Adjusted for purchasing power (GDP per capita PPP), Jamaica ranks 127th at $11,662, while Laos ranks 133rd at $9,788.

Jamaica
GDP per capita

GDP per capita, PPP
Laos
GDP per capita

GDP per capita, PPP
Year Current $
Jamaica Laos
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 $424 - - -
1961 $447 - - -
1962 $458 - - -
1963 $480 - - -
1964 $514 - - -
1965 $549 - - -
1966 $612 - - -
1967 $633 - - -
1968 $591 - - -
1969 $642 - - -
1970 $748 - - -
1971 $809 - - -
1972 $971 - - -
1973 $972 - - -
1974 $1,193 - - -
1975 $1,417 - - -
1976 $1,450 - - -
1977 $1,569 - - -
1978 $1,262 - - -
1979 $1,144 - - -
1980 $1,249 - - -
1981 $1,370 - - -
1982 $1,494 - - -
1983 $1,619 - - -
1984 $1,048 - $483 -
1985 $917 - $633 -
1986 $1,191 - $462 -
1987 $1,411 - $274.7 -
1988 $1,632 - $147.1 -
1989 $1,865 - $170.4 -
1990 $1,930 $4,841 $200.7 $1,012
1991 $1,710 $5,201 $231.8 $1,061
1992 $1,458 $5,370 $247.3 $1,114
1993 $2,221 $5,954 $283.4 $1,176
1994 $2,203 $6,102 $321 $1,265
1995 $2,631 $6,313 $358 $1,349
1996 $2,929 $6,359 $371 $1,435
1997 $3,297 $6,336 $339 $1,528
1998 $3,419 $6,204 $243.9 $1,577
1999 $3,432 $6,309 $272.3 $1,686
2000 $3,453 $6,464 $319 $1,794
2001 $3,504 $6,656 $320 $1,908
2002 $3,681 $6,852 $313 $2,020
2003 $3,550 $7,200 $355 $2,151
2004 $3,808 $7,447 $409 $2,315
2005 $4,184 $7,707 $466 $2,519
2006 $4,417 $8,133 $579 $2,777
2007 $4,716 $8,432 $697 $3,021
2008 $5,030 $8,488 $886 $3,271
2009 $4,428 $8,135 $935 $3,485
2010 $4,810 $8,080 $1,126 $3,772
2011 $5,233 $8,353 $1,362 $4,100
2012 $5,341 $8,373 $1,564 $4,781
2013 $5,124 $8,630 $1,813 $5,222
2014 $4,975 $8,733 $1,981 $5,799
2015 $5,063 $8,986 $2,121 $6,086
2016 $5,010 $9,399 $2,303 $6,743
2017 $5,259 $9,820 $2,432 $7,142
2018 $5,578 $10,035 $2,545 $7,487
2019 $5,607 $10,084 $2,589 $7,743
2020 $4,879 $8,991 $2,584 $7,913
2021 $5,165 $9,577 $2,526 $8,080
2022 $6,022 $10,790 $2,046 $8,766
2023 $6,840 $11,467 $2,067 $9,292
2024 $7,020 $11,662 $2,124 $9,788

Spending and national debt comparison

In 2024, Jamaica's government spending was $6.68B, accounting for 32.1% of its GDP, while Laos' spent $2.59B, or 18.4% of GDP.

Debt-to-GDP ratio is 65.3% in Jamaica and 91.4% in Laos, ranking 66/185 and 34/185, respectively.

Jamaica
Government spending

Government debt
Laos
Government spending

Government debt
Year % of GDP
Jamaica Laos
Government spending Government debt Government spending Government debt
1990 26.3% 128.8% - -
1991 25.1% 175.1% - -
1992 20.5% 100.4% - -
1993 22.1% 106.2% - -
1994 22.1% 90.4% - -
1995 23.7% 85.2% - -
1996 28.4% 70.2% - -
1997 29% 74.4% - -
1998 29% 75.6% - -
1999 29.7% 85.6% - -
2000 26.9% 93.7% 19.9% -
2001 29.3% 110.7% 18.8% 94.7%
2002 31.9% 122.2% 16.6% 95.3%
2003 33.3% 128.8% 16% 90.1%
2004 32.4% 123.3% 13.6% 80.7%
2005 30% 127.7% 15.3% 73.2%
2006 32% 121.1% 14.7% 60%
2007 32.4% 118.2% 15.1% 55.9%
2008 35.3% 128.9% 16.1% 51.7%
2009 39.6% 145.2% 20.1% 51.8%
2010 33.7% 143.7% 22.4% 49.3%
2011 32.5% 141.7% 20.2% 43%
2012 30.4% 146.7% 24.7% 46.1%
2013 27.6% 141.7% 24.2% 49.5%
2014 27.2% 140.3% 25% 53.5%
2015 27.8% 124% 25.8% 53.1%
2016 28.6% 115.4% 21.1% 54.5%
2017 29.1% 103% 21.8% 57.2%
2018 29.8% 95.6% 20.7% 60.6%
2019 29.9% 94.7% 18.6% 69.1%
2020 32.3% 108.7% 18.4% 76%
2021 31.6% 99% 15.7% 92.9%
2022 31.3% 80.9% 14.7% 130.7%
2023 30.9% 74.2% 16.5% 115.6%
2024 33.5% 69.9% 15.7% 96.4%
2025 32.1% 65.3% 18.4% 91.4%

Government deficit by year

In 2024, Jamaica's government surplus, the difference between spending and revenue, was $52M, equivalent to 0.26% of GDP. This compares to Laos' surplus of $387M, or 2.34% of GDP.

Over the past 25 years, Jamaica recorded a fiscal deficit in 17 of those years, while Laos ran a deficit in 23 years. On average, Jamaica posted an annual deficit equal to -2.87% of GDP, compared to deficit of -2.63% of GDP for Laos.

Deficit/surplus
Jamaica

Laos
Year Deficit/surplus, % of GDP
Jamaica Laos
1990 2.4% -
1991 3.97% -
1992 3.19% -
1993 2.66% -
1994 2.66% -
1995 1.65% -
1996 -5.45% -
1997 -6.71% -
1998 -5.97% -
1999 -3.62% -
2000 -0.82% -3.58%
2001 -5.01% -3.68%
2002 -6.94% -2.85%
2003 -5.82% -3.89%
2004 -4.8% -1.81%
2005 -3.39% -2.54%
2006 -5.03% -1.48%
2007 -3.92% -1.12%
2008 -7.62% -1.86%
2009 -11.4% -3.1%
2010 -6.44% -1.47%
2011 -6.51% -1.43%
2012 -4.16% -2.34%
2013 0.12% -4.03%
2014 -0.5% -3.13%
2015 -0.29% -5.57%
2016 -0.2% -5.06%
2017 0.46% -5.51%
2018 1.2% -4.46%
2019 0.92% -3.2%
2020 -3.08% -5.37%
2021 0.97% -0.67%
2022 0.3% 0.06%
2023 0.04% -0.01%
2024 0.26% 2.34%
2025 0.009% -0.87%

Inflation comparison by year

Over the past 29 years, Jamaica has recorded an average annual inflation rate of 8.86%, compared with 15.8% in Laos. In 2024, inflation was 5.41% in Jamaica and 7.8% in Laos.

Inflation
Jamaica

Laos
Year Inflation
Jamaica Laos Jamaica Laos
1996 26.4% 19.1%
1997 9.66% 19.5%
1998 8.63% 90.1%
1999 5.95% 128.4%
2000 8.17% 8.4%
2001 6.8% 7.8%
2002 7.08% 10.6%
2003 10.1% 15.5%
2004 13.6% 10.5%
2005 15.1% 7.2%
2006 8.56% 6.5%
2007 9.24% 4.7%
2008 22% 7.6%
2009 9.59% 0.1%
2010 12.6% 6%
2011 7.56% 7.6%
2012 6.87% 4.3%
2013 9.34% 6.4%
2014 8.27% 4.1%
2015 3.69% 1.3%
2016 2.35% 1.6%
2017 4.38% 0.8%
2018 3.74% 2%
2019 3.91% 3.3%
2020 5.23% 5.1%
2021 5.86% 3.8%
2022 10.3% 23%
2023 6.47% 31.2%
2024 5.41% 23.1%
2025 - 7.8%

Balance of trade

Jamaica Laos
Current account balance
$679M
2024
$405M
2023
Current account balance ranking
55/189
2024
60/189
2023
Current account balance, % of GDP
+3.41%
2024
+2.55%
2023
Goods imports
$6.07B
2024
$7.65B
2023
Goods exports
$1.87B
2024
$8.37B
2023
Service imports
$3.46B
2024
$947M
2023
Service exports
$5.26B
2024
$1.33B
2023
Imports of goods and services, % of GDP
52.1%
2019
41.9%
2016
Exports of goods and services, % of GDP
38%
2019
33.2%
2016

Economic freedom indices

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

Jamaica Laos
Economic freedom 68.7 51.1
Economic freedom ranking 46/197 156/197
Property rights 67.8 42.5
Government integrity 49.5 23.2
Judicial effectiveness 79.9 12.5
Tax burden 76.5 88.8
Government spending 72.8 92.9
Fiscal health 89 80
Business freedom 70.1 55.3
Labor freedom 64.4 42.4
Monetary freedom 72.8 52.3
Trade freedom 71.8 68.4
Investment freedom 60 35
Financial freedom 50 20

Economic freedom by year comparison

The Economic Freedom Index for Jamaica is 68.7, ranking 46/197, compared to 51.1 for Laos, ranking 156/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Jamaica
Laos
Year Economic freedom index
Jamaica Laos
1995 64.4 -
1996 66.7 38.5
1997 67.7 35.1
1998 67.1 35.2
1999 64.7 35.2
2000 65.5 36.8
2001 63.7 33.5
2002 61.7 36.8
2003 67 41
2004 66.7 42
2005 67 44.4
2006 66.4 47.5
2007 65.5 50.3
2008 65.7 50.3
2009 65.2 50.4
2010 65.5 51.1
2011 65.7 51.3
2012 65.1 50
2013 66.8 50.1
2014 66.7 51.2
2015 67.7 51.4
2016 67.5 49.8
2017 69.5 54
2018 69.1 53.6
2019 68.6 57.4
2020 68.5 55.5
2021 69 53.9
2022 67.4 49.2
2023 68.1 50.3
2024 68.1 50.6
2025 68.7 51.1

More economic indicators

Jamaica Laos
Services, % of GDP
60.3%
2024
43.5%
2024
Industry, % of GDP
18.3%
2024
29%
2024
Agriculture, forestry, and fishing, % of GDP
9.8%
2024
16.8%
2024
GNI, Atlas method
$18.4B
2024
$15.5B
2024
GNI per capita, PPP
$11,410
2024
$9,170
2024
Total reserves including gold
$5.63B
2024
$1.77B
2023
Total reserves ranking
93/177
2024
129/177
2023
Net foreign direct investment
-$304M
2024
-$1.78B
2023
Net inflows of foreign direct investment
$305M
2024
$988M
2024
Net outflows of foreign direct investment
$1.07M
2024
$6.67K
2022
Servicing debt to the IMF, % of GNI
12.7%
2023
8.36%
2023
Poverty at national poverty lines
8.2%
2023
22%
2020
Gross capital formation, % of GDP
24.3%
2019
29%
2016

GDP per capita map

GDP per capita

Compare countries by 7 more topics

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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.