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Economy of Jamaica vs Luxembourg compared: GDP & Debt

Updated on by Georank

Jamaica has a GDP of $22.7B compared to $101B for Luxembourg, ranking 125/197 and 75/197 by economy size, respectively.

Jamaica has $15.4B in government debt (67.7% of GDP), compared to $27.3B (27% of GDP) in Luxembourg.

Jamaica vs Luxembourg GDP by year

Jamaica
Luxembourg
1x
Year GDP, current $
Jamaica Luxembourg
2025 $22,704,903,218 $101,157,829,491
2024 $22,014,429,051 $93,279,851,863
2023 $21,418,797,833 $88,788,881,539
2022 $18,813,516,805 $80,801,680,397
2021 $15,963,885,376 $86,386,759,695
2020 $15,000,214,216 $73,670,782,100
2019 $17,026,269,263 $69,872,035,114
2018 $16,855,447,986 $71,085,623,495
2017 $15,783,583,237 $65,712,180,343
2016 $14,898,999,754 $62,216,885,436
2015 $14,963,589,916 $60,071,584,216
2014 $13,899,217,680 $68,804,814,555
2013 $14,264,205,153 $65,203,276,467
2012 $14,807,086,556 $59,776,383,527
2011 $14,444,661,522 $61,696,281,326
2010 $13,220,549,908 $56,213,985,987
2009 $12,120,458,115 $54,467,289,898
2008 $13,709,401,520 $58,844,277,702
2007 $12,799,600,047 $51,587,401,416
2006 $11,930,179,090 $42,910,153,830
2005 $11,243,865,778 $37,672,311,223
2004 $10,174,664,854 $35,064,843,793
2003 $9,430,234,811 $29,667,268,248
2002 $9,719,009,495 $23,649,832,387
2001 $9,194,727,831 $21,387,550,720
2000 $9,005,064,475 $21,230,200,538
1999 $8,887,057,997 $21,899,317,599
1998 $8,787,195,622 $20,150,055,568
1997 $8,400,041,724 $19,563,836,265
1996 $7,393,891,921 $20,895,314,658
1995 $6,577,520,643 $20,853,093,870
1994 $5,452,558,947 $17,701,798,891
1993 $5,440,075,676 $15,925,521,222
1992 $3,535,460,090 $15,518,702,635
1991 $4,106,207,649 $13,834,219,728
1990 $4,592,208,087 $12,778,792,854
1989 $4,404,937,853 $10,037,674,038
1988 $3,828,342,820 $9,418,167,855
1987 $3,287,007,322 $8,320,902,215
1986 $2,754,549,582 $6,685,595,088
1985 $2,100,239,019 $4,577,211,767
1984 $2,373,564,549 $4,438,435,493
1983 $3,619,262,277 $4,524,217,751
1982 $3,293,496,312 $4,602,316,793
1981 $2,979,027,966 $5,053,665,797
1980 $2,679,379,372 $6,019,805,490
1979 $2,425,064,229 $5,516,982,664
1978 $2,644,527,822 $4,718,539,772
1977 $3,249,733,140 $3,789,321,328
1976 $2,966,042,856 $3,423,586,207
1975 $2,860,442,750 $3,123,333,333
1974 $2,375,122,375 $3,183,637,117
1973 $1,905,917,553 $2,609,875,802
1972 $1,875,146,587 $1,901,697,370
1971 $1,539,861,816 $1,518,773,421
1970 $1,404,720,442 $1,457,768,455
1969 $1,191,239,047 $1,245,432,991
1968 $1,083,839,133 $1,075,561,623
1967 $1,148,014,311 $983,052,315
1966 $1,096,759,561 $976,717,015
1965 $972,159,611 $929,477,285
1964 $897,949,001 $910,877,686
1963 $826,706,669 $797,902,154
1962 $777,727,689 $747,846,862
1961 $748,043,501 $710,163,719
1960 $699,064,380 $709,941,874

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Jamaica vs Luxembourg by year

Jamaica
GDP per capita

GDP per capita, PPP
Luxembourg
GDP per capita

GDP per capita, PPP
1x
Year Current $
Jamaica Luxembourg
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $8,003 - $147,252 -
2024 $7,754 $12,890 $137,782 $155,941
2023 $7,542 $12,651 $133,231 $150,508
2022 $6,626 $11,888 $123,720 $146,919
2021 $5,626 $10,431 $134,966 $136,772
2020 $5,299 $9,764 $116,860 $122,067
2019 $6,031 $10,845 $112,697 $121,372
2018 $5,977 $10,753 $116,927 $116,638
2017 $5,605 $10,466 $110,193 $114,986
2016 $5,302 $9,948 $106,899 $113,365
2015 $5,339 $9,476 $105,462 $107,860
2014 $4,975 $9,210 $123,679 $105,296
2013 $5,124 $9,101 $120,000 $100,925
2012 $5,341 $8,831 $112,585 $96,636
2011 $5,233 $8,809 $119,025 $94,475
2010 $4,810 $8,521 $110,886 $90,336
2009 $4,428 $8,580 $109,420 $86,919
2008 $5,030 $8,952 $120,422 $90,971
2007 $4,716 $8,893 $107,475 $85,126
2006 $4,417 $8,577 $90,789 $78,861
2005 $4,184 $8,127 $80,988 $68,788
2004 $3,808 $7,854 $76,545 $64,686
2003 $3,550 $7,593 $65,689 $60,192
2002 $3,681 $7,226 $53,006 $58,576
2001 $3,504 $7,019 $48,440 $56,136
2000 $3,453 $6,816 $48,660 $55,136
1999 $3,432 $6,653 $50,872 $49,845
1998 $3,419 $6,543 $47,445 $44,270
1997 $3,297 $6,682 $46,642 $42,488
1996 $2,929 $6,706 $50,444 $39,722
1995 $2,631 $6,657 $51,032 $38,345
1994 $2,203 $6,435 $43,933 $37,551
1993 $2,221 $6,279 $40,067 $35,899
1992 $1,458 $5,664 $39,571 $34,108
1991 $1,710 $5,485 $35,747 $33,191
1990 $1,930 $5,106 $33,465 $29,949
1989 $1,865 - $26,618 -
1988 $1,632 - $25,219 -
1987 $1,411 - $22,443 -
1986 $1,191 - $18,150 -
1985 $917 - $12,482 -
1984 $1,048 - $12,127 -
1983 $1,619 - $12,374 -
1982 $1,494 - $12,591 -
1981 $1,370 - $13,837 -
1980 $1,249 - $16,531 -
1979 $1,144 - $15,204 -
1978 $1,262 - $13,034 -
1977 $1,569 - $10,486 -
1976 $1,450 - $9,491 -
1975 $1,417 - $8,701 -
1974 $1,193 - $8,967 -
1973 $972 - $7,447 -
1972 $971 - $5,487 -
1971 $809 - $4,435 -
1970 $748 - $4,298 -
1969 $642 - $3,690 -
1968 $591 - $3,203 -
1967 $633 - $2,935 -
1966 $612 - $2,925 -
1965 $549 - $2,804 -
1964 $514 - $2,779 -
1963 $480 - $2,462 -
1962 $458 - $2,332 -
1961 $447 - $2,241 -
1960 $424 - $2,261 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

Jamaica's GDP per capita is $8,003, ranking 98/197, compared to $147,252 in Luxembourg, ranking 3/197. Adjusted for purchasing power (GDP per capita PPP), Jamaica ranks 121st at $12,890, while Luxembourg ranks 1st at $155,941.

Economic indicators

Jamaica Luxembourg
Gross domestic product
$22.7B
2025
$101B
2025
GDP rank
125/197
2025
75/197
2025
GDP growth
0.08%
2024-2025
0.64%
2024-2025
GDP per capita
$8,003
2025
$147,252
2025
GDP per capita rank
98/197
2025
3/197
2025
GDP per capita, PPP
$12,890
2024
$155,941
2024
GDP per capita PPP rank
121/197
2024
1/197
2024
Government debt
$15.4B
2025
$27.3B
2025
Debt-to-GDP ratio
67.7%
2025
27%
2025
Government debt per person
$5,419
2025
$39,717
2025
Government debt per person rank
80/185
2025
18/185
2025
Average annual personal income after taxes
$8,390
2026
$71,808
2026
Market capitalization of domestic companies
$11.6B
2025
$69.4B
2025
Number of millionaires n/a
85,000
2026
Number of billionaires n/a
1
2026
Income share by richest 10%
29.6%
2021
25%
2023
Income share by poorest 10%
2.2%
2021
2.8%
2023
Government expenditure, % of GDP
33.8%
2025
48.3%
2025
Consumer prices inflation
4%
2024-2025
2.26%
2024-2025
Central bank interest rate
5.75%
2025
n/a
Unemployment rate
3.02%
2023
6.5%
2025
Population
2834177
697802

Spending and national debt comparison by year

Jamaica
Spending

Debt
Luxembourg
Spending

Debt
1x
Year % of GDP
Jamaica Luxembourg
Government spending Government debt Government spending Government debt
2025 33.8% 67.7% 48.3% 27%
2024 30.1% 62.5% 46.8% 26.3%
2023 27.7% 66.5% 46.4% 24.7%
2022 27.1% 70.2% 44.3% 24.9%
2021 27.6% 86.3% 42.4% 24.2%
2020 30.1% 101.3% 47% 24.5%
2019 27.5% 87.7% 43.1% 22.3%
2018 27.5% 88.3% 42.3% 20.9%
2017 26.9% 95.1% 41.3% 21.8%
2016 26.5% 106.9% 40% 19.6%
2015 25.9% 115.9% 40.4% 21.1%
2014 26.1% 134.4% 40.6% 21.9%
2013 26.3% 135.2% 41.2% 22.4%
2012 29.1% 140.3% 41.8% 20.8%
2011 31.2% 135.9% 41.5% 18.5%
2010 32.3% 137.8% 42% 19.1%
2009 37.7% 138.3% 42.7% 15.3%
2008 33.9% 123.8% 37.9% 14.6%
2007 30.6% 111.6% 37.4% 8.09%
2006 30.1% 114.2% 39.4% 8.21%
2005 28.6% 121.5% 43.4% 7.95%
2004 30.7% 116.9% 43.7% 7.83%
2003 31.1% 120.1% 43.3% 7.43%
2002 30.1% 115.4% 41.8% 7.45%
2001 27.8% 105.3% 38.1% 7.62%
2000 25.7% 89.5% 38% 7.49%
1999 27.9% 80.7% 41.7% 8.39%
1998 27.9% 75.6% 43.9% 9.51%
1997 27.6% 74.4% 44.2% 10.1%
1996 27.4% 70.2% 42.5% 10.2%
1995 22.1% 85.2% 42% 10.3%
1994 19.9% 90.4% - -
1993 19.6% 106.2% - -
1992 18.2% 100.4% - -
1991 19.9% 175.1% - -
1990 22.6% 128.8% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1990–1998, retrieved 2026-07-08).

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

In 2025, Jamaica's government spending was $7.68B, accounting for 33.8% of its GDP, while Luxembourg spent $48.8B, or 48.3% of GDP.

Debt-to-GDP ratio is 67.7% in Jamaica and 27% in Luxembourg, ranking 62/185 and 165/185, respectively.

Government deficit by year

Deficit/surplus
Jamaica

Luxembourg
1x
Year Deficit/surplus, % of GDP
Jamaica Luxembourg
2025 -3.77% -0.96%
2024 0.22% 0.89%
2023 0.04% -0.65%
2022 0.26% 0.21%
2021 0.84% 1.11%
2020 -2.87% -3.09%
2019 0.85% 2.68%
2018 1.1% 3.17%
2017 0.42% 1.37%
2016 -0.18% 1.89%
2015 -0.28% 1.3%
2014 -0.48% 1.33%
2013 0.12% 0.84%
2012 -3.97% 0.5%
2011 -6.24% 0.65%
2010 -6.17% -0.26%
2009 -10.8% -0.21%
2008 -7.32% 3.37%
2007 -3.7% 4.35%
2006 -4.74% 1.9%
2005 -3.22% -0.21%
2004 -4.56% -1.39%
2003 -5.42% 0.28%
2002 -6.55% 2.03%
2001 -4.77% 5.62%
2000 -0.78% 5.55%
1999 -3.41% 3.24%
1998 -5.73% 2.98%
1997 -6.39% 2.65%
1996 -5.25% 2.37%
1995 1.53% 2.71%
1994 2.4% -
1993 2.37% -
1992 2.83% -
1991 3.14% -
1990 2.06% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

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

In 2025, Jamaica's government deficit, the difference between spending and revenue, was $856M, equivalent to 3.77% of GDP. This compares to Luxembourg's deficit of $976M, or 0.96% of GDP.

Over the past 31 years, Jamaica recorded a fiscal deficit in 22 of those years, while Luxembourg ran a deficit in 7 years. On average, Jamaica posted an annual deficit equal to 2.94% of GDP, compared to surplus of 1.49% of GDP for Luxembourg.

Inflation comparison by year

Inflation
Jamaica

Luxembourg
1x
Year Consumer prices inflation
Jamaica Luxembourg
2025 4% 2.26%
2024 5.41% 2.05%
2023 6.47% 3.74%
2022 10.3% 6.34%
2021 5.86% 2.53%
2020 5.23% 0.82%
2019 3.91% 1.74%
2018 3.74% 1.53%
2017 4.38% 1.73%
2016 2.35% 0.29%
2015 3.69% 0.47%
2014 8.27% 0.63%
2013 9.34% 1.73%
2012 6.87% 2.66%
2011 7.56% 3.41%
2010 12.6% 2.27%
2009 9.59% 0.37%
2008 22% 3.4%
2007 9.24% 2.31%
2006 8.56% 2.67%
2005 15.1% 2.49%
2004 13.6% 2.23%
2003 10.1% 2.05%
2002 7.08% 2.07%
2001 6.8% 2.66%
2000 8.17% 3.15%
1999 5.95% 1.03%
1998 8.63% 0.96%
1997 9.66% 1.37%

Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, Jamaica has recorded an average annual inflation rate of 8.08%, compared with 2.1% in Luxembourg. In 2025, inflation was 4% in Jamaica and 2.26% in Luxembourg.

Top exports between countries

Jamaica
Export category Export value
Luxembourg
Export category Export value
Chemicals & pharma $128K
Machinery & equipment $79K
Metals $3K

Balance of trade

Jamaica Luxembourg
Current account balance
$679M
2024
$5.29B
2025
Current account balance ranking
53/190
2024
31/190
2025
Current account balance, % of GDP
+3.08%
2024
+5.23%
2025
Goods imports
$6.07B
2024
$30.9B
2025
Goods exports
$1.87B
2024
$33B
2025
Service imports
$3.46B
2024
$133B
2025
Service exports
$5.26B
2024
$167B
2025
Imports of goods and services, % of GDP
52.1%
2019
159.4%
2025
Exports of goods and services, % of GDP
38%
2019
190.5%
2025

Economic freedom indices

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

Jamaica Luxembourg
Economic freedom 68.2 79.7
Economic freedom ranking 48/197 7/197
Property rights 66.8 96.6
Government integrity 49.4 88.7
Judicial effectiveness 75.6 99.1
Tax burden 76.3 62.3
Government spending 76 36.9
Fiscal health 92.2 98.6
Business freedom 68.5 89.5
Labor freedom 59.2 56.7
Monetary freedom 74.2 74.1
Trade freedom 70.4 79.4
Investment freedom 60 95
Financial freedom 50 80

Economic freedom comparison by year

Jamaica
Luxembourg
1x
Year Economic freedom index
Jamaica Luxembourg
2026 68.2 79.7
2025 68.7 79.5
2024 68.1 79.2
2023 68.1 78.4
2022 67.4 80.6
2021 69 76
2020 68.5 75.8
2019 68.6 75.9
2018 69.1 76.4
2017 69.5 75.9
2016 67.5 73.9
2015 67.7 73.2
2014 66.7 74.2
2013 66.8 74.2
2012 65.1 74.5
2011 65.7 76.2
2010 65.5 75.4
2009 65.2 75.2
2008 65.7 74.7
2007 65.5 74.6
2006 66.4 75.3
2005 67 76.3
2004 66.7 78.9
2003 67 79.9
2002 61.7 79.4
2001 63.7 80.1
2000 65.5 76.4
1999 64.7 72.4
1998 67.1 72.7
1997 67.7 72.8
1996 66.7 72.5
1995 64.4 -

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for Jamaica is 68.2, ranking 48/197, compared to 79.7 for Luxembourg, ranking 7/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Jamaica Luxembourg
Services, % of GDP
59.8%
2025
81.4%
2025
Industry, % of GDP
16.3%
2025
8.88%
2025
Agriculture, forestry, and fishing, % of GDP
8.74%
2025
0.23%
2025
GNI, Atlas method
$22.1B
2025
$65.8B
2025
GNI per capita, PPP
$13,090
2025
$106,640
2025
Total reserves including gold
$6.3B
2025
$3.06B
2025
Total reserves ranking
92/177
2025
120/177
2025
Net foreign direct investment
-$304M
2024
$196B
2025
Net inflows of foreign direct investment
$305M
2024
$106B
2024
Net outflows of foreign direct investment
$1.07M
2024
$109B
2024
Servicing debt to the IMF, % of GNI
11.3%
2024
n/a
Poverty at national poverty lines
8.2%
2023
17.3%
2021
Gross capital formation, % of GDP
22.6%
2019
15.5%
2025

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1990–1998, retrieved 2026-07-08)
  6. TradeMap (2025, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)

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.