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Economy of Jamaica vs Maldives compared: GDP & Debt

Updated on by Georank team

Jamaica has a GDP of $22B compared to $7.06B for Maldives, ranking 124/197 and 159/197 by economy size, respectively.

Jamaica has $14B in government debt (63.4% of GDP), compared to $9.41B (133.3% of GDP) in Maldives.

Jamaica vs Maldives GDP by year

Jamaica
Maldives
1x
Year GDP, current $
Jamaica Maldives
2024 $22,014,397,090 $7,061,608,267
2023 $21,418,804,320 $6,621,008,704
2022 $18,813,516,805 $6,177,123,352
2021 $15,963,885,376 $5,252,457,370
2020 $15,000,214,216 $3,712,604,583
2019 $17,026,269,263 $5,726,094,799
2018 $16,855,447,986 $5,404,344,163
2017 $15,783,583,237 $4,816,426,257
2016 $14,898,999,754 $4,409,942,624
2015 $14,963,589,916 $4,129,505,319
2014 $13,899,217,680 $3,697,353,039
2013 $14,264,205,153 $3,295,009,238
2012 $14,807,086,556 $2,886,163,997
2011 $14,444,661,522 $2,774,350,240
2010 $13,220,549,908 $2,588,176,055
2009 $12,120,458,115 $2,345,294,875
2008 $13,709,401,520 $2,271,646,188
2007 $12,799,600,047 $1,868,383,461
2006 $11,930,179,090 $1,575,200,391
2005 $11,243,865,778 $1,163,362,438
2004 $10,174,664,854 $1,226,829,563
2003 $9,430,234,811 $1,052,121,055
2002 $9,719,009,495 $897,031,250
2001 $9,194,727,831 $870,031,677
2000 $9,005,064,475 $624,337,145
1999 $8,887,057,997 $589,239,754
1998 $8,787,195,622 $540,096,398
1997 $8,400,041,724 $508,223,602
1996 $7,393,891,921 $450,382,328
1995 $6,577,520,643 $398,988,955
1994 $5,452,558,947 $356,014,932
1993 $5,440,075,676 $322,417,837
1992 $3,535,460,090 $284,875,809
1991 $4,106,207,649 $244,396,762
1990 $4,592,208,087 $215,043,970
1989 $4,404,937,853 $189,514,434
1988 $3,828,342,820 $168,514,513
1987 $3,287,007,322 $141,223,029
1986 $2,754,549,582 $141,882,254
1985 $2,100,239,019 $127,190,758
1984 $2,373,564,549 $109,503,546
1983 $3,619,262,277 $57,829,787
1982 $3,293,496,312 $47,911,340
1981 $2,979,027,966 $44,781,457
1980 $2,679,379,372 $42,463,576
1979 $2,425,064,229 $38,523,364
1978 $2,644,527,822 $24,369,109
1977 $3,249,733,140 $20,853,789
1976 $2,966,042,856 $22,399,467
1975 $2,860,442,750 $24,540,878
1974 $2,375,122,375 $39,120,171
1973 $1,905,917,553 $30,862,042
1972 $1,875,146,587 $25,177,138
1971 $1,539,861,816 $21,566,404
1970 $1,404,720,442 $19,328,038
1969 $1,191,239,047 -
1968 $1,083,839,133 -
1967 $1,148,014,311 -
1966 $1,096,759,561 -
1965 $972,159,611 -
1964 $897,949,001 -
1963 $826,706,669 -
1962 $777,727,689 -
1961 $748,043,501 -
1960 $699,064,380 -

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

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

GDP per capita in Jamaica vs Maldives by year

Jamaica
GDP per capita

GDP per capita, PPP
Maldives
GDP per capita

GDP per capita, PPP
1x
Year Current $
Jamaica Maldives
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $7,754 $12,890 $13,379 $26,183
2023 $7,542 $12,651 $12,588 $24,786
2022 $6,626 $11,888 $11,786 $22,881
2021 $5,626 $10,431 $10,176 $19,053
2020 $5,299 $9,764 $7,394 $13,425
2019 $6,031 $10,845 $11,740 $23,077
2018 $5,977 $10,753 $11,423 $21,899
2017 $5,605 $10,466 $10,510 $19,768
2016 $5,302 $9,948 $9,948 $18,770
2015 $5,339 $9,476 $9,645 $17,875
2014 $4,975 $9,210 $8,939 $16,723
2013 $5,124 $9,101 $8,236 $15,264
2012 $5,341 $8,831 $7,461 $13,989
2011 $5,233 $8,809 $7,425 $13,726
2010 $4,810 $8,521 $7,174 $12,797
2009 $4,428 $8,580 $6,734 $12,266
2008 $5,030 $8,952 $6,757 $13,779
2007 $4,716 $8,893 $5,758 $12,852
2006 $4,417 $8,577 $5,019 $12,075
2005 $4,184 $8,127 $3,797 $9,704
2004 $3,808 $7,854 $4,070 $10,770
2003 $3,550 $7,593 $3,549 $10,065
2002 $3,681 $7,226 $3,076 $8,823
2001 $3,504 $7,019 $3,034 $8,236
2000 $3,453 $6,816 $2,214 $8,526
1999 $3,432 $6,653 $2,124 $8,162
1998 $3,419 $6,543 $1,980 $7,710
1997 $3,297 $6,682 $1,898 $7,226
1996 $2,929 $6,706 $1,717 $6,687
1995 $2,631 $6,657 $1,555 $6,223
1994 $2,203 $6,435 $1,419 $5,520
1993 $2,221 $6,279 $1,317 $5,138
1992 $1,458 $5,664 $1,194 $4,881
1991 $1,710 $5,485 $1,054 $4,604
1990 $1,930 $5,106 $957 $4,528
1989 $1,865 - $870 -
1988 $1,632 - $799 -
1987 $1,411 - $692 -
1986 $1,191 - $720 -
1985 $917 - $669 -
1984 $1,048 - $594 -
1983 $1,619 - $323 -
1982 $1,494 - $274.8 -
1981 $1,370 - $264.1 -
1980 $1,249 - $257.6 -
1979 $1,144 - $240.2 -
1978 $1,262 - $156.1 -
1977 $1,569 - $137.3 -
1976 $1,450 - $151.8 -
1975 $1,417 - $171.4 -
1974 $1,193 - $281.5 -
1973 $972 - $228.7 -
1972 $971 - $192.2 -
1971 $809 - $169.8 -
1970 $748 - $156.9 -
1969 $642 - - -
1968 $591 - - -
1967 $633 - - -
1966 $612 - - -
1965 $549 - - -
1964 $514 - - -
1963 $480 - - -
1962 $458 - - -
1961 $447 - - -
1960 $424 - - -

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

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

Jamaica's GDP per capita is $7,754, ranking 95/197, compared to $13,379 in Maldives, ranking 75/197. Adjusted for purchasing power (GDP per capita PPP), Jamaica ranks 121st at $12,890, while Maldives ranks 81st at $26,183.

Economic indicators

Jamaica Maldives
Gross domestic product
$22B
2024
$7.06B
2024
GDP rank
124/197
2024
159/197
2024
GDP growth
-0.54%
2023-2024
3.49%
2023-2024
GDP per capita
$7,754
2024
$13,379
2024
GDP per capita rank
95/197
2024
75/197
2024
GDP per capita, PPP
$12,890
2024
$26,183
2024
GDP per capita PPP rank
121/197
2024
81/197
2024
Government debt
$14B
2024
$9.41B
2024
Debt-to-GDP ratio
63.4%
2024
133.3%
2024
Government debt per person
$4,917
2024
$17,837
2024
Government debt per person rank
79/185
2024
35/185
2024
Average annual personal income after taxes
$6,905
2026
$9,909
2026
Market capitalization of domestic companies
$12.4B
2024
n/a
Income share by richest 10%
29.6%
2021
23.3%
2019
Income share by poorest 10%
2.2%
2021
3.8%
2019
Government expenditure, % of GDP
30.5%
2024
46.1%
2024
Consumer prices inflation
5.41%
2023-2024
1.4%
2023-2024
Central bank interest rate
5.75%
2025
n/a
Unemployment rate
3.02%
2023
4.56%
2019
Population
2834980
532057

Spending and national debt comparison by year

Jamaica
Spending

Debt
Maldives
Spending

Debt
1x
Year % of GDP
Jamaica Maldives
Government spending Government debt Government spending Government debt
2024 30.5% 63.4% 46.1% 133.3%
2023 28% 67.3% 46.7% 122.4%
2022 28.4% 73.5% 42% 111.6%
2021 29% 90.9% 40.6% 123.4%
2020 29.8% 100.1% 50.4% 155.7%
2019 27.8% 88.6% 32.9% 77.2%
2018 27.8% 89.2% 31.9% 70.7%
2017 27.3% 96.7% 30.4% 63.8%
2016 27% 109.1% 37.3% 61.9%
2015 26.3% 117.6% 33.8% 54.8%
2014 26.5% 136.7% 29.1% 55.1%
2013 26.9% 138.1% 27% 55.9%
2012 29.6% 143% 29.8% 57.1%
2011 31.7% 138.1% 31.3% 51.9%
2010 32.9% 140.1% 33.2% 52.7%
2009 38.6% 141.5% 37% 48.4%
2008 34.4% 125.6% 35.6% 39%
2007 31.6% 115.3% 34.8% 35.8%
2006 31.2% 118% 35% 36.8%
2005 29.3% 124.5% 38.8% 43.2%
2004 31.5% 120.1% 24.1% 34.7%
2003 32.5% 125.5% 26.4% 37.6%
2002 31.1% 119.1% 29.6% 44.3%
2001 28.5% 107.9% 29.6% 41.8%
2000 26.2% 91.3% 29% 39%
1999 28.9% 83.5% 28% 38.9%
1998 28.3% 75.6% 25.9% 39.3%
1997 28.3% 74.4% 25.2% 38.1%
1996 27.7% 70.2% 27.3% 46.9%
1995 23.1% 85.2% 31.3% 52.2%
1994 21.5% 90.4% 30.7% 54.6%
1993 21.5% 106.2% 34.7% 55.7%
1992 20% 100.4% 36.1% 49%
1991 24.5% 175.1% 37.7% 46.7%
1990 25.7% 128.8% 33.3% 42.4%

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/maldives | CC BY

In 2024, Jamaica's government spending was $6.72B, accounting for 30.5% of its GDP, while Maldives spent $3.25B, or 46.1% of GDP.

Debt-to-GDP ratio is 63.4% in Jamaica and 133.3% in Maldives, ranking 73/185 and 10/185, respectively.

Government deficit by year

Deficit/surplus
Jamaica

Maldives
1x
Year Deficit/surplus, % of GDP
Jamaica Maldives
2024 0.22% -13.9%
2023 0.04% -13.2%
2022 0.27% -11.2%
2021 0.89% -14.2%
2020 -2.83% -23.7%
2019 0.85% -6.54%
2018 1.12% -5.17%
2017 0.43% -3.02%
2016 -0.19% -9.93%
2015 -0.28% -6.52%
2014 -0.49% -2.42%
2013 0.12% -3.49%
2012 -4.05% -6.91%
2011 -6.34% -8.13%
2010 -6.27% -13.6%
2009 -11.1% -17.9%
2008 -7.43% -9.92%
2007 -3.82% -3.16%
2006 -4.9% -4.52%
2005 -3.3% -7.81%
2004 -4.68% -2.26%
2003 -5.67% -3.45%
2002 -6.77% -3.97%
2001 -4.89% -3.97%
2000 -0.8% -3.89%
1999 -3.53% -3.03%
1998 -5.82% -2.25%
1997 -6.54% -1.46%
1996 -5.32% -2.01%
1995 1.6% -5.66%
1994 2.59% -4.82%
1993 2.6% -13.9%
1992 3.11% -12.6%
1991 3.87% -10.2%
1990 2.34% -12.8%

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

GeoRank.org/economy/jamaica/maldives | 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 Maldives' deficit of $982M, or 13.9% of GDP.

Over the past 35 years, Jamaica recorded a fiscal deficit in 21 of those years, while Maldives ran a deficit in 35 years. On average, Jamaica posted an annual deficit equal to 2.14% of GDP, compared to deficit of 7.75% of GDP for Maldives.

Inflation comparison by year

Inflation
Jamaica

Maldives
1x
Year Consumer prices inflation
Jamaica Maldives
2024 5.41% 1.4%
2023 6.47% 2.6%
2022 10.3% 2.6%
2021 5.86% 0.2%
2020 5.23% -1.6%
2019 3.91% 1.3%
2018 3.74% 1.4%
2017 4.38% 2.3%
2016 2.35% 0.8%
2015 3.69% 1.4%
2014 8.27% 2.4%
2013 9.34% 4%
2012 6.87% 10.9%
2011 7.56% 11.3%
2010 12.6% 6.1%
2009 9.59% 4.5%
2008 22% 12%
2007 9.24% 6.8%
2006 8.56% 3.5%
2005 15.1% 2.5%
2004 13.6% 6.3%
2003 10.1% -2.8%
2002 7.08% 0.9%
2001 6.8% 0.7%
2000 8.17% -1.2%
1999 5.95% 3%
1998 8.63% -1.4%
1997 9.66% 7.6%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 28 years, Jamaica has recorded an average annual inflation rate of 8.23%, compared with 3.2% in Maldives. In 2024, inflation was 5.41% in Jamaica and 1.4% in Maldives.

Balance of trade

Jamaica Maldives
Current account balance
$679M
2024
-$1.32B
2024
Current account balance ranking
56/190
2024
130/190
2024
Current account balance, % of GDP
+3.08%
2024
-18.7%
2024
Goods imports
$6.07B
2024
$3.46B
2024
Goods exports
$1.87B
2024
$383M
2024
Service imports
$3.46B
2024
$1.89B
2024
Service exports
$5.26B
2024
$5.03B
2024
Imports of goods and services, % of GDP
52.1%
2019
78.3%
2024
Exports of goods and services, % of GDP
38%
2019
78.2%
2024

Economic freedom indices

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

Jamaica Maldives
Economic freedom 68.2 47.6
Economic freedom ranking 48/197 174/197
Property rights 66.8 52.2
Government integrity 49.4 41.9
Judicial effectiveness 75.6 39.3
Tax burden 76.3 89.9
Government spending 76 39.5
Fiscal health 92.2 0
Business freedom 68.5 49.7
Labor freedom 59.2 54.1
Monetary freedom 74.2 76.4
Trade freedom 70.4 62.8
Investment freedom 60 35
Financial freedom 50 30

Economic freedom comparison by year

Jamaica
Maldives
1x
Year Economic freedom index
Jamaica Maldives
2026 68.2 47.6
2025 68.7 48.3
2024 68.1 47.8
2023 68.1 46.6
2022 67.4 47.3
2021 69 55.2
2020 68.5 56.5
2019 68.6 53.2
2018 69.1 51.1
2017 69.5 50.3
2016 67.5 53.9
2015 67.7 53.4
2014 66.7 51
2013 66.8 49
2012 65.1 49.2
2011 65.7 48.3
2010 65.5 49
2009 65.2 51.3
2008 65.7 -
2007 65.5 -
2006 66.4 -
2005 67 -
2004 66.7 -
2003 67 -
2002 61.7 -
2001 63.7 -
2000 65.5 -
1999 64.7 -
1998 67.1 -
1997 67.7 -
1996 66.7 -
1995 64.4 -

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

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

The Economic Freedom Index for Jamaica is 68.2, ranking 48/197, compared to 47.6 for Maldives, ranking 174/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Jamaica Maldives
Services, % of GDP
60%
2024
72.1%
2024
Industry, % of GDP
16.5%
2024
9.2%
2024
Agriculture, forestry, and fishing, % of GDP
7.97%
2024
3.84%
2024
GNI, Atlas method
$20.5B
2024
$6.15B
2024
GNI per capita, PPP
$12,690
2024
$23,400
2024
Total reserves including gold
$5.63B
2024
$674M
2024
Total reserves ranking
93/177
2024
150/177
2024
Net foreign direct investment
-$304M
2024
-$806M
2024
Net inflows of foreign direct investment
$305M
2024
$806M
2024
Net outflows of foreign direct investment
$1.07M
2024
$0
2024
Servicing debt to the IMF, % of GNI
11.3%
2024
7.95%
2024
Poverty at national poverty lines
8.2%
2023
15%
2020
Gross capital formation, % of GDP
22.6%
2019
30.8%
2024

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/maldives | 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. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)
  8. Central Intelligence Agency (CIA) (2020, retrieved 2026-02-20)

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.