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Economy of Jamaica vs Mongolia compared: GDP & Debt

Updated on by Georank

Jamaica has a GDP of $22.7B compared to $25.4B for Mongolia, ranking 125/197 and 123/197 by economy size, respectively.

Jamaica has $15.4B in government debt (67.7% of GDP), compared to $11.4B (45.1% of GDP) in Mongolia.

Jamaica vs Mongolia GDP by year

Jamaica
Mongolia
1x
Year GDP, current $
Jamaica Mongolia
2025 $22,704,903,218 $25,369,107,325
2024 $22,014,429,051 $23,794,540,025
2023 $21,418,797,833 $20,325,121,394
2022 $18,813,516,805 $17,146,471,714
2021 $15,963,885,376 $15,286,441,738
2020 $15,000,214,216 $13,312,981,429
2019 $17,026,269,263 $14,206,359,018
2018 $16,855,447,986 $13,178,094,720
2017 $15,783,583,237 $11,480,847,741
2016 $14,898,999,754 $11,181,350,649
2015 $14,963,589,916 $11,619,892,591
2014 $13,899,217,680 $12,226,514,668
2013 $14,264,205,153 $12,582,122,604
2012 $14,807,086,556 $12,292,770,632
2011 $14,444,661,522 $10,409,797,378
2010 $13,220,549,908 $7,189,481,999
2009 $12,120,458,115 $4,583,850,368
2008 $13,709,401,520 $5,623,216,608
2007 $12,799,600,047 $4,234,999,704
2006 $11,930,179,090 $3,414,055,662
2005 $11,243,865,778 $2,523,471,601
2004 $10,174,664,854 $1,992,066,808
2003 $9,430,234,811 $1,595,297,356
2002 $9,719,009,495 $1,396,555,720
2001 $9,194,727,831 $1,267,997,934
2000 $9,005,064,475 $1,136,896,124
1999 $8,887,057,997 $1,057,408,589
1998 $8,787,195,622 $1,124,440,205
1997 $8,400,041,724 $1,180,934,203
1996 $7,393,891,921 $1,345,719,472
1995 $6,577,520,643 $1,452,165,005
1994 $5,452,558,947 $925,817,092
1993 $5,440,075,676 $768,401,634
1992 $3,535,460,090 $1,317,611,864
1991 $4,106,207,649 $2,379,018,326
1990 $4,592,208,087 $2,560,785,660
1989 $4,404,937,853 $3,576,966,800
1988 $3,828,342,820 $3,204,461,567
1987 $3,287,007,322 $3,020,611,600
1986 $2,754,549,582 $2,896,178,867
1985 $2,100,239,019 $2,186,505,475
1984 $2,373,564,549 $2,098,734,600
1983 $3,619,262,277 $2,725,736,633
1982 $3,293,496,312 $2,552,401,933
1981 $2,979,027,966 $2,310,099,100
1980 $2,679,379,372 $2,101,394,100
1979 $2,425,064,229 -
1978 $2,644,527,822 -
1977 $3,249,733,140 -
1976 $2,966,042,856 -
1975 $2,860,442,750 -
1974 $2,375,122,375 -
1973 $1,905,917,553 -
1972 $1,875,146,587 -
1971 $1,539,861,816 -
1970 $1,404,720,442 -
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 (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Jamaica vs Mongolia by year

Jamaica
GDP per capita

GDP per capita, PPP
Mongolia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Jamaica Mongolia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $8,003 - $7,108 -
2024 $7,754 $12,890 $6,751 $19,145
2023 $7,542 $12,651 $5,839 $18,005
2022 $6,626 $11,888 $4,994 $16,402
2021 $5,626 $10,431 $4,518 $14,792
2020 $5,299 $9,764 $4,001 $13,693
2019 $6,031 $10,845 $4,348 $13,605
2018 $5,977 $10,753 $4,108 $12,317
2017 $5,605 $10,466 $3,646 $11,096
2016 $5,302 $9,948 $3,620 $10,511
2015 $5,339 $9,476 $3,839 $10,458
2014 $4,975 $9,210 $4,126 $10,900
2013 $5,124 $9,101 $4,340 $10,442
2012 $5,341 $8,831 $4,329 $10,152
2011 $5,233 $8,809 $3,736 $8,862
2010 $4,810 $8,521 $2,625 $7,532
2009 $4,428 $8,580 $1,703 $7,119
2008 $5,030 $8,952 $2,127 $7,297
2007 $4,716 $8,893 $1,628 $6,678
2006 $4,417 $8,577 $1,330 $5,977
2005 $4,184 $8,127 $995 $5,406
2004 $3,808 $7,854 $794 $4,942
2003 $3,550 $7,593 $643 $4,399
2002 $3,681 $7,226 $570 $4,083
2001 $3,504 $7,019 $524 $3,889
2000 $3,453 $6,816 $476 $3,740
1999 $3,432 $6,653 $449 $3,664
1998 $3,419 $6,543 $484 $3,555
1997 $3,297 $6,682 $515 $3,449
1996 $2,929 $6,706 $596 $3,310
1995 $2,631 $6,657 $653 $3,229
1994 $2,203 $6,435 $423 $3,021
1993 $2,221 $6,279 $355 $2,929
1992 $1,458 $5,664 $608 $2,951
1991 $1,710 $5,485 $1,099 $3,183
1990 $1,930 $5,106 $1,220 $3,479
1989 $1,865 - $1,684 -
1988 $1,632 - $1,543 -
1987 $1,411 - $1,493 -
1986 $1,191 - $1,469 -
1985 $917 - $1,138 -
1984 $1,048 - $1,120 -
1983 $1,619 - $1,490 -
1982 $1,494 - $1,430 -
1981 $1,370 - $1,325 -
1980 $1,249 - $1,235 -
1979 $1,144 - - -
1978 $1,262 - - -
1977 $1,569 - - -
1976 $1,450 - - -
1975 $1,417 - - -
1974 $1,193 - - -
1973 $972 - - -
1972 $971 - - -
1971 $809 - - -
1970 $748 - - -
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 (1960–2025, retrieved 2026-07-08).

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

Jamaica's GDP per capita is $8,003, ranking 98/197, compared to $7,108 in Mongolia, ranking 103/197. Adjusted for purchasing power (GDP per capita PPP), Jamaica ranks 121st at $12,890, while Mongolia ranks 98th at $19,145.

Economic indicators

Jamaica Mongolia
Gross domestic product
$22.7B
2025
$25.4B
2025
GDP rank
125/197
2025
123/197
2025
GDP growth
0.08%
2024-2025
6.84%
2024-2025
GDP per capita
$8,003
2025
$7,108
2025
GDP per capita rank
98/197
2025
103/197
2025
GDP per capita, PPP
$12,890
2024
$19,145
2024
GDP per capita PPP rank
121/197
2024
98/197
2024
Government debt
$15.4B
2025
$11.4B
2025
Debt-to-GDP ratio
67.7%
2025
45.1%
2025
Government debt per person
$5,419
2025
$3,207
2025
Government debt per person rank
80/185
2025
101/185
2025
Average annual personal income after taxes
$8,390
2026
$7,064
2026
Market capitalization of domestic companies
$11.6B
2025
n/a
Income share by richest 10%
29.6%
2021
24.6%
2022
Income share by poorest 10%
2.2%
2021
3.4%
2022
Government expenditure, % of GDP
33.8%
2025
34.6%
2025
Consumer prices inflation
4%
2024-2025
8.6%
2024-2025
Central bank interest rate
5.75%
2025
12%
2025
Unemployment rate
3.02%
2023
5.81%
2024
Population
2834177
3630744

Spending and national debt comparison by year

Jamaica
Spending

Debt
Mongolia
Spending

Debt
1x
Year % of GDP
Jamaica Mongolia
Government spending Government debt Government spending Government debt
2025 33.8% 67.7% 34.6% 45.1%
2024 30.1% 62.5% 37.5% 44.1%
2023 27.7% 66.5% 31.9% 46.7%
2022 27.1% 70.2% 33.7% 64.5%
2021 27.6% 86.3% 35.9% 67.3%
2020 30.1% 101.3% 37.1% 83.4%
2019 27.5% 87.7% 30.8% 66.8%
2018 27.5% 88.3% 28.4% 76.5%
2017 26.9% 95.1% 32.2% 86.9%
2016 26.5% 106.9% 39.7% 78.7%
2015 25.9% 115.9% 31.2% 50.5%
2014 26.1% 134.4% 32.1% 44%
2013 26.3% 135.2% 32.2% 49.4%
2012 29.1% 140.3% 36.1% 43.7%
2011 31.2% 135.9% 37.9% 32.7%
2010 32.3% 137.8% 31.6% 31%
2009 37.7% 138.3% 35.5% 48.5%
2008 33.9% 123.8% 37.6% 31%
2007 30.6% 111.6% 35.3% 36.1%
2006 30.1% 114.2% 26.2% 40.9%
2005 28.6% 121.5% 25.1% 55.9%
2004 30.7% 116.9% 31.8% 75%
2003 31.1% 120.1% 33.7% 90%
2002 30.1% 115.4% 35.5% 72%
2001 27.8% 105.3% 35.2% 69.2%
2000 25.7% 89.5% 34.5% 79.3%
1999 27.9% 80.7% 33.2% 103.7%
1998 27.9% 75.6% 36.2% 77.5%
1997 27.6% 74.4% 30.8% 61%
1996 27.4% 70.2% 28.6% 49.7%
1995 22.1% 85.2% 26.6% 40.2%
1994 19.9% 90.4% 32.2% 57.6%
1993 19.6% 106.2% 38.3% 57.8%
1992 18.2% 100.4% 29.1% 29.3%
1991 19.9% 175.1% 46% -
1990 22.6% 128.8% 51.7% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1990–2005, retrieved 2026-07-08).

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

In 2025, Jamaica's government spending was $7.68B, accounting for 33.8% of its GDP, while Mongolia spent $8.78B, or 34.6% of GDP.

Debt-to-GDP ratio is 67.7% in Jamaica and 45.1% in Mongolia, ranking 62/185 and 116/185, respectively.

Government deficit by year

Deficit/surplus
Jamaica

Mongolia
1x
Year Deficit/surplus, % of GDP
Jamaica Mongolia
2025 -3.77% 1.7%
2024 0.22% 1.39%
2023 0.04% 2.73%
2022 0.26% 0.67%
2021 0.84% -3.05%
2020 -2.87% -9.24%
2019 0.85% 1%
2018 1.1% 2.85%
2017 0.42% -3.72%
2016 -0.18% -15.3%
2015 -0.28% -5.04%
2014 -0.48% -3.73%
2013 0.12% -0.93%
2012 -3.97% -6.24%
2011 -6.24% -4.01%
2010 -6.17% 0.43%
2009 -10.8% -5.2%
2008 -7.32% -4.52%
2007 -3.7% 2.64%
2006 -4.74% 7.58%
2005 -3.22% 2.43%
2004 -4.56% -1.62%
2003 -5.42% -3.38%
2002 -6.55% -4.74%
2001 -4.77% -4.33%
2000 -0.78% -5.82%
1999 -3.41% -9.91%
1998 -5.73% -12.3%
1997 -6.39% -8.09%
1996 -5.25% -6.88%
1995 1.53% -4.97%
1994 2.4% -9.74%
1993 2.37% -13.3%
1992 2.83% -8.1%
1991 3.14% -6.37%
1990 2.06% -9.37%

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

GeoRank.org/economy/jamaica/mongolia | 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 Mongolia's surplus of $432M, or 1.7% of GDP.

Over the past 36 years, Jamaica recorded a fiscal deficit in 22 of those years, while Mongolia ran a deficit in 26 years. On average, Jamaica posted an annual deficit equal to 2.18% of GDP, compared to deficit of 4.07% of GDP for Mongolia.

Inflation comparison by year

Inflation
Jamaica

Mongolia
1x
Year Consumer prices inflation
Jamaica Mongolia
2025 4% 8.6%
2024 5.41% 6.2%
2023 6.47% 10.4%
2022 10.3% 15.1%
2021 5.86% 7.4%
2020 5.23% 3.7%
2019 3.91% 7.3%
2018 3.74% 6.8%
2017 4.38% 4.3%
2016 2.35% 0.8%
2015 3.69% 6.8%
2014 8.27% 12.9%
2013 9.34% 10.6%
2012 6.87% 13.8%
2011 7.56% 8.8%
2010 12.6% 8.3%
2009 9.59% 7.6%
2008 22% 28%
2007 9.24% 9.6%
2006 8.56% 4.4%
2005 15.1% 12.6%
2004 13.6% 8.3%
2003 10.1% 5.2%
2002 7.08% 0.9%
2001 6.8% 6.4%
2000 8.17% 11.3%
1999 5.95% 7.6%
1998 8.63% 9.5%
1997 9.66% 30%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08); World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, Jamaica has recorded an average annual inflation rate of 8.08%, compared with 9.42% in Mongolia. In 2025, inflation was 4% in Jamaica and 8.6% in Mongolia.

Balance of trade

Jamaica Mongolia
Current account balance
$679M
2024
-$2.49B
2024
Current account balance ranking
53/190
2024
147/190
2024
Current account balance, % of GDP
+3.08%
2024
-10.4%
2024
Goods imports
$6.07B
2024
$11.7B
2024
Goods exports
$1.87B
2024
$14.7B
2024
Service imports
$3.46B
2024
$4.92B
2024
Service exports
$5.26B
2024
$1.6B
2024
Imports of goods and services, % of GDP
52.1%
2019
62.6%
2025
Exports of goods and services, % of GDP
38%
2019
68.1%
2025

Economic freedom indices

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

Jamaica Mongolia
Economic freedom 68.2 63.9
Economic freedom ranking 48/197 76/197
Property rights 66.8 49.2
Government integrity 49.4 35.8
Judicial effectiveness 75.6 54.9
Tax burden 76.3 83.7
Government spending 76 64.6
Fiscal health 92.2 96.1
Business freedom 68.5 68.4
Labor freedom 59.2 68.2
Monetary freedom 74.2 72.1
Trade freedom 70.4 74.4
Investment freedom 60 50
Financial freedom 50 50

Economic freedom comparison by year

Jamaica
Mongolia
1x
Year Economic freedom index
Jamaica Mongolia
2026 68.2 63.9
2025 68.7 62.6
2024 68.1 60.6
2023 68.1 61.7
2022 67.4 63.9
2021 69 62.4
2020 68.5 55.9
2019 68.6 55.4
2018 69.1 55.7
2017 69.5 54.8
2016 67.5 59.4
2015 67.7 59.2
2014 66.7 58.9
2013 66.8 61.7
2012 65.1 61.5
2011 65.7 59.5
2010 65.5 60
2009 65.2 62.8
2008 65.7 63.6
2007 65.5 60.3
2006 66.4 62.4
2005 67 59.7
2004 66.7 56.5
2003 67 57.7
2002 61.7 56.7
2001 63.7 56
2000 65.5 58.5
1999 64.7 58.6
1998 67.1 57.3
1997 67.7 52.9
1996 66.7 47.4
1995 64.4 47.8

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

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

The Economic Freedom Index for Jamaica is 68.2, ranking 48/197, compared to 63.9 for Mongolia, ranking 76/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Jamaica Mongolia
Services, % of GDP
59.8%
2025
44.3%
2025
Industry, % of GDP
16.3%
2025
37.2%
2025
Agriculture, forestry, and fishing, % of GDP
8.74%
2025
8.94%
2025
GNI, Atlas method
$22.1B
2025
$22.2B
2025
GNI per capita, PPP
$13,090
2025
$18,460
2025
Total reserves including gold
$6.3B
2025
$7B
2025
Total reserves ranking
92/177
2025
91/177
2025
Net foreign direct investment
-$304M
2024
-$2.73B
2024
Net inflows of foreign direct investment
$305M
2024
$2.78B
2024
Net outflows of foreign direct investment
$1.07M
2024
$55.5M
2024
Servicing debt to the IMF, % of GNI
11.3%
2024
25.7%
2024
Poverty at national poverty lines
8.2%
2023
27.1%
2022
Gross capital formation, % of GDP
22.6%
2019
31.4%
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/mongolia | 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 (1990–2005, retrieved 2026-07-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. 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.