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Economy of Jamaica vs North Macedonia compared: GDP & Debt

Updated on by Georank

Jamaica has a GDP of $22.7B compared to $19.1B for North Macedonia, ranking 125/197 and 137/197 by economy size, respectively.

Jamaica has $15.4B in government debt (67.7% of GDP), compared to $10B (52.5% of GDP) in North Macedonia.

Jamaica vs North Macedonia GDP by year

Jamaica
North Macedonia
1x
Year GDP, current $
Jamaica North Macedonia
2025 $22,704,903,218 $19,101,199,817
2024 $22,014,429,051 $16,951,682,221
2023 $21,418,797,833 $15,855,131,189
2022 $18,813,516,805 $13,932,436,550
2021 $15,963,885,376 $14,000,283,827
2020 $15,000,214,216 $12,361,036,914
2019 $17,026,269,263 $12,606,338,449
2018 $16,855,447,986 $12,683,068,114
2017 $15,783,583,237 $11,307,067,070
2016 $14,898,999,754 $10,672,467,073
2015 $14,963,589,916 $10,064,519,963
2014 $13,899,217,680 $11,362,265,253
2013 $14,264,205,153 $10,817,702,346
2012 $14,807,086,556 $9,745,261,301
2011 $14,444,661,522 $10,494,626,768
2010 $13,220,549,908 $9,407,170,321
2009 $12,120,458,115 $9,401,736,825
2008 $13,709,401,520 $9,909,552,435
2007 $12,799,600,047 $8,336,474,974
2006 $11,930,179,090 $6,861,226,972
2005 $11,243,865,778 $6,258,602,873
2004 $10,174,664,854 $5,682,784,472
2003 $9,430,234,811 $4,946,296,599
2002 $9,719,009,495 $4,018,365,747
2001 $9,194,727,831 $3,709,636,031
2000 $9,005,064,475 $3,772,859,034
1999 $8,887,057,997 $3,863,619,285
1998 $8,787,195,622 $3,765,745,023
1997 $8,400,041,724 $3,912,986,091
1996 $7,393,891,921 $4,642,021,256
1995 $6,577,520,643 $4,707,041,315
1994 $5,452,558,947 $3,559,608,640
1993 $5,440,075,676 $2,682,456,897
1992 $3,535,460,090 $2,436,849,342
1991 $4,106,207,649 $4,938,775,510
1990 $4,592,208,087 $4,699,646,643
1989 $4,404,937,853 -
1988 $3,828,342,820 -
1987 $3,287,007,322 -
1986 $2,754,549,582 -
1985 $2,100,239,019 -
1984 $2,373,564,549 -
1983 $3,619,262,277 -
1982 $3,293,496,312 -
1981 $2,979,027,966 -
1980 $2,679,379,372 -
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/north-macedonia | CC BY

GDP per capita in Jamaica vs North Macedonia by year

Jamaica
GDP per capita

GDP per capita, PPP
North Macedonia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Jamaica North Macedonia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $8,003 - $10,490 -
2024 $7,754 $12,890 $9,292 $26,995
2023 $7,542 $12,651 $8,674 $25,354
2022 $6,626 $11,888 $7,606 $24,212
2021 $5,626 $10,431 $7,621 $22,144
2020 $5,299 $9,764 $6,660 $19,962
2019 $6,031 $10,845 $6,719 $20,223
2018 $5,977 $10,753 $6,714 $18,460
2017 $5,605 $10,466 $5,955 $17,161
2016 $5,302 $9,948 $5,598 $16,458
2015 $5,339 $9,476 $5,263 $15,034
2014 $4,975 $9,210 $5,925 $14,485
2013 $5,124 $9,101 $5,626 $13,663
2012 $5,341 $8,831 $5,050 $12,726
2011 $5,233 $8,809 $5,417 $12,421
2010 $4,810 $8,521 $4,833 $11,992
2009 $4,428 $8,580 $4,800 $11,532
2008 $5,030 $8,952 $5,026 $10,924
2007 $4,716 $8,893 $4,204 $9,639
2006 $4,417 $8,577 $3,440 $8,888
2005 $4,184 $8,127 $3,121 $7,972
2004 $3,808 $7,854 $2,819 $7,229
2003 $3,550 $7,593 $2,445 $6,608
2002 $3,681 $7,226 $1,989 $6,395
2001 $3,504 $7,019 $1,823 $6,051
2000 $3,453 $6,816 $1,862 $6,154
1999 $3,432 $6,653 $1,915 $5,724
1998 $3,419 $6,543 $1,876 $5,448
1997 $3,297 $6,682 $1,960 $5,227
1996 $2,929 $6,706 $2,307 $5,026
1995 $2,631 $6,657 $2,355 $4,912
1994 $2,203 $6,435 $1,786 $4,880
1993 $2,221 $6,279 $1,337 $4,829
1992 $1,458 $5,664 $1,199 $5,033
1991 $1,710 $5,485 $2,402 $5,207
1990 $1,930 $5,106 $2,277 $5,348
1989 $1,865 - - -
1988 $1,632 - - -
1987 $1,411 - - -
1986 $1,191 - - -
1985 $917 - - -
1984 $1,048 - - -
1983 $1,619 - - -
1982 $1,494 - - -
1981 $1,370 - - -
1980 $1,249 - - -
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/north-macedonia | CC BY

Jamaica's GDP per capita is $8,003, ranking 98/197, compared to $10,490 in North Macedonia, ranking 86/197. Adjusted for purchasing power (GDP per capita PPP), Jamaica ranks 121st at $12,890, while North Macedonia ranks 78th at $26,995.

Economic indicators

Jamaica North Macedonia
Gross domestic product
$22.7B
2025
$19.1B
2025
GDP rank
125/197
2025
137/197
2025
GDP growth
0.08%
2024-2025
3.49%
2024-2025
GDP per capita
$8,003
2025
$10,490
2025
GDP per capita rank
98/197
2025
86/197
2025
GDP per capita, PPP
$12,890
2024
$26,995
2024
GDP per capita PPP rank
121/197
2024
78/197
2024
Government debt
$15.4B
2025
$10B
2025
Debt-to-GDP ratio
67.7%
2025
52.5%
2025
Government debt per person
$5,419
2025
$5,510
2025
Government debt per person rank
80/185
2025
78/185
2025
Average annual personal income after taxes
$8,390
2026
$9,326
2026
Market capitalization of domestic companies
$11.6B
2025
n/a
Income share by richest 10%
29.6%
2021
22.9%
2019
Income share by poorest 10%
2.2%
2021
1.9%
2019
Government expenditure, % of GDP
33.8%
2025
36.2%
2025
Consumer prices inflation
4%
2024-2025
4.1%
2024-2025
Central bank interest rate
5.75%
2025
5.35%
2025
Unemployment rate
3.02%
2023
11.5%
2025
Population
2834177
1811466

Spending and national debt comparison by year

Jamaica
Spending

Debt
North Macedonia
Spending

Debt
1x
Year % of GDP
Jamaica North Macedonia
Government spending Government debt Government spending Government debt
2025 33.8% 67.7% 36.2% 52.5%
2024 30.1% 62.5% 36.1% 52.9%
2023 27.7% 66.5% 35.3% 50.5%
2022 27.1% 70.2% 35% 50.4%
2021 27.6% 86.3% 35.3% 52.7%
2020 30.1% 101.3% 36.4% 50.8%
2019 27.5% 87.7% 31.4% 40.4%
2018 27.5% 88.3% 30.3% 40.4%
2017 26.9% 95.1% 31.8% 39.4%
2016 26.5% 106.9% 31.1% 39.7%
2015 25.9% 115.9% 32.2% 38%
2014 26.1% 134.4% 31.7% 38%
2013 26.3% 135.2% 31.7% 34%
2012 29.1% 140.3% 33.3% 33.7%
2011 31.2% 135.9% 31.9% 27.7%
2010 32.3% 137.8% 32.5% 24.3%
2009 37.7% 138.3% 33.6% 23.7%
2008 33.9% 123.8% 33.8% 20.6%
2007 30.6% 111.6% 31.4% 23.5%
2006 30.1% 114.2% 31.5% 30.6%
2005 28.6% 121.5% 32.5% 36.7%
2004 30.7% 116.9% 34.1% 34.6%
2003 31.1% 120.1% 36% 36.5%
2002 30.1% 115.4% 38.2% 40.5%
2001 27.8% 105.3% 37.4% 45.2%
2000 25.7% 89.5% 32% 45.6%
1999 27.9% 80.7% 32.5% 29.8%
1998 27.9% 75.6% 32.2% 33.1%
1997 27.6% 74.4% 32.3% 29.3%
1996 27.4% 70.2% - -
1995 22.1% 85.2% - -
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/north-macedonia | CC BY

In 2025, Jamaica's government spending was $7.68B, accounting for 33.8% of its GDP, while North Macedonia spent $6.91B, or 36.2% of GDP.

Debt-to-GDP ratio is 67.7% in Jamaica and 52.5% in North Macedonia, ranking 62/185 and 97/185, respectively.

Government deficit by year

Deficit/surplus
Jamaica

North Macedonia
1x
Year Deficit/surplus, % of GDP
Jamaica North Macedonia
2025 -3.77% -4.01%
2024 0.22% -4.38%
2023 0.04% -4.59%
2022 0.26% -5.23%
2021 0.84% -5.32%
2020 -2.87% -8.05%
2019 0.85% -1.97%
2018 1.1% -1.76%
2017 0.42% -2.73%
2016 -0.18% -2.7%
2015 -0.28% -3.48%
2014 -0.48% -4.19%
2013 0.12% -3.84%
2012 -3.97% -3.81%
2011 -6.24% -2.47%
2010 -6.17% -2.41%
2009 -10.8% -2.63%
2008 -7.32% -0.93%
2007 -3.7% 0.58%
2006 -4.74% -0.51%
2005 -3.22% 0.21%
2004 -4.56% 0.37%
2003 -5.42% -0.07%
2002 -6.55% -5.24%
2001 -4.77% -5.88%
2000 -0.78% 2.37%
1999 -3.41% 0.03%
1998 -5.73% -1.59%
1997 -6.39% -0.35%
1996 -5.25% -
1995 1.53% -
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/north-macedonia | 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 North Macedonia's deficit of $766M, or 4.01% of GDP.

Over the past 29 years, Jamaica recorded a fiscal deficit in 21 of those years, while North Macedonia ran a deficit in 24 years. On average, Jamaica posted an annual deficit equal to 3.02% of GDP, compared to deficit of 2.57% of GDP for North Macedonia.

Inflation comparison by year

Inflation
Jamaica

North Macedonia
1x
Year Consumer prices inflation
Jamaica North Macedonia
2025 4% 4.1%
2024 5.41% 3.5%
2023 6.47% 9.4%
2022 10.3% 14.2%
2021 5.86% 3.2%
2020 5.23% 1.2%
2019 3.91% 0.8%
2018 3.74% 1.5%
2017 4.38% 1.4%
2016 2.35% -0.2%
2015 3.69% -0.2%
2014 8.27% -0.3%
2013 9.34% 2.8%
2012 6.87% 3.3%
2011 7.56% 3.9%
2010 12.6% 1.5%
2009 9.59% -0.8%
2008 22% 7.2%
2007 9.24% 2.8%
2006 8.56% 3.3%
2005 15.1% 0%
2004 13.6% -0.4%
2003 10.1% 1.1%
2002 7.08% 1.7%
2001 6.8% 5.1%
2000 8.17% 6.6%
1999 5.95% -1.3%
1998 8.63% 0.5%
1997 9.66% 1.3%

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/north-macedonia | CC BY

Over the past 29 years, Jamaica has recorded an average annual inflation rate of 8.08%, compared with 2.66% in North Macedonia. In 2025, inflation was 4% in Jamaica and 4.1% in North Macedonia.

Top exports between countries

Jamaica
Export category Export value
North Macedonia
Export category Export value
Processed food, beverages & tobacco $128K

Balance of trade

Jamaica North Macedonia
Current account balance
$679M
2024
-$815M
2025
Current account balance ranking
53/190
2024
112/190
2025
Current account balance, % of GDP
+3.08%
2024
-4.27%
2025
Goods imports
$6.07B
2024
$11.7B
2025
Goods exports
$1.87B
2024
$7.87B
2025
Service imports
$3.46B
2024
$2.4B
2025
Service exports
$5.26B
2024
$3.55B
2025
Imports of goods and services, % of GDP
52.1%
2019
73.4%
2025
Exports of goods and services, % of GDP
38%
2019
59.6%
2025

Economic freedom indices

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

Jamaica North Macedonia
Economic freedom 68.2 63.3
Economic freedom ranking 48/197 81/197
Property rights 66.8 56.2
Government integrity 49.4 43.2
Judicial effectiveness 75.6 49.5
Tax burden 76.3 94.9
Government spending 76 61.7
Fiscal health 92.2 57.7
Business freedom 68.5 72.2
Labor freedom 59.2 51.4
Monetary freedom 74.2 69.6
Trade freedom 70.4 77.8
Investment freedom 60 65
Financial freedom 50 60

Economic freedom comparison by year

Jamaica
North Macedonia
1x
Year Economic freedom index
Jamaica North Macedonia
2026 68.2 63.3
2025 68.7 63.2
2024 68.1 61.4
2023 68.1 63.7
2022 67.4 65.7
2021 69 68.6
2020 68.5 69.5
2019 68.6 71.1
2018 69.1 71.3
2017 69.5 70.7
2016 67.5 67.5
2015 67.7 67.1
2014 66.7 68.6
2013 66.8 68.2
2012 65.1 68.5
2011 65.7 66
2010 65.5 65.7
2009 65.2 61.2
2008 65.7 61.1
2007 65.5 60.6
2006 66.4 59.2
2005 67 56.1
2004 66.7 56.8
2003 67 60.1
2002 61.7 58
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 2026-07-08).

GeoRank.org/economy/jamaica/north-macedonia | CC BY

The Economic Freedom Index for Jamaica is 68.2, ranking 48/197, compared to 63.3 for North Macedonia, ranking 81/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Jamaica North Macedonia
Services, % of GDP
59.8%
2025
57%
2025
Industry, % of GDP
16.3%
2025
24.1%
2025
Agriculture, forestry, and fishing, % of GDP
8.74%
2025
5.98%
2025
GNI, Atlas method
$22.1B
2025
$17.3B
2025
GNI per capita, PPP
$13,090
2025
$26,680
2025
Total reserves including gold
$6.3B
2025
$5.8B
2025
Total reserves ranking
92/177
2025
98/177
2025
Net foreign direct investment
-$304M
2024
-$276M
2025
Net inflows of foreign direct investment
$305M
2024
$1.06B
2024
Net outflows of foreign direct investment
$1.07M
2024
-$64.9M
2024
Servicing debt to the IMF, % of GNI
11.3%
2024
9.59%
2024
Poverty at national poverty lines
8.2%
2023
21.9%
2023
Gross capital formation, % of GDP
22.6%
2019
31.7%
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/north-macedonia | 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. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. LivingCost (2026, retrieved 2026-07-08)
  8. TradeMap (2024, 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.