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Economy of Jamaica vs Rwanda compared: GDP & Debt

Updated on by Georank team

Jamaica has a GDP of $22B compared to $14.3B for Rwanda, ranking 124/197 and 144/197 by economy size, respectively.

Jamaica has $14B in government debt (63.4% of GDP), compared to $9.58B (67.2% of GDP) in Rwanda.

Jamaica vs Rwanda GDP by year

Jamaica
Rwanda
1x
Year GDP, current $
Jamaica Rwanda
2024 $22,014,397,090 $14,251,642,235
2023 $21,418,804,320 $14,331,722,703
2022 $18,813,516,805 $13,316,161,002
2021 $15,963,885,376 $11,078,787,090
2020 $15,000,214,216 $10,174,386,857
2019 $17,026,269,263 $10,349,300,277
2018 $16,855,447,986 $9,637,904,521
2017 $15,783,583,237 $9,252,833,891
2016 $14,898,999,754 $8,695,272,058
2015 $14,963,589,916 $8,543,760,200
2014 $13,899,217,680 $8,238,966,124
2013 $14,264,205,153 $7,819,964,030
2012 $14,807,086,556 $7,654,761,050
2011 $14,444,661,522 $6,884,913,658
2010 $13,220,549,908 $6,124,756,654
2009 $12,120,458,115 $5,674,476,969
2008 $13,709,401,520 $5,179,854,065
2007 $12,799,600,047 $4,070,507,895
2006 $11,930,179,090 $3,319,784,539
2005 $11,243,865,778 $2,933,819,766
2004 $10,174,664,854 $2,376,496,067
2003 $9,430,234,811 $2,138,237,279
2002 $9,719,009,495 $1,966,003,468
2001 $9,194,727,831 $1,966,600,715
2000 $9,005,064,475 $2,068,836,754
1999 $8,887,057,997 $2,157,108,263
1998 $8,787,195,622 $1,989,343,546
1997 $8,400,041,724 $1,851,558,197
1996 $7,393,891,921 $1,382,334,879
1995 $6,577,520,643 $1,293,535,193
1994 $5,452,558,947 $753,636,370
1993 $5,440,075,676 $1,971,525,712
1992 $3,535,460,090 $2,029,026,962
1991 $4,106,207,649 $1,911,600,237
1990 $4,592,208,087 $2,550,185,679
1989 $4,404,937,853 $2,405,022,593
1988 $3,828,342,820 $2,395,492,687
1987 $3,287,007,322 $2,157,432,668
1986 $2,754,549,582 $1,944,710,684
1985 $2,100,239,019 $1,715,626,331
1984 $2,373,564,549 $1,587,413,084
1983 $3,619,262,277 $1,479,687,587
1982 $3,293,496,312 $1,407,243,139
1981 $2,979,027,966 $1,407,062,527
1980 $2,679,379,372 $1,254,765,642
1979 $2,425,064,229 $1,109,346,131
1978 $2,644,527,822 $905,709,076
1977 $3,249,733,140 $746,650,613
1976 $2,966,042,856 $637,753,853
1975 $2,860,442,750 $571,863,500
1974 $2,375,122,375 $308,458,423
1973 $1,905,917,553 $290,746,157
1972 $1,875,146,587 $246,457,838
1971 $1,539,861,816 $222,952,504
1970 $1,404,720,442 $219,900,006
1969 $1,191,239,047 $188,700,037
1968 $1,083,839,133 $172,200,018
1967 $1,148,014,311 $159,560,018
1966 $1,096,759,561 $124,525,703
1965 $972,159,611 $148,799,980
1964 $897,949,001 $129,999,994
1963 $826,706,669 $128,000,000
1962 $777,727,689 $125,000,008
1961 $748,043,501 $122,000,016
1960 $699,064,380 $119,000,024

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

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

GDP per capita in Jamaica vs Rwanda by year

Jamaica
GDP per capita

GDP per capita, PPP
Rwanda
GDP per capita

GDP per capita, PPP
1x
Year Current $
Jamaica Rwanda
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $7,754 $12,890 $1,000 $3,711
2023 $7,542 $12,651 $1,027 $3,399
2022 $6,626 $11,888 $975 $3,099
2021 $5,626 $10,431 $830 $2,733
2020 $5,299 $9,764 $779 $2,285
2019 $6,031 $10,845 $810 $2,336
2018 $5,977 $10,753 $772 $2,125
2017 $5,605 $10,466 $758 $1,968
2016 $5,302 $9,948 $730 $1,866
2015 $5,339 $9,476 $734 $1,781
2014 $4,975 $9,210 $725 $1,678
2013 $5,124 $9,101 $705 $1,512
2012 $5,341 $8,831 $707 $1,455
2011 $5,233 $8,809 $651 $1,413
2010 $4,810 $8,521 $594 $1,314
2009 $4,428 $8,580 $564 $1,241
2008 $5,030 $8,952 $528 $1,191
2007 $4,716 $8,893 $426 $1,079
2006 $4,417 $8,577 $357 $1,002
2005 $4,184 $8,127 $324 $914
2004 $3,808 $7,854 $269.5 $832
2003 $3,550 $7,593 $249 $775
2002 $3,681 $7,226 $234 $760
2001 $3,504 $7,019 $237.3 $670
2000 $3,453 $6,816 $251.9 $609
1999 $3,432 $6,653 $264.7 $554
1998 $3,419 $6,543 $246.2 $528
1997 $3,297 $6,682 $238.7 $500
1996 $2,929 $6,706 $206 $499
1995 $2,631 $6,657 $228 $514
1994 $2,203 $6,435 $111 $311
1993 $2,221 $6,279 $247 $521
1992 $1,458 $5,664 $264.1 $575
1991 $1,710 $5,485 $254 $542
1990 $1,930 $5,106 $346 $549
1989 $1,865 - $335 -
1988 $1,632 - $344 -
1987 $1,411 - $320 -
1986 $1,191 - $297.7 -
1985 $917 - $271.6 -
1984 $1,048 - $259.9 -
1983 $1,619 - $250.6 -
1982 $1,494 - $246.4 -
1981 $1,370 - $254.6 -
1980 $1,249 - $234.4 -
1979 $1,144 - $213.8 -
1978 $1,262 - $179.9 -
1977 $1,569 - $152.7 -
1976 $1,450 - $134.4 -
1975 $1,417 - $124.1 -
1974 $1,193 - $68.9 -
1973 $972 - $66.9 -
1972 $971 - $58.4 -
1971 $809 - $54.4 -
1970 $748 - $55.2 -
1969 $642 - $48.9 -
1968 $591 - $46 -
1967 $633 - $44 -
1966 $612 - $35.4 -
1965 $549 - $43.5 -
1964 $514 - $39 -
1963 $480 - $39.3 -
1962 $458 - $39.2 -
1961 $447 - $39.3 -
1960 $424 - $39.4 -

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

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

Jamaica's GDP per capita is $7,754, ranking 95/197, compared to $1,000 in Rwanda, ranking 178/197. Adjusted for purchasing power (GDP per capita PPP), Jamaica ranks 121st at $12,890, while Rwanda ranks 168th at $3,711.

Economic indicators

Jamaica Rwanda
Gross domestic product
$22B
2024
$14.3B
2024
GDP rank
124/197
2024
144/197
2024
GDP growth
-0.54%
2023-2024
8.89%
2023-2024
GDP per capita
$7,754
2024
$1,000
2024
GDP per capita rank
95/197
2024
178/197
2024
GDP per capita, PPP
$12,890
2024
$3,711
2024
GDP per capita PPP rank
121/197
2024
168/197
2024
Government debt
$14B
2024
$9.58B
2024
Debt-to-GDP ratio
63.4%
2024
67.2%
2024
Government debt per person
$4,917
2024
$672
2024
Government debt per person rank
79/185
2024
157/185
2024
Average annual personal income after taxes
$6,905
2026
$2,194
2026
Market capitalization of domestic companies
$12.4B
2024
$2.75B
2024
Income share by richest 10%
29.6%
2021
33.4%
2023
Income share by poorest 10%
2.2%
2021
3.1%
2023
Government expenditure, % of GDP
30.5%
2024
28.8%
2024
Consumer prices inflation
5.41%
2023-2024
1.77%
2023-2024
Central bank interest rate
5.75%
2025
6.75%
2025
Unemployment rate
3.02%
2023
11.3%
2024
Population
2834980
14975051

Spending and national debt comparison by year

Jamaica
Spending

Debt
Rwanda
Spending

Debt
1x
Year % of GDP
Jamaica Rwanda
Government spending Government debt Government spending Government debt
2024 30.5% 63.4% 28.8% 67.2%
2023 28% 67.3% 27% 63.4%
2022 28.4% 73.5% 29.7% 60.9%
2021 29% 90.9% 31.6% 67.3%
2020 29.8% 100.1% 33.5% 68.7%
2019 27.8% 88.6% 28.2% 53.6%
2018 27.8% 89.2% 26.4% 49.2%
2017 27.3% 96.7% 25.1% 45.6%
2016 27% 109.1% 25.1% 41.1%
2015 26.3% 117.6% 26.6% 33.1%
2014 26.5% 136.7% 27.5% 29.1%
2013 26.9% 138.1% 26.2% 26.7%
2012 29.6% 143% 24.6% 19.1%
2011 31.7% 138.1% 24.7% 18.7%
2010 32.9% 140.1% 23.8% 18.8%
2009 38.6% 141.5% 22.3% 18.5%
2008 34.4% 125.6% 22.5% 18.3%
2007 31.6% 115.3% 22.4% 22.1%
2006 31.2% 118% 20.6% 22.5%
2005 29.3% 124.5% 19.9% 58.9%
2004 31.5% 120.1% 17.9% 80.9%
2003 32.5% 125.5% 18.5% 79.5%
2002 31.1% 119.1% 20.5% 92%
2001 28.5% 107.9% 19.1% 84%
2000 26.2% 91.3% 18.2% 86%
1999 28.9% 83.5% 22.4% 78.4%
1998 28.3% 75.6% 16.4% 70.1%
1997 28.3% 74.4% 17% 72.2%
1996 27.7% 70.2% 19.5% 83.4%
1995 23.1% 85.2% 18% 100.8%
1994 21.5% 90.4% 13.3% -
1993 21.5% 106.2% 20.3% -
1992 20% 100.4% 21.5% -
1991 24.5% 175.1% - -
1990 25.7% 128.8% - -

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/rwanda | CC BY

In 2024, Jamaica's government spending was $6.72B, accounting for 30.5% of its GDP, while Rwanda spent $4.1B, or 28.8% of GDP.

Debt-to-GDP ratio is 63.4% in Jamaica and 67.2% in Rwanda, ranking 73/185 and 65/185, respectively.

Government deficit by year

Deficit/surplus
Jamaica

Rwanda
1x
Year Deficit/surplus, % of GDP
Jamaica Rwanda
2024 0.22% -6.57%
2023 0.04% -5.04%
2022 0.27% -5.74%
2021 0.89% -7%
2020 -2.83% -9.54%
2019 0.85% -5.08%
2018 1.12% -2.57%
2017 0.43% -2.52%
2016 -0.19% -2.27%
2015 -0.28% -2.68%
2014 -0.49% -3.92%
2013 0.12% -1.27%
2012 -4.05% -2.38%
2011 -6.34% -0.86%
2010 -6.27% -0.64%
2009 -11.1% 0.26%
2008 -7.43% 0.83%
2007 -3.82% -1.56%
2006 -4.9% -0.03%
2005 -3.3% 1.12%
2004 -4.68% 2.27%
2003 -5.67% -1.23%
2002 -6.77% -2.03%
2001 -4.89% -1.8%
2000 -0.8% -0.22%
1999 -3.53% -4.41%
1998 -5.82% -2.59%
1997 -6.54% -2.22%
1996 -5.32% -5.01%
1995 1.6% -2.04%
1994 2.59% -9.54%
1993 2.6% -6.6%
1992 3.11% -7.21%
1991 3.87% -
1990 2.34% -

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

GeoRank.org/economy/jamaica/rwanda | 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 Rwanda's deficit of $936M, or 6.57% of GDP.

Over the past 33 years, Jamaica recorded a fiscal deficit in 21 of those years, while Rwanda ran a deficit in 29 years. On average, Jamaica posted an annual deficit equal to 2.46% of GDP, compared to deficit of 3.03% of GDP for Rwanda.

Inflation comparison by year

Inflation
Jamaica

Rwanda
1x
Year Consumer prices inflation
Jamaica Rwanda
2024 5.41% 1.77%
2023 6.47% 19.8%
2022 10.3% 17.7%
2021 5.86% -0.39%
2020 5.23% 9.85%
2019 3.91% 3.35%
2018 3.74% -0.31%
2017 4.38% 8.28%
2016 2.35% 7.17%
2015 3.69% 2.53%
2014 8.27% 2.35%
2013 9.34% 5.92%
2012 6.87% 10.3%
2011 7.56% 3.08%
2010 12.6% -0.25%
2009 9.59% 12.9%
2008 22% 15.4%
2007 9.24% 9.08%
2006 8.56% 8.88%
2005 15.1% 9.01%
2004 13.6% 12.3%
2003 10.1% 7.45%
2002 7.08% 1.99%
2001 6.8% 3.34%
2000 8.17% 3.9%
1999 5.95% -2.41%
1998 8.63% 6.21%
1997 9.66% 12%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 28 years, Jamaica has recorded an average annual inflation rate of 8.23%, compared with 6.83% in Rwanda. In 2024, inflation was 5.41% in Jamaica and 1.77% in Rwanda.

Top exports between countries

Jamaica
Export category Export value
Miscellaneous $6K
Rwanda
Export category Export value
Miscellaneous $1K
Precious metals & jewellery $1K

Balance of trade

Jamaica Rwanda
Current account balance
$679M
2024
-$1.81B
2024
Current account balance ranking
56/190
2024
140/190
2024
Current account balance, % of GDP
+3.08%
2024
-12.7%
2024
Goods imports
$6.07B
2024
$5.55B
2024
Goods exports
$1.87B
2024
$3.2B
2024
Service imports
$3.46B
2024
$991M
2024
Service exports
$5.26B
2024
$1.08B
2024
Imports of goods and services, % of GDP
52.1%
2019
39.1%
2024
Exports of goods and services, % of GDP
38%
2019
30.8%
2024

Economic freedom indices

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

Jamaica Rwanda
Economic freedom 68.2 56.5
Economic freedom ranking 48/197 121/197
Property rights 66.8 60.3
Government integrity 49.4 53.9
Judicial effectiveness 75.6 27.5
Tax burden 76.3 80.6
Government spending 76 75.7
Fiscal health 92.2 37.5
Business freedom 68.5 60.1
Labor freedom 59.2 49.1
Monetary freedom 74.2 72.3
Trade freedom 70.4 61.8
Investment freedom 60 60
Financial freedom 50 40

Economic freedom comparison by year

Jamaica
Rwanda
1x
Year Economic freedom index
Jamaica Rwanda
2026 68.2 56.5
2025 68.7 54.8
2024 68.1 51.6
2023 68.1 52.2
2022 67.4 57.1
2021 69 68.3
2020 68.5 70.9
2019 68.6 71.1
2018 69.1 69.1
2017 69.5 67.6
2016 67.5 63.1
2015 67.7 64.8
2014 66.7 64.7
2013 66.8 64.1
2012 65.1 64.9
2011 65.7 62.7
2010 65.5 59.1
2009 65.2 54.2
2008 65.7 54.2
2007 65.5 52.4
2006 66.4 52.8
2005 67 51.7
2004 66.7 53.3
2003 67 47.8
2002 61.7 50.4
2001 63.7 45.4
2000 65.5 42.3
1999 64.7 39.8
1998 67.1 39.1
1997 67.7 38.3
1996 66.7 -
1995 64.4 -

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

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

The Economic Freedom Index for Jamaica is 68.2, ranking 48/197, compared to 56.5 for Rwanda, ranking 121/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Jamaica Rwanda
Services, % of GDP
60%
2024
47.6%
2024
Industry, % of GDP
16.5%
2024
21%
2024
Agriculture, forestry, and fishing, % of GDP
7.97%
2024
24.6%
2024
GNI, Atlas method
$20.5B
2024
$14.8B
2024
GNI per capita, PPP
$12,690
2024
$3,620
2024
Total reserves including gold
$5.63B
2024
$2.41B
2024
Total reserves ranking
93/177
2024
123/177
2024
Net foreign direct investment
-$304M
2024
-$560M
2024
Net inflows of foreign direct investment
$305M
2024
$573M
2024
Net outflows of foreign direct investment
$1.07M
2024
$13.2M
2024
Servicing debt to the IMF, % of GNI
11.3%
2024
3.09%
2024
Poverty at national poverty lines
8.2%
2023
27.4%
2023
Gross capital formation, % of GDP
22.6%
2019
25.9%
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/rwanda | 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. TradeMap (2021–2022, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

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.