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Economy of Jamaica vs Singapore compared: GDP & Debt

Updated on by Georank

Jamaica has a GDP of $22.7B compared to $604B for Singapore, ranking 125/197 and 28/197 by economy size, respectively.

Jamaica has $15.4B in government debt (67.7% of GDP), compared to $1.03T (171.3% of GDP) in Singapore.

Jamaica vs Singapore GDP by year

Jamaica
Singapore
1x
Year GDP, current $
Jamaica Singapore
2025 $22,704,903,218 $603,869,516,999
2024 $22,014,429,051 $572,877,260,178
2023 $21,418,797,833 $511,181,761,244
2022 $18,813,516,805 $514,252,535,239
2021 $15,963,885,376 $441,110,903,525
2020 $15,000,214,216 $351,226,533,656
2019 $17,026,269,263 $376,827,390,962
2018 $16,855,447,986 $377,976,367,877
2017 $15,783,583,237 $344,795,119,214
2016 $14,898,999,754 $320,759,207,439
2015 $14,963,589,916 $307,998,545,269
2014 $13,899,217,680 $314,863,580,758
2013 $14,264,205,153 $307,576,360,585
2012 $14,807,086,556 $295,092,888,077
2011 $14,444,661,522 $279,356,499,090
2010 $13,220,549,908 $239,807,980,591
2009 $12,120,458,115 $194,150,283,772
2008 $13,709,401,520 $193,617,323,539
2007 $12,799,600,047 $180,941,701,358
2006 $11,930,179,090 $148,627,286,361
2005 $11,243,865,778 $127,807,848,728
2004 $10,174,664,854 $115,033,593,101
2003 $9,430,234,811 $97,646,401,096
2002 $9,719,009,495 $92,538,372,870
2001 $9,194,727,831 $89,793,790,670
2000 $9,005,064,475 $96,076,539,926
1999 $8,887,057,997 $86,286,849,755
1998 $8,787,195,622 $85,728,207,782
1997 $8,400,041,724 $100,123,787,215
1996 $7,393,891,921 $96,293,086,513
1995 $6,577,520,643 $87,812,540,788
1994 $5,452,558,947 $73,688,724,431
1993 $5,440,075,676 $60,603,815,716
1992 $3,535,460,090 $52,131,320,033
1991 $4,106,207,649 $45,466,164,978
1990 $4,592,208,087 $36,144,336,769
1989 $4,404,937,853 $30,465,364,739
1988 $3,828,342,820 $25,371,462,488
1987 $3,287,007,322 $20,919,215,578
1986 $2,754,549,582 $18,586,746,057
1985 $2,100,239,019 $19,156,532,746
1984 $2,373,564,549 $19,749,361,098
1983 $3,619,262,277 $17,784,112,150
1982 $3,293,496,312 $16,084,252,378
1981 $2,979,027,966 $14,175,228,844
1980 $2,679,379,372 $11,896,256,783
1979 $2,425,064,229 $9,296,921,724
1978 $2,644,527,822 $7,517,176,355
1977 $3,249,733,140 $6,618,585,074
1976 $2,966,042,856 $6,327,077,974
1975 $2,860,442,750 $5,633,673,930
1974 $2,375,122,375 $5,221,534,956
1973 $1,905,917,553 $3,696,213,333
1972 $1,875,146,587 $2,721,440,981
1971 $1,539,861,816 $2,263,785,444
1970 $1,404,720,442 $1,920,574,150
1969 $1,191,239,047 $1,659,893,768
1968 $1,083,839,133 $1,425,706,091
1967 $1,148,014,311 $1,238,035,816
1966 $1,096,759,561 $1,096,425,608
1965 $972,159,611 $974,644,096
1964 $897,949,001 $894,153,311
1963 $826,706,669 $917,608,012
1962 $777,727,689 $826,239,212
1961 $748,043,501 $764,629,788
1960 $699,064,380 $704,751,700

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

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

GDP per capita in Jamaica vs Singapore by year

Jamaica
GDP per capita

GDP per capita, PPP
Singapore
GDP per capita

GDP per capita, PPP
1x
Year Current $
Jamaica Singapore
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $8,003 - $98,814 -
2024 $7,754 $12,890 $94,897 $150,689
2023 $7,542 $12,651 $86,383 $143,786
2022 $6,626 $11,888 $91,228 $143,095
2021 $5,626 $10,431 $80,885 $132,617
2020 $5,299 $9,764 $61,773 $101,518
2019 $6,031 $10,845 $66,069 $105,335
2018 $5,977 $10,753 $67,033 $103,963
2017 $5,605 $10,466 $61,436 $95,744
2016 $5,302 $9,948 $57,204 $89,902
2015 $5,339 $9,476 $55,646 $87,156
2014 $4,975 $9,210 $57,565 $84,555
2013 $5,124 $9,101 $56,967 $83,088
2012 $5,341 $8,831 $55,548 $82,108
2011 $5,233 $8,809 $53,891 $80,052
2010 $4,810 $8,521 $47,237 $75,401
2009 $4,428 $8,580 $38,927 $66,213
2008 $5,030 $8,952 $40,009 $67,735
2007 $4,716 $8,893 $39,433 $68,805
2006 $4,417 $8,577 $33,768 $64,061
2005 $4,184 $8,127 $29,961 $58,822
2004 $3,808 $7,854 $27,608 $54,384
2003 $3,550 $7,593 $23,730 $48,778
2002 $3,681 $7,226 $22,160 $45,083
2001 $3,504 $7,019 $21,700 $43,109
2000 $3,453 $6,816 $23,853 $43,781
1999 $3,432 $6,653 $21,797 $39,949
1998 $3,419 $6,543 $21,829 $37,560
1997 $3,297 $6,682 $26,376 $39,286
1996 $2,929 $6,706 $26,233 $36,873
1995 $2,631 $6,657 $24,915 $35,090
1994 $2,203 $6,435 $21,552 $33,058
1993 $2,221 $6,279 $18,290 $30,062
1992 $1,458 $5,664 $16,136 $27,022
1991 $1,710 $5,485 $14,502 $25,530
1990 $1,930 $5,106 $11,862 $23,815
1989 $1,865 - $10,395 -
1988 $1,632 - $8,914 -
1987 $1,411 - $7,539 -
1986 $1,191 - $6,800 -
1985 $917 - $7,002 -
1984 $1,048 - $7,228 -
1983 $1,619 - $6,633 -
1982 $1,494 - $6,078 -
1981 $1,370 - $5,597 -
1980 $1,249 - $4,928 -
1979 $1,144 - $3,901 -
1978 $1,262 - $3,194 -
1977 $1,569 - $2,846 -
1976 $1,450 - $2,759 -
1975 $1,417 - $2,490 -
1974 $1,193 - $2,342 -
1973 $972 - $1,685 -
1972 $971 - $1,264 -
1971 $809 - $1,071 -
1970 $748 - $926 -
1969 $642 - $813 -
1968 $591 - $709 -
1967 $633 - $626 -
1966 $612 - $567 -
1965 $549 - $517 -
1964 $514 - $486 -
1963 $480 - $511 -
1962 $458 - $472 -
1961 $447 - $449 -
1960 $424 - $428 -

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

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

Jamaica's GDP per capita is $8,003, ranking 98/197, compared to $98,814 in Singapore, ranking 7/197. Adjusted for purchasing power (GDP per capita PPP), Jamaica ranks 121st at $12,890, while Singapore ranks 2nd at $150,689.

Economic indicators

Jamaica Singapore
Gross domestic product
$22.7B
2025
$604B
2025
GDP rank
125/197
2025
28/197
2025
GDP growth
0.08%
2024-2025
5.03%
2024-2025
GDP per capita
$8,003
2025
$98,814
2025
GDP per capita rank
98/197
2025
7/197
2025
GDP per capita, PPP
$12,890
2024
$150,689
2024
GDP per capita PPP rank
121/197
2024
2/197
2024
Government debt
$15.4B
2025
$1.03T
2025
Debt-to-GDP ratio
67.7%
2025
171.3%
2025
Government debt per person
$5,419
2025
$169,228
2025
Government debt per person rank
80/185
2025
1/185
2025
Average annual personal income after taxes
$8,390
2026
$51,296
2026
Market capitalization of domestic companies
$11.6B
2025
$824B
2025
Number of millionaires n/a
244,000
2026
Number of billionaires n/a
55
2026
Income share by richest 10%
29.6%
2021
n/a
Income share by poorest 10%
2.2%
2021
n/a
Government expenditure, % of GDP
33.8%
2025
15.5%
2025
Consumer prices inflation
4%
2024-2025
0.9%
2024-2025
Central bank interest rate
5.75%
2025
n/a
Unemployment rate
3.02%
2023
3.26%
2025
Population
2834177
6167445

Spending and national debt comparison by year

Jamaica
Spending

Debt
Singapore
Spending

Debt
1x
Year % of GDP
Jamaica Singapore
Government spending Government debt Government spending Government debt
2025 33.8% 67.7% 15.5% 171.3%
2024 30.1% 62.5% 14.3% 166%
2023 27.7% 66.5% 14.6% 170.4%
2022 27.1% 70.2% 14.9% 153.3%
2021 27.6% 86.3% 15.4% 139.9%
2020 30.1% 101.3% 24% 147.1%
2019 27.5% 87.7% 14% 127.7%
2018 27.5% 88.3% 13.9% 109.2%
2017 26.9% 95.1% 13.6% 107.3%
2016 26.5% 106.9% 15.2% 105.9%
2015 25.9% 115.9% 14.4% 102.1%
2014 26.1% 134.4% 12.6% 97.7%
2013 26.3% 135.2% 10.9% 98.2%
2012 29.1% 140.3% 9.83% 106.7%
2011 31.2% 135.9% 9.66% 103.1%
2010 32.3% 137.8% 10.2% 98.7%
2009 37.7% 138.3% 15.9% 101.7%
2008 33.9% 123.8% 14% 97.9%
2007 30.6% 111.6% 9.01% 87.8%
2006 30.1% 114.2% 12.3% 86.5%
2005 28.6% 121.5% 12.4% 92.7%
2004 30.7% 116.9% 14.1% 95.7%
2003 31.1% 120.1% 15.6% 99.1%
2002 30.1% 115.4% 15.9% 96.3%
2001 27.8% 105.3% 18.2% 94.5%
2000 25.7% 89.5% 16.1% 82.3%
1999 27.9% 80.7% 15.9% 85.3%
1998 27.9% 75.6% 18.1% 84.6%
1997 27.6% 74.4% 14.5% 70.8%
1996 27.4% 70.2% 18.1% 71.3%
1995 22.1% 85.2% 13.8% 69.8%
1994 19.9% 90.4% 11.7% 70.7%
1993 19.6% 106.2% 14.5% 71.2%
1992 18.2% 100.4% 14.5% 79%
1991 19.9% 175.1% 15.9% 76.4%
1990 22.6% 128.8% 15.1% 73.5%

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/singapore | CC BY

In 2025, Jamaica's government spending was $7.68B, accounting for 33.8% of its GDP, while Singapore spent $93.3B, or 15.5% of GDP.

Debt-to-GDP ratio is 67.7% in Jamaica and 171.3% in Singapore, ranking 62/185 and 5/185, respectively.

Government deficit by year

Deficit/surplus
Jamaica

Singapore
1x
Year Deficit/surplus, % of GDP
Jamaica Singapore
2025 -3.77% 4.16%
2024 0.22% 3.79%
2023 0.04% 3.42%
2022 0.26% 1.2%
2021 0.84% 1.11%
2020 -2.87% -6.68%
2019 0.85% 3.76%
2018 1.1% 3.67%
2017 0.42% 5.23%
2016 -0.18% 3.24%
2015 -0.28% 2.86%
2014 -0.48% 4.6%
2013 0.12% 5.96%
2012 -3.97% 7.34%
2011 -6.24% 7.96%
2010 -6.17% 5.68%
2009 -10.8% -0.09%
2008 -7.32% 3.59%
2007 -3.7% 7.12%
2006 -4.74% 2.16%
2005 -3.22% 2.56%
2004 -4.56% 2.06%
2003 -5.42% 0.68%
2002 -6.55% 2.23%
2001 -4.77% 1.2%
2000 -0.78% 4.59%
1999 -3.41% 5.2%
1998 -5.73% 2.41%
1997 -6.39% 5.66%
1996 -5.25% 1.98%
1995 1.53% 4.8%
1994 2.4% 7.9%
1993 2.37% 4.36%
1992 2.83% 2.7%
1991 3.14% 0.68%
1990 2.06% 1.97%

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

GeoRank.org/economy/jamaica/singapore | 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 Singapore's surplus of $25.1B, or 4.16% of GDP.

Over the past 36 years, Jamaica recorded a fiscal deficit in 22 of those years, while Singapore ran a deficit in 2 years. On average, Jamaica posted an annual deficit equal to 2.18% of GDP, compared to surplus of 3.36% of GDP for Singapore.

Inflation comparison by year

Inflation
Jamaica

Singapore
1x
Year Consumer prices inflation
Jamaica Singapore
2025 4% 0.9%
2024 5.41% 2.39%
2023 6.47% 4.83%
2022 10.3% 6.13%
2021 5.86% 2.32%
2020 5.23% -0.17%
2019 3.91% 0.57%
2018 3.74% 0.44%
2017 4.38% 0.58%
2016 2.35% -0.53%
2015 3.69% -0.52%
2014 8.27% 1.03%
2013 9.34% 2.36%
2012 6.87% 4.58%
2011 7.56% 5.25%
2010 12.6% 2.83%
2009 9.59% 0.59%
2008 22% 6.64%
2007 9.24% 2.11%
2006 8.56% 0.97%
2005 15.1% 0.43%
2004 13.6% 1.66%
2003 10.1% 0.51%
2002 7.08% -0.39%
2001 6.8% 1%
2000 8.17% 1.36%
1999 5.95% 0.02%
1998 8.63% -0.27%
1997 9.66% 2%

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

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

Over the past 29 years, Jamaica has recorded an average annual inflation rate of 8.08%, compared with 1.71% in Singapore. In 2025, inflation was 4% in Jamaica and 0.9% in Singapore.

Top exports between countries

Jamaica
Export category Export value
Machinery & equipment $292K
Raw materials & minerals $171K
Chemicals & pharma $12K
Processed food, beverages & tobacco $10K
Raw agricultural goods $8K
Singapore
Export category Export value
Machinery & equipment $16.1M
Chemicals & pharma $1.62M
Processed food, beverages & tobacco $655K
Miscellaneous $512K
Raw materials & minerals $458K
Wood & paper products $337K
Textiles & consumer goods $82K
Metals $53K

Balance of trade

Jamaica Singapore
Current account balance
$679M
2024
$101B
2025
Current account balance ranking
53/190
2024
8/190
2025
Current account balance, % of GDP
+3.08%
2024
+16.7%
2025
Goods imports
$6.07B
2024
$475B
2025
Goods exports
$1.87B
2024
$652B
2025
Service imports
$3.46B
2024
$385B
2025
Service exports
$5.26B
2024
$422B
2025
Imports of goods and services, % of GDP
52.1%
2019
142.5%
2025
Exports of goods and services, % of GDP
38%
2019
177.9%
2025

Economic freedom indices

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

Jamaica Singapore
Economic freedom 68.2 84.4
Economic freedom ranking 48/197 1/197
Property rights 66.8 89.2
Government integrity 49.4 86.1
Judicial effectiveness 75.6 58.3
Tax burden 76.3 89.5
Government spending 76 93.4
Fiscal health 92.2 80
Business freedom 68.5 90.6
Labor freedom 59.2 77
Monetary freedom 74.2 83.5
Trade freedom 70.4 95
Investment freedom 60 90
Financial freedom 50 80

Economic freedom comparison by year

Jamaica
Singapore
1x
Year Economic freedom index
Jamaica Singapore
2026 68.2 84.4
2025 68.7 84.1
2024 68.1 83.5
2023 68.1 83.9
2022 67.4 84.4
2021 69 89.7
2020 68.5 89.4
2019 68.6 89.4
2018 69.1 88.8
2017 69.5 88.6
2016 67.5 87.8
2015 67.7 89.4
2014 66.7 89.4
2013 66.8 88
2012 65.1 87.5
2011 65.7 87.2
2010 65.5 86.1
2009 65.2 87.1
2008 65.7 87.3
2007 65.5 87.1
2006 66.4 88
2005 67 88.6
2004 66.7 88.9
2003 67 88.2
2002 61.7 87.4
2001 63.7 87.8
2000 65.5 87.7
1999 64.7 86.9
1998 67.1 87
1997 67.7 87.3
1996 66.7 86.5
1995 64.4 86.3

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

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

The Economic Freedom Index for Jamaica is 68.2, ranking 48/197, compared to 84.4 for Singapore, ranking 1/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Jamaica Singapore
Services, % of GDP
59.8%
2025
71.6%
2025
Industry, % of GDP
16.3%
2025
22.7%
2025
Agriculture, forestry, and fishing, % of GDP
8.74%
2025
0.02%
2025
GNI, Atlas method
$22.1B
2025
$500B
2025
GNI per capita, PPP
$13,090
2025
$135,750
2025
Total reserves including gold
$6.3B
2025
$432B
2025
Total reserves ranking
92/177
2025
11/177
2025
Net foreign direct investment
-$304M
2024
-$64.9B
2025
Net inflows of foreign direct investment
$305M
2024
$135B
2024
Net outflows of foreign direct investment
$1.07M
2024
$63.6B
2024
Servicing debt to the IMF, % of GNI
11.3%
2024
n/a
Poverty at national poverty lines
8.2%
2023
n/a
Gross capital formation, % of GDP
22.6%
2019
22.5%
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/singapore | 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. TradeMap (2023–2025, retrieved 2026-07-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1990–1998, 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.