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Economy of Jamaica vs Slovakia compared: GDP & Debt

Updated on by Georank team

Jamaica has a GDP of $19.9B compared to $142B for Slovakia, ranking 130/197 and 61/197 by economy size, respectively.

Jamaica has $13.9B in government debt (65.3% of GDP), compared to $82.3B (60.1% of GDP) in Slovakia.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Jamaica
GDP, current $

GDP, constant 2015 $
Slovakia
GDP, current $

GDP, constant 2015 $
Year GDP
Jamaica Slovakia
Current $ Constant $ Current $ Constant $
1960 $699,064,380 - - -
1961 $748,043,501 - - -
1962 $777,727,689 - - -
1963 $826,706,669 - - -
1964 $897,949,001 - - -
1965 $972,159,611 - - -
1966 $1,096,759,561 $7,024,390,231 - -
1967 $1,148,014,311 $7,151,436,058 - -
1968 $1,083,839,133 $7,562,224,001 - -
1969 $1,191,239,047 $7,983,793,326 - -
1970 $1,404,720,442 $8,946,990,810 - -
1971 $1,539,861,816 $9,166,914,416 - -
1972 $1,875,146,587 $10,817,743,267 - -
1973 $1,905,917,553 $10,224,334,976 - -
1974 $2,375,122,375 $9,791,921,133 - -
1975 $2,860,442,750 $9,766,844,781 - -
1976 $2,966,042,856 $9,113,028,254 - -
1977 $3,249,733,140 $8,876,312,907 - -
1978 $2,644,527,822 $8,871,546,299 - -
1979 $2,425,064,229 $8,777,504,243 - -
1980 $2,679,379,372 $8,275,943,672 - -
1981 $2,979,027,966 $8,494,382,902 - -
1982 $3,293,496,312 $8,670,151,359 - -
1983 $3,619,262,277 $8,835,671,346 - -
1984 $2,373,564,549 $8,699,394,740 - -
1985 $2,100,239,019 $8,443,316,262 - -
1986 $2,754,549,582 $8,602,269,136 - -
1987 $3,287,007,322 $9,277,577,786 - -
1988 $3,828,342,820 $9,646,296,747 - -
1989 $4,404,937,853 $10,338,254,971 - -
1990 $4,592,208,087 $10,772,517,002 $12,915,046,978 $45,559,569,013
1991 $4,106,207,649 $11,293,717,094 $14,459,924,589 $38,919,807,326
1992 $3,535,460,090 $11,514,570,532 $15,699,327,209 $36,303,816,918
1993 $5,440,075,676 $12,598,909,449 $16,737,973,764 $36,994,071,827
1994 $5,452,558,947 $12,773,201,477 $20,428,139,756 $39,289,750,245
1995 $6,577,520,643 $13,073,366,225 $26,180,022,222 $41,585,644,561
1996 $7,393,891,921 $13,058,497,728 $28,197,790,875 $44,130,510,843
1997 $8,400,041,724 $12,909,570,801 $27,844,628,979 $46,551,440,141
1998 $8,787,195,622 $12,608,189,959 $29,976,207,629 $48,332,548,393
1999 $8,887,057,997 $12,740,282,670 $30,496,272,225 $48,103,809,190
2000 $9,005,064,475 $12,852,231,986 $29,215,726,005 $48,483,456,227
2001 $9,194,727,831 $13,025,085,454 $30,726,659,551 $49,901,675,269
2002 $9,719,009,495 $13,285,234,306 $35,243,658,399 $52,105,958,758
2003 $9,430,234,811 $13,772,313,189 $46,616,149,117 $54,636,588,084
2004 $10,174,664,854 $13,954,620,755 $57,215,475,076 $57,581,226,217
2005 $11,243,865,778 $14,079,346,868 $62,547,753,148 $61,315,329,711
2006 $11,930,179,090 $14,487,524,782 $70,751,813,443 $66,788,144,153
2007 $12,799,600,047 $14,694,979,478 $86,587,749,518 $74,013,706,024
2008 $13,709,401,520 $14,575,694,936 $100,830,060,553 $77,983,340,267
2009 $12,120,458,115 $13,942,336,993 $89,342,984,698 $73,690,093,872
2010 $13,220,549,908 $13,739,176,618 $91,112,160,801 $78,694,079,821
2011 $14,444,661,522 $13,976,916,070 $99,705,104,723 $80,710,556,385
2012 $14,807,086,556 $13,891,148,676 $94,724,394,278 $81,977,043,068
2013 $14,264,205,153 $13,963,061,209 $99,134,277,850 $82,553,606,913
2014 $13,899,217,680 $14,059,381,527 $101,713,075,599 $84,789,118,562
2015 $14,188,936,918 $14,188,936,918 $89,178,548,717 $89,178,548,717
2016 $14,077,096,677 $14,384,066,451 $90,347,173,229 $90,915,584,912
2017 $14,808,985,133 $14,527,493,295 $95,978,130,735 $93,529,165,483
2018 $15,730,792,876 $14,802,051,831 $106,611,673,365 $97,328,432,250
2019 $15,830,766,531 $14,934,129,304 $105,843,498,304 $99,543,529,164
2020 $13,812,421,836 $13,452,615,522 $107,732,602,896 $96,969,818,857
2021 $14,657,586,159 $14,071,627,469 $120,560,912,621 $102,496,703,509
2022 $17,097,760,687 $14,806,380,290 $115,884,262,198 $102,944,982,588
2023 $19,423,355,367 $15,192,036,608 $133,896,931,490 $105,176,983,317
2024 $19,930,288,337 $15,082,835,198 $141,775,733,420 $107,345,393,746

Economic indicators

Jamaica Slovakia
Gross domestic product
$19.9B
2024
$142B
2024
GDP rank
130/197
2024
61/197
2024
GDP growth
2.61%
2023-2024
5.88%
2023-2024
GDP per capita
$7,020
2024
$26,148
2024
GDP per capita rank
104/197
2024
46/197
2024
GDP per capita, PPP
$11,662
2024
$47,181
2024
Government debt
$13.9B
2024
$82.3B
2024
Debt-to-GDP ratio
65.3%
2025
60.1%
2025
Government debt per person
$4,908
2024
$15,170
2024
Government debt per person rank
79/185
2024
40/185
2024
Average annual personal income after taxes
$6,964
2025
$17,365
2025
Market capitalization of domestic companies
$12.4B
2024
$5.38B
2014
Number of billionaires n/a
2
2025
Income share by richest 10%
29.6%
2021
18.8%
2023
Income share by poorest 10%
2.2%
2021
3.3%
2023
Government expenditure, % of GDP
32.1%
2025
48.6%
2025
Consumer prices inflation
5.41%
2023-2024
2.76%
2023-2024
Central bank interest rate
5.75%
2025
n/a
Unemployment rate
3.02%
2023
5.34%
2024
Population
2837071
5390674

GDP per capita in Jamaica vs Slovakia

Jamaica's GDP per capita is $7,020, ranking 104/197, compared to $26,148 in Slovakia, ranking 46/197. Adjusted for purchasing power (GDP per capita PPP), Jamaica ranks 127th at $11,662, while Slovakia ranks 50th at $47,181.

Jamaica
GDP per capita

GDP per capita, PPP
Slovakia
GDP per capita

GDP per capita, PPP
Year Current $
Jamaica Slovakia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 $424 - - -
1961 $447 - - -
1962 $458 - - -
1963 $480 - - -
1964 $514 - - -
1965 $549 - - -
1966 $612 - - -
1967 $633 - - -
1968 $591 - - -
1969 $642 - - -
1970 $748 - - -
1971 $809 - - -
1972 $971 - - -
1973 $972 - - -
1974 $1,193 - - -
1975 $1,417 - - -
1976 $1,450 - - -
1977 $1,569 - - -
1978 $1,262 - - -
1979 $1,144 - - -
1980 $1,249 - - -
1981 $1,370 - - -
1982 $1,494 - - -
1983 $1,619 - - -
1984 $1,048 - - -
1985 $917 - - -
1986 $1,191 - - -
1987 $1,411 - - -
1988 $1,632 - - -
1989 $1,865 - - -
1990 $1,930 $4,841 $2,437 $8,633
1991 $1,710 $5,201 $2,727 $7,618
1992 $1,458 $5,370 $2,959 $7,266
1993 $2,221 $5,954 $3,143 $7,564
1994 $2,203 $6,102 $3,821 $8,173
1995 $2,631 $6,313 $4,883 $8,806
1996 $2,929 $6,359 $5,248 $9,496
1997 $3,297 $6,336 $5,172 $10,135
1998 $3,419 $6,204 $5,561 $10,666
1999 $3,432 $6,309 $5,652 $10,726
2000 $3,453 $6,464 $5,422 $11,368
2001 $3,504 $6,656 $5,712 $12,369
2002 $3,681 $6,852 $6,555 $13,292
2003 $3,550 $7,200 $8,675 $14,090
2004 $3,808 $7,447 $10,650 $15,168
2005 $4,184 $7,707 $11,642 $16,570
2006 $4,417 $8,133 $13,168 $18,910
2007 $4,716 $8,432 $16,110 $21,233
2008 $5,030 $8,488 $18,744 $23,714
2009 $4,428 $8,135 $16,587 $23,065
2010 $4,810 $8,080 $16,899 $25,384
2011 $5,233 $8,353 $18,469 $26,202
2012 $5,341 $8,373 $17,517 $27,023
2013 $5,124 $8,630 $18,313 $28,075
2014 $4,975 $8,733 $18,771 $29,108
2015 $5,063 $8,986 $16,442 $30,156
2016 $5,010 $9,399 $16,636 $29,868
2017 $5,259 $9,820 $17,646 $30,246
2018 $5,578 $10,035 $19,573 $31,510
2019 $5,607 $10,084 $19,406 $33,986
2020 $4,879 $8,991 $19,735 $35,328
2021 $5,165 $9,577 $22,132 $38,346
2022 $6,022 $10,790 $21,335 $41,096
2023 $6,840 $11,467 $24,674 $43,950
2024 $7,020 $11,662 $26,148 $47,181

Spending and national debt comparison

In 2024, Jamaica's government spending was $6.68B, accounting for 32.1% of its GDP, while Slovakia's spent $66.6B, or 48.6% of GDP.

Debt-to-GDP ratio is 65.3% in Jamaica and 60.1% in Slovakia, ranking 66/185 and 80/185, respectively.

Jamaica
Government spending

Government debt
Slovakia
Government spending

Government debt
Year % of GDP
Jamaica Slovakia
Government spending Government debt Government spending Government debt
1990 26.3% 128.8% - -
1991 25.1% 175.1% - -
1992 20.5% 100.4% - -
1993 22.1% 106.2% - -
1994 22.1% 90.4% - -
1995 23.7% 85.2% 47.7% 21.3%
1996 28.4% 70.2% 52.8% 30.3%
1997 29% 74.4% 48.5% 32.8%
1998 29% 75.6% 45.7% 33.8%
1999 29.7% 85.6% 47.9% 47%
2000 26.9% 93.7% 52.8% 50.5%
2001 29.3% 110.7% 45.4% 51.2%
2002 31.9% 122.2% 45.5% 45.4%
2003 33.3% 128.8% 40.6% 43.5%
2004 32.4% 123.3% 38.1% 41.9%
2005 30% 127.7% 39.9% 34.9%
2006 32% 121.1% 38.8% 31.4%
2007 32.4% 118.2% 36.4% 30.3%
2008 35.3% 128.9% 37% 28.6%
2009 39.6% 145.2% 44.4% 36.4%
2010 33.7% 143.7% 42.2% 40.6%
2011 32.5% 141.7% 41.4% 43.3%
2012 30.4% 146.7% 41.1% 51.7%
2013 27.6% 141.7% 42.4% 54.6%
2014 27.2% 140.3% 43.1% 53.3%
2015 27.8% 124% 45.4% 51.5%
2016 28.6% 115.4% 42.4% 52%
2017 29.1% 103% 39.4% 51.3%
2018 29.8% 95.6% 39.5% 49.2%
2019 29.9% 94.7% 40.5% 47.9%
2020 32.3% 108.7% 44.3% 58.3%
2021 31.6% 99% 44.6% 60.1%
2022 31.3% 80.9% 42.2% 57.6%
2023 30.9% 74.2% 47.9% 56%
2024 33.5% 69.9% 47% 58%
2025 32.1% 65.3% 48.6% 60.1%

Government deficit by year

In 2024, Jamaica's government surplus, the difference between spending and revenue, was $52M, equivalent to 0.26% of GDP. This compares to Slovakia's deficit of -$8.27B, or -5.84% of GDP.

Over the past 30 years, Jamaica recorded a fiscal deficit in 21 of those years, while Slovakia ran a deficit in 30 years. On average, Jamaica posted an annual deficit equal to -3.06% of GDP, compared to deficit of -4.6% of GDP for Slovakia.

Deficit/surplus
Jamaica

Slovakia
Year Deficit/surplus, % of GDP
Jamaica Slovakia
1990 2.4% -
1991 3.97% -
1992 3.19% -
1993 2.66% -
1994 2.66% -
1995 1.65% -3.43%
1996 -5.45% -9.72%
1997 -6.71% -6.24%
1998 -5.97% -5.28%
1999 -3.62% -7.17%
2000 -0.82% -12.6%
2001 -5.01% -7.23%
2002 -6.94% -8.23%
2003 -5.82% -3.14%
2004 -4.8% -2.32%
2005 -3.39% -2.89%
2006 -5.03% -3.58%
2007 -3.92% -2.05%
2008 -7.62% -2.52%
2009 -11.4% -8.15%
2010 -6.44% -7.48%
2011 -6.51% -4.31%
2012 -4.16% -4.35%
2013 0.12% -2.87%
2014 -0.5% -3.1%
2015 -0.29% -2.66%
2016 -0.2% -2.56%
2017 0.46% -0.98%
2018 1.2% -1.01%
2019 0.92% -1.21%
2020 -3.08% -5.3%
2021 0.97% -5.09%
2022 0.3% -1.63%
2023 0.04% -5.16%
2024 0.26% -5.84%
2025 0.009% -5.24%

Inflation comparison by year

Over the past 29 years, Jamaica has recorded an average annual inflation rate of 8.86%, compared with 4.5% in Slovakia. In 2024, inflation was 5.41% in Jamaica and 2.76% in Slovakia.

Inflation
Jamaica

Slovakia
Year Inflation
Jamaica Slovakia Jamaica Slovakia
1996 26.4% 5.78%
1997 9.66% 6.14%
1998 8.63% 6.67%
1999 5.95% 10.6%
2000 8.17% 12%
2001 6.8% 7.33%
2002 7.08% 3.13%
2003 10.1% 8.55%
2004 13.6% 7.55%
2005 15.1% 2.71%
2006 8.56% 4.48%
2007 9.24% 2.76%
2008 22% 4.6%
2009 9.59% 1.62%
2010 12.6% 0.96%
2011 7.56% 3.92%
2012 6.87% 3.61%
2013 9.34% 1.4%
2014 8.27% -0.08%
2015 3.69% -0.33%
2016 2.35% -0.52%
2017 4.38% 1.31%
2018 3.74% 2.51%
2019 3.91% 2.66%
2020 5.23% 1.94%
2021 5.86% 3.15%
2022 10.3% 12.8%
2023 6.47% 10.5%
2024 5.41% 2.76%

Top exports between countries

Jamaica
Export category Export value
Slovakia
Export category Export value
Machinery & equipment $3.56M
Raw materials & minerals $169K
Textiles & consumer goods $48K
Chemicals & pharma $38K
Metals $1K
Miscellaneous $1K

Balance of trade

Jamaica Slovakia
Current account balance
$679M
2024
-$3.89B
2024
Current account balance ranking
55/189
2024
159/189
2024
Current account balance, % of GDP
+3.41%
2024
-2.75%
2024
Goods imports
$6.07B
2024
$107B
2024
Goods exports
$1.87B
2024
$107B
2024
Service imports
$3.46B
2024
$13.1B
2024
Service exports
$5.26B
2024
$13.6B
2024
Imports of goods and services, % of GDP
52.1%
2019
85%
2024
Exports of goods and services, % of GDP
38%
2019
85.2%
2024

Economic freedom indices

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

Jamaica Slovakia
Economic freedom 68.7 68.4
Economic freedom ranking 46/197 48/197
Property rights 67.8 84.3
Government integrity 49.5 57.2
Judicial effectiveness 79.9 69.9
Tax burden 76.5 76.7
Government spending 72.8 38.7
Fiscal health 89 69.8
Business freedom 70.1 77
Labor freedom 64.4 58
Monetary freedom 72.8 64.5
Trade freedom 71.8 79.6
Investment freedom 60 75
Financial freedom 50 70

Economic freedom by year comparison

The Economic Freedom Index for Jamaica is 68.7, ranking 46/197, compared to 68.4 for Slovakia, ranking 48/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Jamaica
Slovakia
Year Economic freedom index
Jamaica Slovakia
1995 64.4 60.4
1996 66.7 57.6
1997 67.7 55.5
1998 67.1 57.5
1999 64.7 54.2
2000 65.5 53.8
2001 63.7 58.5
2002 61.7 59.8
2003 67 59
2004 66.7 64.6
2005 67 66.8
2006 66.4 69.8
2007 65.5 69.6
2008 65.7 70
2009 65.2 69.4
2010 65.5 69.7
2011 65.7 69.5
2012 65.1 67
2013 66.8 68.7
2014 66.7 66.4
2015 67.7 67.2
2016 67.5 66.6
2017 69.5 65.7
2018 69.1 65.3
2019 68.6 65
2020 68.5 66.8
2021 69 66.3
2022 67.4 69.7
2023 68.1 69
2024 68.1 68.1
2025 68.7 68.4

More economic indicators

Jamaica Slovakia
Services, % of GDP
60.3%
2024
60%
2024
Industry, % of GDP
18.3%
2024
28.5%
2024
Agriculture, forestry, and fishing, % of GDP
9.8%
2024
2.03%
2024
GNI, Atlas method
$18.4B
2024
$130B
2024
GNI per capita, PPP
$11,410
2024
$46,110
2024
Total reserves including gold
$5.63B
2024
$14.5B
2024
Total reserves ranking
93/177
2024
68/177
2024
Net foreign direct investment
-$304M
2024
-$1.27B
2024
Net inflows of foreign direct investment
$305M
2024
$3.58B
2024
Net outflows of foreign direct investment
$1.07M
2024
$2.31B
2024
Servicing debt to the IMF, % of GNI
12.7%
2023
n/a
Poverty at national poverty lines
8.2%
2023
13.7%
2021
Gross capital formation, % of GDP
24.3%
2019
20.1%
2024

GDP per capita map

GDP per capita

Compare countries by 7 more topics

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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.