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Economy of Jamaica vs Tanzania compared: GDP & Debt

Updated on by Georank team

Jamaica has a GDP of $22B compared to $78.8B for Tanzania, ranking 124/197 and 82/197 by economy size, respectively.

Jamaica has $14B in government debt (63.4% of GDP), compared to $39.3B (49.9% of GDP) in Tanzania.

Jamaica vs Tanzania GDP by year

Jamaica
Tanzania
1x
Year GDP, current $
Jamaica Tanzania
2024 $22,014,397,090 $78,844,405,385
2023 $21,418,804,320 $79,030,935,627
2022 $18,813,516,805 $75,749,121,843
2021 $15,963,885,376 $70,655,628,148
2020 $15,000,214,216 $66,068,737,786
2019 $17,026,269,263 $61,026,731,926
2018 $16,855,447,986 $57,003,712,892
2017 $15,783,583,237 $53,274,884,533
2016 $14,898,999,754 $49,774,409,374
2015 $14,963,589,916 $47,413,919,817
2014 $13,899,217,680 $49,986,726,461
2013 $14,264,205,153 $45,648,857,242
2012 $14,807,086,556 $39,650,394,363
2011 $14,444,661,522 $34,657,140,096
2010 $13,220,549,908 $32,012,892,919
2009 $12,120,458,115 $29,400,573,554
2008 $13,709,401,520 $27,947,821,398
2007 $12,799,600,047 $21,860,434,823
2006 $11,930,179,090 $18,619,859,795
2005 $11,243,865,778 $18,395,383,647
2004 $10,174,664,854 $16,673,062,473
2003 $9,430,234,811 $15,211,487,709
2002 $9,719,009,495 $14,129,651,896
2001 $9,194,727,831 $13,563,990,022
2000 $9,005,064,475 $13,371,767,082
1999 $8,887,057,997 $12,704,334,196
1998 $8,787,195,622 $12,172,790,056
1997 $8,400,041,724 $11,158,197,942
1996 $7,393,891,921 $9,433,528,150
1995 $6,577,520,643 $7,631,431,840
1994 $5,452,558,947 $6,550,480,484
1993 $5,440,075,676 $6,182,872,708
1992 $3,535,460,090 $6,681,997,469
1991 $4,106,207,649 $7,197,768,159
1990 $4,592,208,087 $6,184,384,225
1989 $4,404,937,853 $6,418,799,007
1988 $3,828,342,820 $7,406,614,407
1987 $3,287,007,322 $7,824,193,222
1986 $2,754,549,582 $10,840,864,521
1985 $2,100,239,019 $15,328,295,175
1984 $2,373,564,549 $12,906,635,133
1983 $3,619,262,277 $14,049,883,809
1982 $3,293,496,312 $13,927,383,240
1981 $2,979,027,966 $13,161,540,378
1980 $2,679,379,372 $11,409,228,087
1979 $2,425,064,229 $9,804,637,491
1978 $2,644,527,822 $9,261,675,710
1977 $3,249,733,140 $7,732,598,995
1976 $2,966,042,856 $6,472,511,988
1975 $2,860,442,750 $5,729,917,840
1974 $2,375,122,375 $4,977,337,978
1973 $1,905,917,553 $4,144,104,535
1972 $1,875,146,587 $3,472,787,266
1971 $1,539,861,816 $3,050,673,517
1970 $1,404,720,442 $2,851,419,386
1969 $1,191,239,047 $5,142,066,811
1968 $1,083,839,133 $4,895,251,824
1967 $1,148,014,311 $4,565,132,048
1966 $1,096,759,561 $4,377,998,825
1965 $972,159,611 $3,817,226,546
1964 $897,949,001 $3,748,840,925
1963 $826,706,669 $3,456,579,293
1962 $777,727,689 $3,101,589,993
1961 $748,043,501 $2,826,179,031
1960 $699,064,380 $2,651,729,807

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

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

GDP per capita in Jamaica vs Tanzania by year

Jamaica
GDP per capita

GDP per capita, PPP
Tanzania
GDP per capita

GDP per capita, PPP
1x
Year Current $
Jamaica Tanzania
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $7,754 $12,890 $1,150 $4,221
2023 $7,542 $12,651 $1,186 $4,019
2022 $6,626 $11,888 $1,171 $3,800
2021 $5,626 $10,431 $1,125 $3,493
2020 $5,299 $9,764 $1,084 $3,291
2019 $6,031 $10,845 $1,031 $2,982
2018 $5,977 $10,753 $992 $2,728
2017 $5,605 $10,466 $957 $2,472
2016 $5,302 $9,948 $925 $2,435
2015 $5,339 $9,476 $911 $2,317
2014 $4,975 $9,210 $993 $2,221
2013 $5,124 $9,101 $935 $2,176
2012 $5,341 $8,831 $837 $2,083
2011 $5,233 $8,809 $753 $2,211
2010 $4,810 $8,521 $715 $2,069
2009 $4,428 $8,580 $674 $1,972
2008 $5,030 $8,952 $657 $1,908
2007 $4,716 $8,893 $528 $1,820
2006 $4,417 $8,577 $462 $1,707
2005 $4,184 $8,127 $469 $1,598
2004 $3,808 $7,854 $438 $1,482
2003 $3,550 $7,593 $410 $1,379
2002 $3,681 $7,226 $391 $1,302
2001 $3,504 $7,019 $385 $1,229
2000 $3,453 $6,816 $390 $1,164
1999 $3,432 $6,653 $382 $1,120
1998 $3,419 $6,543 $375 $1,082
1997 $3,297 $6,682 $353 $1,059
1996 $2,929 $6,706 $305 $1,026
1995 $2,631 $6,657 $251.2 $981
1994 $2,203 $6,435 $222.5 $958
1993 $2,221 $6,279 $218.2 $959
1992 $1,458 $5,664 $243.4 $955
1991 $1,710 $5,485 $268.8 $952
1990 $1,930 $5,106 $236.9 $925
1989 $1,865 - $252.3 -
1988 $1,632 - $299 -
1987 $1,411 - $326 -
1986 $1,191 - $466 -
1985 $917 - $681 -
1984 $1,048 - $593 -
1983 $1,619 - $667 -
1982 $1,494 - $683 -
1981 $1,370 - $665 -
1980 $1,249 - $595 -
1979 $1,144 - $527 -
1978 $1,262 - $515 -
1977 $1,569 - $446 -
1976 $1,450 - $387 -
1975 $1,417 - $355 -
1974 $1,193 - $320 -
1973 $972 - $276.1 -
1972 $971 - $239.8 -
1971 $809 - $218.4 -
1970 $748 - $211.3 -
1969 $642 - $394 -
1968 $591 - $388 -
1967 $633 - $374 -
1966 $612 - $370 -
1965 $549 - $333 -
1964 $514 - $337 -
1963 $480 - $320 -
1962 $458 - $295.7 -
1961 $447 - $277.4 -
1960 $424 - $267.8 -

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

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

Jamaica's GDP per capita is $7,754, ranking 95/197, compared to $1,150 in Tanzania, ranking 170/197. Adjusted for purchasing power (GDP per capita PPP), Jamaica ranks 121st at $12,890, while Tanzania ranks 165th at $4,221.

Economic indicators

Jamaica Tanzania
Gross domestic product
$22B
2024
$78.8B
2024
GDP rank
124/197
2024
82/197
2024
GDP growth
-0.54%
2023-2024
5.53%
2023-2024
GDP per capita
$7,754
2024
$1,150
2024
GDP per capita rank
95/197
2024
170/197
2024
GDP per capita, PPP
$12,890
2024
$4,221
2024
GDP per capita PPP rank
121/197
2024
165/197
2024
Government debt
$14B
2024
$39.3B
2024
Debt-to-GDP ratio
63.4%
2024
49.9%
2024
Government debt per person
$4,917
2024
$573
2024
Government debt per person rank
79/185
2024
160/185
2024
Average annual personal income after taxes
$6,905
2026
$2,309
2026
Market capitalization of domestic companies
$12.4B
2024
$7.32B
2024
Number of billionaires n/a
1
2025
Income share by richest 10%
29.6%
2021
33.1%
2018
Income share by poorest 10%
2.2%
2021
2.9%
2018
Government expenditure, % of GDP
30.5%
2024
19.1%
2024
Consumer prices inflation
5.41%
2023-2024
3.06%
2023-2024
Central bank interest rate
5.75%
2025
6%
2024
Unemployment rate
3.02%
2023
2.43%
2024
Population
2834980
73145892

Spending and national debt comparison by year

Jamaica
Spending

Debt
Tanzania
Spending

Debt
1x
Year % of GDP
Jamaica Tanzania
Government spending Government debt Government spending Government debt
2024 30.5% 63.4% 19.1% 49.9%
2023 28% 67.3% 19% 47.8%
2022 28.4% 73.5% 19.1% 44.9%
2021 29% 90.9% 18.4% 43.4%
2020 29.8% 100.1% 17.4% 41.3%
2019 27.8% 88.6% 17.3% 40.4%
2018 27.8% 89.2% 17.3% 42%
2017 27.3% 96.7% 16.4% 40.1%
2016 27% 109.1% 16.9% 39.8%
2015 26.3% 117.6% 17.2% 39.5%
2014 26.5% 136.7% 17.3% 36.4%
2013 26.9% 138.1% 18.8% 32.7%
2012 29.6% 143% 19.6% 30%
2011 31.7% 138.1% 19% 28.4%
2010 32.9% 140.1% 19.8% 27.6%
2009 38.6% 141.5% 19.6% 23.9%
2008 34.4% 125.6% 18.1% 21.6%
2007 31.6% 115.3% 17.8% 23.8%
2006 31.2% 118% 17.6% 17.4%
2005 29.3% 124.5% 18.3% 25.4%
2004 31.5% 120.1% 17% 44.5%
2003 32.5% 125.5% 15.4% 44.4%
2002 31.1% 119.1% 13.6% 47.4%
2001 28.5% 107.9% 12.4% 50.8%
2000 26.2% 91.3% 12.3% 55.4%
1999 28.9% 83.5% 12.8% 62.9%
1998 28.3% 75.6% 11.4% 62.2%
1997 28.3% 74.4% 12.8% 73.4%
1996 27.7% 70.2% 13.4% 89.6%
1995 23.1% 85.2% 15.6% 111.1%
1994 21.5% 90.4% 16.8% 126%
1993 21.5% 106.2% 16.4% 129.2%
1992 20% 100.4% 17.6% 117.6%
1991 24.5% 175.1% 14.2% 106.5%
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 (1990–2000, retrieved 2026-02-20).

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

In 2024, Jamaica's government spending was $6.72B, accounting for 30.5% of its GDP, while Tanzania spent $15.1B, or 19.1% of GDP.

Debt-to-GDP ratio is 63.4% in Jamaica and 49.9% in Tanzania, ranking 73/185 and 109/185, respectively.

Government deficit by year

Deficit/surplus
Jamaica

Tanzania
1x
Year Deficit/surplus, % of GDP
Jamaica Tanzania
2024 0.22% -3.03%
2023 0.04% -3.67%
2022 0.27% -3.92%
2021 0.89% -3.55%
2020 -2.83% -2.56%
2019 0.85% -2.06%
2018 1.12% -2.01%
2017 0.43% -1.14%
2016 -0.19% -2.08%
2015 -0.28% -3.17%
2014 -0.49% -2.91%
2013 0.12% -3.76%
2012 -4.05% -4%
2011 -6.34% -3.51%
2010 -6.27% -4.74%
2009 -11.1% -4.46%
2008 -7.43% -1.92%
2007 -3.82% -1.44%
2006 -4.9% -3.38%
2005 -3.3% -3.28%
2004 -4.68% -2.43%
2003 -5.67% -1.77%
2002 -6.77% -0.73%
2001 -4.89% -0.41%
2000 -0.8% -0.73%
1999 -3.53% -1.14%
1998 -5.82% 0.13%
1997 -6.54% -0.03%
1996 -5.32% 1.57%
1995 1.6% -2.12%
1994 2.59% -3.74%
1993 2.6% -2.02%
1992 3.11% -4.96%
1991 3.87% 0.6%
1990 2.34% -

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

GeoRank.org/economy/jamaica/tanzania | 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 Tanzania's deficit of $2.39B, or 3.03% of GDP.

Over the past 34 years, Jamaica recorded a fiscal deficit in 21 of those years, while Tanzania ran a deficit in 31 years. On average, Jamaica posted an annual deficit equal to 2.27% of GDP, compared to deficit of 2.3% of GDP for Tanzania.

Inflation comparison by year

Inflation
Jamaica

Tanzania
1x
Year Consumer prices inflation
Jamaica Tanzania
2024 5.41% 3.06%
2023 6.47% 3.8%
2022 10.3% 4.35%
2021 5.86% 3.69%
2020 5.23% 3.29%
2019 3.91% 3.46%
2018 3.74% 3.49%
2017 4.38% 5.32%
2016 2.35% 5.17%
2015 3.69% 5.59%
2014 8.27% 6.13%
2013 9.34% 7.87%
2012 6.87% 16%
2011 7.56% 12.7%
2010 12.6% 6.2%
2009 9.59% 12.1%
2008 22% 10.3%
2007 9.24% 7.03%
2006 8.56% 7.25%
2005 15.1% 5.03%
2004 13.6% 4.74%
2003 10.1% 5.3%
2002 7.08% 5.32%
2001 6.8% 5.15%
2000 8.17% 5.92%
1999 5.95% 7.89%
1998 8.63% 12.8%
1997 9.66% 16.1%

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

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

Over the past 28 years, Jamaica has recorded an average annual inflation rate of 8.23%, compared with 6.97% in Tanzania. In 2024, inflation was 5.41% in Jamaica and 3.06% in Tanzania.

Top exports between countries

Jamaica
Export category Export value
Machinery & equipment $5K
Miscellaneous $1K
Tanzania
Export category Export value
Animal & marine products $25K
Textiles & consumer goods $18K
Machinery & equipment $9K
Precious metals & jewellery $1K
Wood & paper products $1K

Balance of trade

Jamaica Tanzania
Current account balance
$679M
2024
-$2.38B
2024
Current account balance ranking
56/190
2024
147/190
2024
Current account balance, % of GDP
+3.08%
2024
-3.02%
2024
Goods imports
$6.07B
2024
$14.2B
2024
Goods exports
$1.87B
2024
$9.12B
2024
Service imports
$3.46B
2024
$2.8B
2024
Service exports
$5.26B
2024
$6.85B
2024
Imports of goods and services, % of GDP
52.1%
2019
21.7%
2024
Exports of goods and services, % of GDP
38%
2019
19.8%
2024

Economic freedom indices

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

Jamaica Tanzania
Economic freedom 68.2 59
Economic freedom ranking 48/197 106/197
Property rights 66.8 45.2
Government integrity 49.4 40.9
Judicial effectiveness 75.6 29.6
Tax burden 76.3 80.4
Government spending 76 89.1
Fiscal health 92.2 75
Business freedom 68.5 48.1
Labor freedom 59.2 62.3
Monetary freedom 74.2 73.4
Trade freedom 70.4 58.8
Investment freedom 60 55
Financial freedom 50 50

Economic freedom comparison by year

Jamaica
Tanzania
1x
Year Economic freedom index
Jamaica Tanzania
2026 68.2 59
2025 68.7 59.3
2024 68.1 59.1
2023 68.1 60
2022 67.4 59.5
2021 69 61.3
2020 68.5 61.7
2019 68.6 60.2
2018 69.1 59.9
2017 69.5 58.6
2016 67.5 58.5
2015 67.7 57.5
2014 66.7 57.8
2013 66.8 57.9
2012 65.1 57
2011 65.7 57
2010 65.5 58.3
2009 65.2 58.3
2008 65.7 56.5
2007 65.5 56.8
2006 66.4 58.5
2005 67 56.3
2004 66.7 60.1
2003 67 56.9
2002 61.7 58.3
2001 63.7 54.9
2000 65.5 56
1999 64.7 60
1998 67.1 59.6
1997 67.7 59.3
1996 66.7 57.5
1995 64.4 57.3

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

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

The Economic Freedom Index for Jamaica is 68.2, ranking 48/197, compared to 59 for Tanzania, ranking 106/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Jamaica Tanzania
Services, % of GDP
60%
2024
29.6%
2024
Industry, % of GDP
16.5%
2024
28.6%
2024
Agriculture, forestry, and fishing, % of GDP
7.97%
2024
23.3%
2024
GNI, Atlas method
$20.5B
2024
$80.2B
2024
GNI per capita, PPP
$12,690
2024
$4,130
2024
Total reserves including gold
$5.63B
2024
$5.05B
2018
Total reserves ranking
93/177
2024
101/177
2018
Net foreign direct investment
-$304M
2024
-$1.72B
2024
Net inflows of foreign direct investment
$305M
2024
$1.72B
2024
Net outflows of foreign direct investment
$1.07M
2024
$0
2024
Servicing debt to the IMF, % of GNI
11.3%
2024
2.57%
2024
Poverty at national poverty lines
8.2%
2023
26.4%
2018
Gross capital formation, % of GDP
22.6%
2019
39.8%
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/tanzania | 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 (1990–2000, retrieved 2026-02-20)
  6. TradeMap (2020–2024, 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.