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Economy of Jamaica vs Turkmenistan compared: GDP & Debt

Updated on by Georank team

Jamaica has a GDP of $22B compared to $51.4B for Turkmenistan, ranking 124/197 and 92/197 by economy size, respectively.

Jamaica has $14B in government debt (63.4% of GDP), compared to $2.11B (4.11% of GDP) in Turkmenistan.

Jamaica vs Turkmenistan GDP by year

Jamaica
Turkmenistan
1x
Year GDP, current $
Jamaica Turkmenistan
2024 $22,014,397,090 $51,387,209,872
2023 $21,418,804,320 $45,894,538,666
2022 $18,813,516,805 $42,208,726,138
2021 $15,963,885,376 $40,589,905,812
2020 $15,000,214,216 $41,509,903,182
2019 $17,026,269,263 $40,810,067,975
2018 $16,855,447,986 $40,765,428,571
2017 $15,783,583,237 $37,926,285,714
2016 $14,898,999,754 $36,169,428,571
2015 $14,963,589,916 $35,799,714,286
2014 $13,899,217,680 $43,524,210,526
2013 $14,264,205,153 $39,197,543,860
2012 $14,807,086,556 $35,164,210,526
2011 $14,444,661,522 $29,233,333,333
2010 $13,220,549,908 $22,583,157,895
2009 $12,120,458,115 $20,214,385,965
2008 $13,709,401,520 $19,271,523,179
2007 $12,799,600,047 $12,664,165,103
2006 $11,930,179,090 $10,276,674,365
2005 $11,243,865,778 $8,103,901,996
2004 $10,174,664,854 $6,838,351,088
2003 $9,430,234,811 $5,977,440,583
2002 $9,719,009,495 $4,462,029,109
2001 $9,194,727,831 $3,534,772,732
2000 $9,005,064,475 $2,904,663,311
1999 $8,887,057,997 $2,450,564,100
1998 $8,787,195,622 $2,605,689,134
1997 $8,400,041,724 $2,450,350,625
1996 $7,393,891,921 $2,378,759,975
1995 $6,577,520,643 $2,482,228,440
1994 $5,452,558,947 $2,561,118,608
1993 $5,440,075,676 $3,179,225,949
1992 $3,535,460,090 $3,200,539,816
1991 $4,106,207,649 $3,208,098,919
1990 $4,592,208,087 $3,189,539,641
1989 $4,404,937,853 $3,006,988,217
1988 $3,828,342,820 $3,010,982,414
1987 $3,287,007,322 $2,331,358,820
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 (1960–2024, retrieved 2026-04-06).

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

GDP per capita in Jamaica vs Turkmenistan by year

Jamaica
GDP per capita

GDP per capita, PPP
Turkmenistan
GDP per capita

GDP per capita, PPP
1x
Year Current $
Jamaica Turkmenistan
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $7,754 $12,890 $6,857 $21,213
2023 $7,542 $12,651 $6,232 $19,829
2022 $6,626 $11,888 $5,838 $18,340
2021 $5,626 $10,431 $5,723 $16,434
2020 $5,299 $9,764 $5,973 $15,091
2019 $6,031 $10,845 $5,998 $15,478
2018 $5,977 $10,753 $6,125 $14,368
2017 $5,605 $10,466 $5,828 $13,278
2016 $5,302 $9,948 $5,687 $12,919
2015 $5,339 $9,476 $5,759 $12,715
2014 $4,975 $9,210 $7,164 $12,477
2013 $5,124 $9,101 $6,600 $11,723
2012 $5,341 $8,831 $6,054 $11,035
2011 $5,233 $8,809 $5,144 $10,283
2010 $4,810 $8,521 $4,059 $8,972
2009 $4,428 $8,580 $3,708 $8,285
2008 $5,030 $8,952 $3,606 $7,916
2007 $4,716 $8,893 $2,415 $6,901
2006 $4,417 $8,577 $1,997 $6,164
2005 $4,184 $8,127 $1,604 $5,489
2004 $3,808 $7,854 $1,379 $4,798
2003 $3,550 $7,593 $1,229 $4,536
2002 $3,681 $7,226 $936 $4,393
2001 $3,504 $7,019 $756 $4,401
2000 $3,453 $6,816 $634 $4,209
1999 $3,432 $6,653 $546 $3,981
1998 $3,419 $6,543 $591 $3,432
1997 $3,297 $6,682 $565 $3,222
1996 $2,929 $6,706 $558 $3,636
1995 $2,631 $6,657 $592 $3,405
1994 $2,203 $6,435 $622 $3,659
1993 $2,221 $6,279 $788 $4,422
1992 $1,458 $5,664 $811 $4,351
1991 $1,710 $5,485 $832 $5,117
1990 $1,930 $5,106 $848 $5,321
1989 $1,865 - $821 -
1988 $1,632 - $846 -
1987 $1,411 - $675 -
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 (1960–2024, retrieved 2026-04-06).

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

Jamaica's GDP per capita is $7,754, ranking 95/197, compared to $6,857 in Turkmenistan, ranking 104/197. Adjusted for purchasing power (GDP per capita PPP), Jamaica ranks 121st at $12,890, while Turkmenistan ranks 94th at $21,213.

Economic indicators

Jamaica Turkmenistan
Gross domestic product
$22B
2024
$51.4B
2024
GDP rank
124/197
2024
92/197
2024
GDP growth
-0.54%
2023-2024
6.3%
2023-2024
GDP per capita
$7,754
2024
$6,857
2024
GDP per capita rank
95/197
2024
104/197
2024
GDP per capita, PPP
$12,890
2024
$21,213
2024
GDP per capita PPP rank
121/197
2024
94/197
2024
Government debt
$14B
2024
$2.11B
2024
Debt-to-GDP ratio
63.4%
2024
4.11%
2024
Government debt per person
$4,917
2024
$282
2024
Government debt per person rank
79/185
2024
179/185
2024
Average annual personal income after taxes
$6,905
2026
$7,520
2026
Market capitalization of domestic companies
$12.4B
2024
n/a
Income share by richest 10%
29.6%
2021
31.5%
1998
Income share by poorest 10%
2.2%
2021
2.4%
1998
Government expenditure, % of GDP
30.5%
2024
14.5%
2024
Consumer prices inflation
5.41%
2023-2024
4.6%
2023-2024
Central bank interest rate
5.75%
2025
n/a
Unemployment rate
3.02%
2023
4%
2010
Population
2834980
7776557

Spending and national debt comparison by year

Jamaica
Spending

Debt
Turkmenistan
Spending

Debt
1x
Year % of GDP
Jamaica Turkmenistan
Government spending Government debt Government spending Government debt
2024 30.5% 63.4% 14.5% 4.11%
2023 28% 67.3% 13.7% 5.46%
2022 28.4% 73.5% 13% 7.14%
2021 29% 90.9% 13.4% 12.3%
2020 29.8% 100.1% 13.5% 15.4%
2019 27.8% 88.6% 13.6% 17.7%
2018 27.8% 89.2% 13.7% 22.5%
2017 27.3% 96.7% 17.8% 24.7%
2016 27% 109.1% 14.1% 21.1%
2015 26.3% 117.6% 17.3% 19%
2014 26.5% 136.7% 17% 16%
2013 26.9% 138.1% 16.9% 20.4%
2012 29.6% 143% 14.7% 17.9%
2011 31.7% 138.1% 15.4% 14.8%
2010 32.9% 140.1% 14.6% 7.04%
2009 38.6% 141.5% 14.4% 3.09%
2008 34.4% 125.6% 11.7% 3.56%
2007 31.6% 115.3% 14.4% 3.06%
2006 31.2% 118% 16% 4.23%
2005 29.3% 124.5% 21.1% 6.82%
2004 31.5% 120.1% 20.3% 11.4%
2003 32.5% 125.5% 20.8% 16.9%
2002 31.1% 119.1% 19.4% 24.2%
2001 28.5% 107.9% 22.6% 34.1%
2000 26.2% 91.3% 25.9% 55.1%
1999 28.9% 83.5% 20.8% 66.7%
1998 28.3% 75.6% 26.1% 81.6%
1997 28.3% 74.4% 26.9% 64.2%
1996 27.7% 70.2% - -
1995 23.1% 85.2% - -
1994 21.5% 90.4% - -
1993 21.5% 106.2% - -
1992 20% 100.4% - -
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/turkmenistan | CC BY

In 2024, Jamaica's government spending was $6.72B, accounting for 30.5% of its GDP, while Turkmenistan spent $7.46B, or 14.5% of GDP.

Debt-to-GDP ratio is 63.4% in Jamaica and 4.11% in Turkmenistan, ranking 73/185 and 183/185, respectively.

Government deficit by year

Deficit/surplus
Jamaica

Turkmenistan
1x
Year Deficit/surplus, % of GDP
Jamaica Turkmenistan
2024 0.22% -0.08%
2023 0.04% 0.11%
2022 0.27% 3.38%
2021 0.89% 0.57%
2020 -2.83% -0.16%
2019 0.85% -0.4%
2018 1.12% -0.22%
2017 0.43% -2.84%
2016 -0.19% -2.38%
2015 -0.28% -0.7%
2014 -0.49% 0.89%
2013 0.12% 1.53%
2012 -4.05% 7.53%
2011 -6.34% 3.84%
2010 -6.27% 2.13%
2009 -11.1% 7.53%
2008 -7.43% 10.7%
2007 -3.82% 4.19%
2006 -4.9% 5.64%
2005 -3.3% 0.86%
2004 -4.68% 1.47%
2003 -5.67% 3.99%
2002 -6.77% 0.19%
2001 -4.89% 0.77%
2000 -0.8% -0.55%
1999 -3.53% 2.48%
1998 -5.82% 1.15%
1997 -6.54% -0.2%
1996 -5.32% -
1995 1.6% -
1994 2.59% -
1993 2.6% -
1992 3.11% -
1991 3.87% -
1990 2.34% -

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

GeoRank.org/economy/jamaica/turkmenistan | 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 Turkmenistan's deficit of $42.9M, or 0.08% of GDP.

Over the past 28 years, Jamaica recorded a fiscal deficit in 20 of those years, while Turkmenistan ran a deficit in 9 years. On average, Jamaica posted an annual deficit equal to 3.06% of GDP, compared to surplus of 1.84% of GDP for Turkmenistan.

Inflation comparison by year

Inflation
Jamaica

Turkmenistan
1x
Year Consumer prices inflation
Jamaica Turkmenistan
2024 5.41% 4.6%
2023 6.47% -1.6%
2022 10.3% 11.2%
2021 5.86% 19.5%
2020 5.23% 6.1%
2019 3.91% 5.1%
2018 3.74% 13.3%
2017 4.38% 8%
2016 2.35% 3.6%
2015 3.69% 7.4%
2014 8.27% 6%
2013 9.34% 6.8%
2012 6.87% 5.3%
2011 7.56% 5.3%
2010 12.6% 4.4%
2009 9.59% -2.7%
2008 22% 14.5%
2007 9.24% 6.3%
2006 8.56% 8.2%
2005 15.1% 10.7%
2004 13.6% 5.9%
2003 10.1% 5.6%
2002 7.08% 8.8%
2001 6.8% 11.6%
2000 8.17% 8%
1999 5.95% 23.5%
1998 8.63% 16.8%
1997 9.66% 83.7%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 28 years, Jamaica has recorded an average annual inflation rate of 8.23%, compared with 10.9% in Turkmenistan. In 2024, inflation was 5.41% in Jamaica and 4.6% in Turkmenistan.

Balance of trade

Jamaica Turkmenistan
Current account balance
$679M
2024
n/a
Current account balance ranking
56/190
2024
n/a
Current account balance, % of GDP
+3.08%
2024
n/a
Goods imports
$6.07B
2024
n/a
Goods exports
$1.87B
2024
n/a
Service imports
$3.46B
2024
n/a
Service exports
$5.26B
2024
n/a
Imports of goods and services, % of GDP
52.1%
2019
11.2%
2024
Exports of goods and services, % of GDP
38%
2019
17.6%
2024

Economic freedom indices

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

Jamaica Turkmenistan
Economic freedom 68.2 47
Economic freedom ranking 48/197 177/197
Property rights 66.8 17.4
Government integrity 49.4 8.4
Judicial effectiveness 75.6 12.3
Tax burden 76.3 94.2
Government spending 76 94.3
Fiscal health 92.2 99.9
Business freedom 68.5 37.5
Labor freedom 59.2 29.3
Monetary freedom 74.2 76.7
Trade freedom 70.4 74.2
Investment freedom 60 10
Financial freedom 50 10

Economic freedom comparison by year

Jamaica
Turkmenistan
1x
Year Economic freedom index
Jamaica Turkmenistan
2026 68.2 47
2025 68.7 47.1
2024 68.1 46.3
2023 68.1 46.5
2022 67.4 46.2
2021 69 47.4
2020 68.5 46.5
2019 68.6 48.4
2018 69.1 47.1
2017 69.5 47.4
2016 67.5 41.9
2015 67.7 41.4
2014 66.7 42.2
2013 66.8 42.6
2012 65.1 43.8
2011 65.7 43.6
2010 65.5 42.5
2009 65.2 44.2
2008 65.7 43.4
2007 65.5 43
2006 66.4 43.8
2005 67 47.6
2004 66.7 50.7
2003 67 51.3
2002 61.7 43.2
2001 63.7 41.8
2000 65.5 37.6
1999 64.7 36.1
1998 67.1 35
1997 67.7 -
1996 66.7 -
1995 64.4 -

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

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

The Economic Freedom Index for Jamaica is 68.2, ranking 48/197, compared to 47 for Turkmenistan, ranking 177/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Jamaica Turkmenistan
Services, % of GDP
60%
2024
50.4%
2024
Industry, % of GDP
16.5%
2024
37.5%
2024
Agriculture, forestry, and fishing, % of GDP
7.97%
2024
12.2%
2024
GNI, Atlas method
$20.5B
2024
$48.8B
2024
GNI per capita, PPP
$12,690
2024
$21,020
2024
Total reserves including gold
$5.63B
2024
$1.51B
1999
Total reserves ranking
93/177
2024
135/177
1999
Net foreign direct investment
-$304M
2024
n/a
Net inflows of foreign direct investment
$305M
2024
$1.64B
2024
Net outflows of foreign direct investment
$1.07M
2024
$0
2024
Servicing debt to the IMF, % of GNI
11.3%
2024
1.91%
2024
Poverty at national poverty lines
8.2%
2023
0.2%
2020
Gross capital formation, % of GDP
22.6%
2019
47.2%
2012

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/turkmenistan | 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. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)
  8. Central Intelligence Agency (CIA) (2020, retrieved 2026-02-20)

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.