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Economy of Jamaica vs Ukraine compared: GDP & Debt

Updated on by Georank team

Jamaica has a GDP of $22B compared to $191B for Ukraine, ranking 124/197 and 57/197 by economy size, respectively.

Jamaica has $14B in government debt (63.4% of GDP), compared to $171B (89.7% of GDP) in Ukraine.

Jamaica vs Ukraine GDP by year

Jamaica
Ukraine
1x
Year GDP, current $
Jamaica Ukraine
2024 $22,014,397,090 $190,741,262,415
2023 $21,418,804,320 $181,221,517,869
2022 $18,813,516,805 $161,989,520,721
2021 $15,963,885,376 $199,765,859,571
2020 $15,000,214,216 $156,617,722,013
2019 $17,026,269,263 $153,883,047,510
2018 $16,855,447,986 $130,891,088,294
2017 $15,783,583,237 $112,090,505,082
2016 $14,898,999,754 $93,355,869,404
2015 $14,963,589,916 $91,030,967,789
2014 $13,899,217,680 $133,503,871,862
2013 $14,264,205,153 $190,498,811,460
2012 $14,807,086,556 $182,591,753,828
2011 $14,444,661,522 $169,333,835,202
2010 $13,220,549,908 $141,209,170,427
2009 $12,120,458,115 $121,552,153,444
2008 $13,709,401,520 $188,110,390,660
2007 $12,799,600,047 $148,733,861,386
2006 $11,930,179,090 $111,884,752,475
2005 $11,243,865,778 $89,238,865,119
2004 $10,174,664,854 $67,220,154,164
2003 $9,430,234,811 $52,010,355,753
2002 $9,719,009,495 $43,956,163,612
2001 $9,194,727,831 $39,309,580,983
2000 $9,005,064,475 $32,375,083,935
1999 $8,887,057,997 $31,580,639,554
1998 $8,787,195,622 $41,882,523,345
1997 $8,400,041,724 $50,151,531,592
1996 $7,393,891,921 $44,558,831,005
1995 $6,577,520,643 $48,213,856,469
1994 $5,452,558,947 $52,549,580,265
1993 $5,440,075,676 $65,648,559,903
1992 $3,535,460,090 $73,945,908,384
1991 $4,106,207,649 $77,350,733,982
1990 $4,592,208,087 $81,393,558,423
1989 $4,404,937,853 $82,709,161,099
1988 $3,828,342,820 $74,703,517,903
1987 $3,287,007,322 $64,087,694,038
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/ukraine | CC BY

GDP per capita in Jamaica vs Ukraine by year

Jamaica
GDP per capita

GDP per capita, PPP
Ukraine
GDP per capita

GDP per capita, PPP
1x
Year Current $
Jamaica Ukraine
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $7,754 $12,890 $5,038 $18,550
2023 $7,542 $12,651 $4,803 $17,665
2022 $6,626 $11,888 $3,946 $14,770
2021 $5,626 $10,431 $4,510 $17,846
2020 $5,299 $9,764 $3,505 $15,541
2019 $6,031 $10,845 $3,423 $14,217
2018 $5,977 $10,753 $2,895 $12,555
2017 $5,605 $10,466 $2,467 $11,536
2016 $5,302 $9,948 $2,047 $10,865
2015 $5,339 $9,476 $1,988 $9,922
2014 $4,975 $9,210 $2,904 $10,494
2013 $5,124 $9,101 $4,130 $10,904
2012 $5,341 $8,831 $3,951 $9,552
2011 $5,233 $8,809 $3,657 $9,127
2010 $4,810 $8,521 $3,040 $8,453
2009 $4,428 $8,580 $2,607 $7,995
2008 $5,030 $8,952 $4,018 $9,324
2007 $4,716 $8,893 $3,160 $8,900
2006 $4,417 $8,577 $2,366 $7,971
2005 $4,184 $8,127 $1,875 $7,142
2004 $3,808 $7,854 $1,401 $6,663
2003 $3,550 $7,593 $1,076 $5,764
2002 $3,681 $7,226 $903 $5,123
2001 $3,504 $7,019 $800 $4,747
2000 $3,453 $6,816 $653 $4,228
1999 $3,432 $6,653 $632 $3,871
1998 $3,419 $6,543 $831 $3,794
1997 $3,297 $6,682 $987 $3,794
1996 $2,929 $6,706 $870 $3,812
1995 $2,631 $6,657 $933 $4,124
1994 $2,203 $6,435 $1,009 $4,565
1993 $2,221 $6,279 $1,254 $5,766
1992 $1,458 $5,664 $1,413 $6,568
1991 $1,710 $5,485 $1,483 $7,148
1990 $1,930 $5,106 $1,564 $7,591
1989 $1,865 - $1,593 -
1988 $1,632 - $1,444 -
1987 $1,411 - $1,244 -
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/ukraine | CC BY

Jamaica's GDP per capita is $7,754, ranking 95/197, compared to $5,038 in Ukraine, ranking 120/197. Adjusted for purchasing power (GDP per capita PPP), Jamaica ranks 121st at $12,890, while Ukraine ranks 101st at $18,550.

Economic indicators

Jamaica Ukraine
Gross domestic product
$22B
2024
$191B
2024
GDP rank
124/197
2024
57/197
2024
GDP growth
-0.54%
2023-2024
2.91%
2023-2024
GDP per capita
$7,754
2024
$5,038
2024
GDP per capita rank
95/197
2024
120/197
2024
GDP per capita, PPP
$12,890
2024
$18,550
2024
GDP per capita PPP rank
121/197
2024
101/197
2024
Government debt
$14B
2024
$171B
2024
Debt-to-GDP ratio
63.4%
2024
89.7%
2024
Government debt per person
$4,917
2024
$4,520
2024
Government debt per person rank
79/185
2024
86/185
2024
Average annual personal income after taxes
$6,905
2026
$5,370
2026
Market capitalization of domestic companies
$12.4B
2024
$4.42B
2018
Number of billionaires n/a
7
2025
Income share by richest 10%
29.6%
2021
21.7%
2020
Income share by poorest 10%
2.2%
2021
4.3%
2020
Government expenditure, % of GDP
30.5%
2024
71.3%
2024
Consumer prices inflation
5.41%
2023-2024
6.5%
2023-2024
Central bank interest rate
5.75%
2025
15.5%
2025
Unemployment rate
3.02%
2023
9.83%
2021
Population
2834980
40125599

Spending and national debt comparison by year

Jamaica
Spending

Debt
Ukraine
Spending

Debt
1x
Year % of GDP
Jamaica Ukraine
Government spending Government debt Government spending Government debt
2024 30.5% 63.4% 71.3% 89.7%
2023 28% 67.3% 73.4% 81.2%
2022 28.4% 73.5% 65.4% 77.7%
2021 29% 90.9% 40.5% 48.9%
2020 29.8% 100.1% 45.6% 60.5%
2019 27.8% 88.6% 41.5% 50.5%
2018 27.8% 89.2% 41.9% 60.4%
2017 27.3% 96.7% 41.7% 71.6%
2016 27% 109.1% 40.8% 79.5%
2015 26.3% 117.6% 43% 79.3%
2014 26.5% 136.7% 44.8% 70.3%
2013 26.9% 138.1% 48.1% 40.5%
2012 29.6% 143% 49% 37.5%
2011 31.7% 138.1% 45.7% 36.9%
2010 32.9% 140.1% 49.2% 40.6%
2009 38.6% 141.5% 48.6% 35.4%
2008 34.4% 125.6% 47.1% 20.4%
2007 31.6% 115.3% 43.7% 12.3%
2006 31.2% 118% 44.6% 14.8%
2005 29.3% 124.5% 44.2% 17.7%
2004 31.5% 120.1% 41.6% 24.8%
2003 32.5% 125.5% 38.9% 29.4%
2002 31.1% 119.1% 37.9% 33.6%
2001 28.5% 107.9% 36.7% 36.7%
2000 26.2% 91.3% 35.5% 43.8%
1999 28.9% 83.5% 25.8% 59%
1998 28.3% 75.6% 37.1% 46.5%
1997 28.3% 74.4% 40.8% 28.9%
1996 27.7% 70.2% 36.9% 24.4%
1995 23.1% 85.2% 41.3% 30.2%
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/ukraine | CC BY

In 2024, Jamaica's government spending was $6.72B, accounting for 30.5% of its GDP, while Ukraine spent $136B, or 71.3% of GDP.

Debt-to-GDP ratio is 63.4% in Jamaica and 89.7% in Ukraine, ranking 73/185 and 33/185, respectively.

Government deficit by year

Deficit/surplus
Jamaica

Ukraine
1x
Year Deficit/surplus, % of GDP
Jamaica Ukraine
2024 0.22% -17.2%
2023 0.04% -19.3%
2022 0.27% -15.6%
2021 0.89% -3.97%
2020 -2.83% -5.92%
2019 0.85% -2.08%
2018 1.12% -2.12%
2017 0.43% -2.36%
2016 -0.19% -2.46%
2015 -0.28% -1.16%
2014 -0.49% -4.46%
2013 0.12% -4.78%
2012 -4.05% -4.31%
2011 -6.34% -2.76%
2010 -6.27% -5.77%
2009 -11.1% -6.27%
2008 -7.43% -3.14%
2007 -3.82% -1.97%
2006 -4.9% -1.36%
2005 -3.3% -2.28%
2004 -4.68% -4.41%
2003 -5.67% -0.89%
2002 -6.77% -1.84%
2001 -4.89% -3.03%
2000 -0.8% -3.19%
1999 -3.53% 4.95%
1998 -5.82% -2.69%
1997 -6.54% -5.37%
1996 -5.32% -3.09%
1995 1.6% -4.72%
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/ukraine | 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 Ukraine's deficit of $32.8B, or 17.2% of GDP.

Over the past 30 years, Jamaica recorded a fiscal deficit in 21 of those years, while Ukraine ran a deficit in 29 years. On average, Jamaica posted an annual deficit equal to 2.98% of GDP, compared to deficit of 4.45% of GDP for Ukraine.

Inflation comparison by year

Inflation
Jamaica

Ukraine
1x
Year Consumer prices inflation
Jamaica Ukraine
2024 5.41% 6.5%
2023 6.47% 12.9%
2022 10.3% 20.2%
2021 5.86% 9.4%
2020 5.23% 2.7%
2019 3.91% 7.9%
2018 3.74% 10.9%
2017 4.38% 14.4%
2016 2.35% 13.9%
2015 3.69% 48.7%
2014 8.27% 12.1%
2013 9.34% -0.3%
2012 6.87% 0.6%
2011 7.56% 8%
2010 12.6% 9.4%
2009 9.59% 15.9%
2008 22% 25.2%
2007 9.24% 12.8%
2006 8.56% 9.1%
2005 15.1% 13.5%
2004 13.6% 9%
2003 10.1% 5.2%
2002 7.08% 0.8%
2001 6.8% 12%
2000 8.17% 28.2%
1999 5.95% 22.7%
1998 8.63% 10.6%
1997 9.66% 15.9%

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/ukraine | CC BY

Over the past 28 years, Jamaica has recorded an average annual inflation rate of 8.23%, compared with 12.8% in Ukraine. In 2024, inflation was 5.41% in Jamaica and 6.5% in Ukraine.

Top exports between countries

Jamaica
Export category Export value
Processed food, beverages & tobacco $11K
Machinery & equipment $1K
Raw agricultural goods $1K
Ukraine
Export category Export value
Processed food, beverages & tobacco $145K
Chemicals & pharma $80K
Textiles & consumer goods $26K
Raw agricultural goods $25K
Machinery & equipment $2K

Balance of trade

Jamaica Ukraine
Current account balance
$679M
2024
-$15.1B
2024
Current account balance ranking
56/190
2024
179/190
2024
Current account balance, % of GDP
+3.08%
2024
-7.94%
2024
Goods imports
$6.07B
2024
$72.3B
2024
Goods exports
$1.87B
2024
$39.3B
2024
Service imports
$3.46B
2024
$22.9B
2024
Service exports
$5.26B
2024
$17.3B
2024
Imports of goods and services, % of GDP
52.1%
2019
48.3%
2024
Exports of goods and services, % of GDP
38%
2019
29.4%
2024

Economic freedom indices

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

Jamaica Ukraine
Economic freedom 68.2 54.1
Economic freedom ranking 48/197 135/197
Property rights 66.8 21.6
Government integrity 49.4 35
Judicial effectiveness 75.6 28.2
Tax burden 76.3 83.7
Government spending 76 0
Fiscal health 92.2 3.9
Business freedom 68.5 57.4
Labor freedom 59.2 46.9
Monetary freedom 74.2 65.7
Trade freedom 70.4 73
Investment freedom 60 35
Financial freedom 50 30

Economic freedom comparison by year

Jamaica
Ukraine
1x
Year Economic freedom index
Jamaica Ukraine
2026 68.2 -
2025 68.7 -
2024 68.1 -
2023 68.1 -
2022 67.4 54.1
2021 69 56.2
2020 68.5 54.9
2019 68.6 52.3
2018 69.1 51.9
2017 69.5 48.1
2016 67.5 46.8
2015 67.7 46.9
2014 66.7 49.3
2013 66.8 46.3
2012 65.1 46.1
2011 65.7 45.8
2010 65.5 46.4
2009 65.2 48.8
2008 65.7 51
2007 65.5 51.5
2006 66.4 54.4
2005 67 55.8
2004 66.7 53.7
2003 67 51.1
2002 61.7 48.2
2001 63.7 48.5
2000 65.5 47.8
1999 64.7 43.7
1998 67.1 40.4
1997 67.7 43.5
1996 66.7 40.6
1995 64.4 39.9

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

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

The Economic Freedom Index for Jamaica is 68.2, ranking 48/197, compared to 54.1 for Ukraine, ranking 135/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Jamaica Ukraine
Services, % of GDP
60%
2024
60.6%
2024
Industry, % of GDP
16.5%
2024
19%
2024
Agriculture, forestry, and fishing, % of GDP
7.97%
2024
7.11%
2024
GNI, Atlas method
$20.5B
2024
$184B
2024
GNI per capita, PPP
$12,690
2024
$18,560
2024
Total reserves including gold
$5.63B
2024
$43.8B
2024
Total reserves ranking
93/177
2024
46/177
2024
Net foreign direct investment
-$304M
2024
-$3.71B
2024
Net inflows of foreign direct investment
$305M
2024
$4.02B
2024
Net outflows of foreign direct investment
$1.07M
2024
$305M
2024
Servicing debt to the IMF, % of GNI
11.3%
2024
5.42%
2024
Poverty at national poverty lines
8.2%
2023
23.2%
2020
Gross capital formation, % of GDP
22.6%
2019
18.6%
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/ukraine | 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 (2020–2023, 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.