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Economy of Jamaica vs Vanuatu compared: GDP & Debt

Updated on by Georank team

Jamaica has a GDP of $22B compared to $1.12B for Vanuatu, ranking 124/197 and 188/197 by economy size, respectively.

Jamaica has $14B in government debt (63.4% of GDP), compared to $507M (45.3% of GDP) in Vanuatu.

Jamaica vs Vanuatu GDP by year

Jamaica
Vanuatu
1x
Year GDP, current $
Jamaica Vanuatu
2024 $22,014,397,090 $1,117,972,034
2023 $21,418,804,320 $1,115,861,056
2022 $18,813,516,805 $1,055,031,361
2021 $15,963,885,376 $950,394,007
2020 $15,000,214,216 $909,421,044
2019 $17,026,269,263 $936,526,268
2018 $16,855,447,986 $914,727,908
2017 $15,783,583,237 $880,043,284
2016 $14,898,999,754 $804,323,577
2015 $14,963,589,916 $759,690,181
2014 $13,899,217,680 $773,717,011
2013 $14,264,205,153 $758,304,466
2012 $14,807,086,556 $747,839,698
2011 $14,444,661,522 $770,153,588
2010 $13,220,549,908 $670,712,980
2009 $12,120,458,115 $592,622,319
2008 $13,709,401,520 $590,748,429
2007 $12,799,600,047 $516,392,923
2006 $11,930,179,090 $439,358,587
2005 $11,243,865,778 $394,962,433
2004 $10,174,664,854 $364,996,869
2003 $9,430,234,811 $314,471,413
2002 $9,719,009,495 $262,596,536
2001 $9,194,727,831 $257,926,882
2000 $9,005,064,475 $272,014,628
1999 $8,887,057,997 $268,006,973
1998 $8,787,195,622 $262,293,411
1997 $8,400,041,724 $272,771,209
1996 $7,393,891,921 $261,370,044
1995 $6,577,520,643 $249,333,250
1994 $5,452,558,947 $233,701,301
1993 $5,440,075,676 $200,491,853
1992 $3,535,460,090 $209,088,825
1991 $4,106,207,649 $201,334,169
1990 $4,592,208,087 $168,879,207
1989 $4,404,937,853 $154,013,202
1988 $3,828,342,820 $158,351,368
1987 $3,287,007,322 $139,464,174
1986 $2,754,549,582 $126,498,935
1985 $2,100,239,019 $131,856,421
1984 $2,373,564,549 $144,482,515
1983 $3,619,262,277 $117,389,554
1982 $3,293,496,312 $114,501,913
1981 $2,979,027,966 $113,781,796
1980 $2,679,379,372 $121,185,498
1979 $2,425,064,229 $119,258,835
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/vanuatu | CC BY

GDP per capita in Jamaica vs Vanuatu by year

Jamaica
GDP per capita

GDP per capita, PPP
Vanuatu
GDP per capita

GDP per capita, PPP
1x
Year Current $
Jamaica Vanuatu
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $7,754 $12,890 $3,411 $3,606
2023 $7,542 $12,651 $3,483 $3,568
2022 $6,626 $11,888 $3,370 $3,453
2021 $5,626 $10,431 $3,107 $3,136
2020 $5,299 $9,764 $3,043 $3,118
2019 $6,031 $10,845 $3,207 $3,315
2018 $5,977 $10,753 $3,207 $3,233
2017 $5,605 $10,466 $3,160 $3,146
2016 $5,302 $9,948 $2,956 $3,030
2015 $5,339 $9,476 $2,855 $2,966
2014 $4,975 $9,210 $2,973 $2,890
2013 $5,124 $9,101 $2,980 $2,832
2012 $5,341 $8,831 $3,005 $2,834
2011 $5,233 $8,809 $3,163 $2,816
2010 $4,810 $8,521 $2,815 $2,733
2009 $4,428 $8,580 $2,546 $2,730
2008 $5,030 $8,952 $2,604 $2,701
2007 $4,716 $8,893 $2,334 $2,573
2006 $4,417 $8,577 $2,035 $2,496
2005 $4,184 $8,127 $1,874 $2,287
2004 $3,808 $7,854 $1,774 $2,157
2003 $3,550 $7,593 $1,567 $2,070
2002 $3,681 $7,226 $1,341 $1,995
2001 $3,504 $7,019 $1,350 $2,125
2000 $3,453 $6,816 $1,460 $2,206
1999 $3,432 $6,653 $1,472 $2,084
1998 $3,419 $6,543 $1,471 $2,091
1997 $3,297 $6,682 $1,562 $2,087
1996 $2,929 $6,706 $1,529 $1,998
1995 $2,631 $6,657 $1,492 $1,961
1994 $2,203 $6,435 $1,431 $1,946
1993 $2,221 $6,279 $1,257 $1,789
1992 $1,458 $5,664 $1,344 $1,777
1991 $1,710 $5,485 $1,326 $1,737
1990 $1,930 $5,106 $1,141 $1,670
1989 $1,865 - $1,067 -
1988 $1,632 - $1,125 -
1987 $1,411 - $1,017 -
1986 $1,191 - $946 -
1985 $917 - $1,012 -
1984 $1,048 - $1,137 -
1983 $1,619 - $947 -
1982 $1,494 - $946 -
1981 $1,370 - $962 -
1980 $1,249 - $1,048 -
1979 $1,144 - $1,055 -
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/vanuatu | CC BY

Jamaica's GDP per capita is $7,754, ranking 95/197, compared to $3,411 in Vanuatu, ranking 137/197. Adjusted for purchasing power (GDP per capita PPP), Jamaica ranks 121st at $12,890, while Vanuatu ranks 170th at $3,606.

Economic indicators

Jamaica Vanuatu
Gross domestic product
$22B
2024
$1.12B
2024
GDP rank
124/197
2024
188/197
2024
GDP growth
-0.54%
2023-2024
0.94%
2023-2024
GDP per capita
$7,754
2024
$3,411
2024
GDP per capita rank
95/197
2024
137/197
2024
GDP per capita, PPP
$12,890
2024
$3,606
2024
GDP per capita PPP rank
121/197
2024
170/197
2024
Government debt
$14B
2024
$507M
2024
Debt-to-GDP ratio
63.4%
2024
45.3%
2024
Government debt per person
$4,917
2024
$1,546
2024
Government debt per person rank
79/185
2024
131/185
2024
Average annual personal income after taxes
$6,905
2026
$3,164
2026
Market capitalization of domestic companies
$12.4B
2024
n/a
Income share by richest 10%
29.6%
2021
24.7%
2019
Income share by poorest 10%
2.2%
2021
3%
2019
Government expenditure, % of GDP
30.5%
2024
41.1%
2024
Consumer prices inflation
5.41%
2023-2024
11.2%
2022-2023
Central bank interest rate
5.75%
2025
n/a
Unemployment rate
3.02%
2023
4.05%
2020
Population
2834980
344750

Spending and national debt comparison by year

Jamaica
Spending

Debt
Vanuatu
Spending

Debt
1x
Year % of GDP
Jamaica Vanuatu
Government spending Government debt Government spending Government debt
2024 30.5% 63.4% 41.1% 45.3%
2023 28% 67.3% 41.6% 41.8%
2022 28.4% 73.5% 42% 42.8%
2021 29% 90.9% 44.4% 48.5%
2020 29.8% 100.1% 43.4% 48%
2019 27.8% 88.6% 39.8% 45.1%
2018 27.8% 89.2% 33.3% 45.3%
2017 27.3% 96.7% 37.1% 52.6%
2016 27% 109.1% 35.2% 42.5%
2015 26.3% 117.6% 42.4% 36.3%
2014 26.5% 136.7% 23.3% 20.2%
2013 26.9% 138.1% 22.9% 18.6%
2012 29.6% 143% 24.5% 19.3%
2011 31.7% 138.1% 25.1% 21.3%
2010 32.9% 140.1% 28.3% 20.2%
2009 38.6% 141.5% 27.6% 21.1%
2008 34.4% 125.6% 27.8% 21.2%
2007 31.6% 115.3% 22.5% 19.5%
2006 31.2% 118% 20.1% 22.2%
2005 29.3% 124.5% 18.3% 26.3%
2004 31.5% 120.1% 18.5% 30.4%
2003 32.5% 125.5% 18.8% 38.3%
2002 31.1% 119.1% 22.3% 38.8%
2001 28.5% 107.9% 22.3% 37%
2000 26.2% 91.3% 25.4% 36.1%
1999 28.9% 83.5% 23.9% 30.6%
1998 28.3% 75.6% 27.9% 28%
1997 28.3% 74.4% 22.2% 22.9%
1996 27.7% 70.2% 24.5% 23.1%
1995 23.1% 85.2% 28% 24.1%
1994 21.5% 90.4% 24.4% 21.6%
1993 21.5% 106.2% 26.2% 20.3%
1992 20% 100.4% 31.8% 21%
1991 24.5% 175.1% 33.2% 15.9%
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/vanuatu | CC BY

In 2024, Jamaica's government spending was $6.72B, accounting for 30.5% of its GDP, while Vanuatu spent $459M, or 41.1% of GDP.

Debt-to-GDP ratio is 63.4% in Jamaica and 45.3% in Vanuatu, ranking 73/185 and 119/185, respectively.

Government deficit by year

Deficit/surplus
Jamaica

Vanuatu
1x
Year Deficit/surplus, % of GDP
Jamaica Vanuatu
2024 0.22% -2.34%
2023 0.04% -0.95%
2022 0.27% -6.5%
2021 0.89% 2.38%
2020 -2.83% -1.95%
2019 0.85% 2.81%
2018 1.12% 6.26%
2017 0.43% -1.2%
2016 -0.19% -0.72%
2015 -0.28% -8.66%
2014 -0.49% 1.44%
2013 0.12% -0.25%
2012 -4.05% -1.7%
2011 -6.34% -2.19%
2010 -6.27% -2.63%
2009 -11.1% -0.85%
2008 -7.43% -0.04%
2007 -3.82% 0.28%
2006 -4.9% 0.49%
2005 -3.3% 1.86%
2004 -4.68% 0.8%
2003 -5.67% -1.35%
2002 -6.77% -3.63%
2001 -4.89% -3.33%
2000 -0.8% -6.28%
1999 -3.53% -0.55%
1998 -5.82% -6.65%
1997 -6.54% -0.51%
1996 -5.32% -1.78%
1995 1.6% -2.59%
1994 2.59% -1.49%
1993 2.6% -3.67%
1992 3.11% -2.32%
1991 3.87% -2.81%
1990 2.34% -

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

GeoRank.org/economy/jamaica/vanuatu | 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 Vanuatu's deficit of $26.2M, or 2.34% of GDP.

Over the past 34 years, Jamaica recorded a fiscal deficit in 21 of those years, while Vanuatu ran a deficit in 26 years. On average, Jamaica posted an annual deficit equal to 2.27% of GDP, compared to deficit of 1.49% of GDP for Vanuatu.

Inflation comparison by year

Inflation
Jamaica

Vanuatu
1x
Year Consumer prices inflation
Jamaica Vanuatu
2024 5.41% -
2023 6.47% 11.2%
2022 10.3% 6.68%
2021 5.86% 2.34%
2020 5.23% 5.33%
2019 3.91% 2.76%
2018 3.74% 2.33%
2017 4.38% 3.08%
2016 2.35% 0.84%
2015 3.69% 2.48%
2014 8.27% 0.8%
2013 9.34% 1.46%
2012 6.87% 1.35%
2011 7.56% 0.87%
2010 12.6% 2.76%
2009 9.59% 4.3%
2008 22% 4.84%
2007 9.24% 3.94%
2006 8.56% 2.04%
2005 15.1% 1.2%
2004 13.6% 1.42%
2003 10.1% 3.02%
2002 7.08% 1.96%
2001 6.8% 3.58%
2000 8.17% 2.54%
1999 5.95% 2%
1998 8.63% 3.28%
1997 9.66% 2.83%

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

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

Over the past 27 years, Jamaica has recorded an average annual inflation rate of 8.33%, compared with 3.01% in Vanuatu. In 2023, inflation was 5.41% in Jamaica and 11.2% in Vanuatu.

Balance of trade

Jamaica Vanuatu
Current account balance
$679M
2024
-$127M
2022
Current account balance ranking
56/190
2024
90/190
2022
Current account balance, % of GDP
+3.08%
2024
-12.1%
2022
Goods imports
$6.07B
2024
$350M
2022
Goods exports
$1.87B
2024
$73.6M
2022
Service imports
$3.46B
2024
$230M
2022
Service exports
$5.26B
2024
$78.5M
2022
Imports of goods and services, % of GDP
52.1%
2019
54.2%
2022
Exports of goods and services, % of GDP
38%
2019
9.43%
2022

Economic freedom indices

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

Jamaica Vanuatu
Economic freedom 68.2 61.1
Economic freedom ranking 48/197 92/197
Property rights 66.8 62.1
Government integrity 49.4 48.3
Judicial effectiveness 75.6 67.9
Tax burden 76.3 96.9
Government spending 76 48.1
Fiscal health 92.2 78.8
Business freedom 68.5 50.3
Labor freedom 59.2 41
Monetary freedom 74.2 72.1
Trade freedom 70.4 62
Investment freedom 60 65
Financial freedom 50 40

Economic freedom comparison by year

Jamaica
Vanuatu
1x
Year Economic freedom index
Jamaica Vanuatu
2026 68.2 61.1
2025 68.7 61.8
2024 68.1 62.2
2023 68.1 62.1
2022 67.4 62.9
2021 69 60.5
2020 68.5 60.7
2019 68.6 56.4
2018 69.1 69.5
2017 69.5 67.4
2016 67.5 60.8
2015 67.7 61.1
2014 66.7 59.5
2013 66.8 56.6
2012 65.1 56.6
2011 65.7 56.7
2010 65.5 56.4
2009 65.2 58.4
2008 65.7 -
2007 65.5 -
2006 66.4 -
2005 67 -
2004 66.7 -
2003 67 -
2002 61.7 -
2001 63.7 -
2000 65.5 -
1999 64.7 -
1998 67.1 -
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/vanuatu | CC BY

The Economic Freedom Index for Jamaica is 68.2, ranking 48/197, compared to 61.1 for Vanuatu, ranking 92/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Jamaica Vanuatu
Services, % of GDP
60%
2024
59.1%
2022
Industry, % of GDP
16.5%
2024
7.37%
2022
Agriculture, forestry, and fishing, % of GDP
7.97%
2024
24.3%
2022
GNI, Atlas method
$20.5B
2024
$1.28B
2024
GNI per capita, PPP
$12,690
2024
$4,140
2024
Total reserves including gold
$5.63B
2024
$615M
2024
Total reserves ranking
93/177
2024
152/177
2024
Net foreign direct investment
-$304M
2024
-$9.21M
2022
Net inflows of foreign direct investment
$305M
2024
$28.9M
2024
Net outflows of foreign direct investment
$1.07M
2024
$2.79M
2024
Servicing debt to the IMF, % of GNI
11.3%
2024
2.04%
2024
Poverty at national poverty lines
8.2%
2023
15.9%
2020
Gross capital formation, % of GDP
22.6%
2019
38.3%
2022

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/vanuatu | 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)

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.