Jamaica: Recent Economic Developments

International Monetary Fund

doi:10.5089/9781451820041.002.A006

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Jamaica: Recent Economic Developments

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International Monetary Fund

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Publication Date:: 18 Sep 1996

eISBN:: 9781451820041

Language:: English

Keywords:: ISCR; CR; union; debt; payment; development bank; Jamaica dollar; foreign exchange; net credit; Jamaica mortgage bank; Public sector; Commercial banks; Agricultural commodities; Bank deposits; Loans

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This paper reviews economic developments in Jamaica since 1985. In the early 1990s, Jamaica carried out a number of important structural reforms that had a favorable effect on the public finances, resulting in overall public sector surpluses averaging 3 percent of GDP in FY1993–95. These steps included the elimination of general price subsidies and the decontrol of prices, the elimination of the import monopoly of the Jamaica Commodity Trading Corporation, and the institution of cost pass-through mechanisms for public enterprises.

Abstract

Table 1.

Jamaica: Gross Domestic Product by Final Expenditure

Source Statistical Institute of Jamaica

^{^1/}Includes public enterprises

Table 1.

Jamaica: Gross Domestic Product by Final Expenditure

		1991	1992	1993	1994	1995
			(In millions of Jamaica dollars)
Consumption		35,632	53,603	80,568	106,992	…
General Government		5,554	7,692	13,614	17.515	…
Private ^1/		30,078	45.911	66,954	89,478	…
Fixed capital formation		8,648	23,953	33,781	43,499	…
General Government		…	…	…	…	…
Private ^1/		…	…	…	…	…
Inventory accumulation		231	200	726	326	…
Net exports		−589.	−767	−10,048	−10.417	…
Exports of goods and nonfactor
	services	24,978	50,552	57,835	81.957	…
Imports of goods and nonfactor
	services	−25,567	−51,319	−67,883	−92,374	…
GDP at current market prices		45,217	76,992	105,027	140,400	…
			(In percent of GDP)
Consumption		74.6	69.6	76.7	76.2	…
General government		12.8	10.0	13.0	12.5	…
Private ^1/		61.9	59.6	63.7	63.7	…
Fixed capital formation		26.2	31.1	32.2	31.0	…
General government		…	…	…	…	…
Private ^1/		…	…	…	…	…
Inventory accumulation		0.5	0.3	0.7	0.2	…
Net cxports		−1.3	−1.0	−9.6	−7.4	…
Exports of goods and nonfactor
	services	55.2	65.7	55.1	58.4	…
Imports of goods and nonfactor
	services	−55.6	−66.7	−64.6	−65.8	…

Source Statistical Institute of Jamaica

^{^1/}Includes public enterprises

Table 1.

Jamaica: Gross Domestic Product by Final Expenditure

		1991	1992	1993	1994	1995
			(In millions of Jamaica dollars)
Consumption		35,632	53,603	80,568	106,992	…
General Government		5,554	7,692	13,614	17.515	…
Private ^1/		30,078	45.911	66,954	89,478	…
Fixed capital formation		8,648	23,953	33,781	43,499	…
General Government		…	…	…	…	…
Private ^1/		…	…	…	…	…
Inventory accumulation		231	200	726	326	…
Net exports		−589.	−767	−10,048	−10.417	…
Exports of goods and nonfactor
	services	24,978	50,552	57,835	81.957	…
Imports of goods and nonfactor
	services	−25,567	−51,319	−67,883	−92,374	…
GDP at current market prices		45,217	76,992	105,027	140,400	…
			(In percent of GDP)
Consumption		74.6	69.6	76.7	76.2	…
General government		12.8	10.0	13.0	12.5	…
Private ^1/		61.9	59.6	63.7	63.7	…
Fixed capital formation		26.2	31.1	32.2	31.0	…
General government		…	…	…	…	…
Private ^1/		…	…	…	…	…
Inventory accumulation		0.5	0.3	0.7	0.2	…
Net cxports		−1.3	−1.0	−9.6	−7.4	…
Exports of goods and nonfactor
	services	55.2	65.7	55.1	58.4	…
Imports of goods and nonfactor
	services	−55.6	−66.7	−64.6	−65.8	…

Source Statistical Institute of Jamaica

^{^1/}Includes public enterprises

Table 2.

Jamaica: Savings and Investment

Source: Statistical Institute of Jamaica.

^{^1/}Includes public enterprises.

^{^2/}Comprises the general government and the Bank of Jamaica.

^{^3/}Includes private transfers.

^{^4/}Includes official transfers.

Table 2.

Jamaica: Savings and Investment

		1991	1992	1993	1994	1995
			(In millions of jamaica dollars)
Gross capital formation		12.055	24.156	34.507	43.825	…
General government fixed
	capital formation	…	…	…	…	…
Other fixed capital formation ^1/		…	…	…	…	…
Inventory accumulation		231	202	726	326	…
Gross national sayings		4.802	16.644	19,780	33,284	…
Government savings ^2/		…	…	…	…	…
Private savings ^1/ ^3/		…	…	…	…	…
Foreign saving		7,253	7,511	14,727	10,540	…
Foreign capital inflows (net) ^4/		5.979	15,254	17.169	12.983	…
Change in official net
	reserves (increase -)	1.275	−7,742	−2,442	−2,442	…
			(In percent of GDP)
Gross capital formation		26.7	31.4	32.9	31.2	…
General government fixed
	capital formation	…	…	…	…	…
Other fixed capital fonnation ^1/		…	…	…	…	…
Inventory accumulation		0.5	0.3	0.7	0.2
Gross national savings		10.6	21.6	18.8	23.7	…
Government savings ^2/		…	…	…	…	…
Private savings ^1/ ^3/		…	…	…	…	…
Foreign savings		16.0	9.8	14.0	7.5	…
Foreign capital inflows (net) ^4/		13.2	19.8	16.3	9.2	…
Change in official net		2.8	−10.0	−2.3	−1.7	…
	reserves (increase−)
Memorandum item
GDP at current market prices (in
	millions of Jamaica dollars)	45,217	76.992	105.027	140,400	…

Source: Statistical Institute of Jamaica.

^{^1/}Includes public enterprises.

^{^2/}Comprises the general government and the Bank of Jamaica.

^{^3/}Includes private transfers.

^{^4/}Includes official transfers.

Table 2.

Jamaica: Savings and Investment

		1991	1992	1993	1994	1995
			(In millions of jamaica dollars)
Gross capital formation		12.055	24.156	34.507	43.825	…
General government fixed
	capital formation	…	…	…	…	…
Other fixed capital formation ^1/		…	…	…	…	…
Inventory accumulation		231	202	726	326	…
Gross national sayings		4.802	16.644	19,780	33,284	…
Government savings ^2/		…	…	…	…	…
Private savings ^1/ ^3/		…	…	…	…	…
Foreign saving		7,253	7,511	14,727	10,540	…
Foreign capital inflows (net) ^4/		5.979	15,254	17.169	12.983	…
Change in official net
	reserves (increase -)	1.275	−7,742	−2,442	−2,442	…
			(In percent of GDP)
Gross capital formation		26.7	31.4	32.9	31.2	…
General government fixed
	capital formation	…	…	…	…	…
Other fixed capital fonnation ^1/		…	…	…	…	…
Inventory accumulation		0.5	0.3	0.7	0.2
Gross national savings		10.6	21.6	18.8	23.7	…
Government savings ^2/		…	…	…	…	…
Private savings ^1/ ^3/		…	…	…	…	…
Foreign savings		16.0	9.8	14.0	7.5	…
Foreign capital inflows (net) ^4/		13.2	19.8	16.3	9.2	…
Change in official net		2.8	−10.0	−2.3	−1.7	…
	reserves (increase−)
Memorandum item
GDP at current market prices (in
	millions of Jamaica dollars)	45,217	76.992	105.027	140,400	…

Source: Statistical Institute of Jamaica.

^{^1/}Includes public enterprises.

^{^2/}Comprises the general government and the Bank of Jamaica.

^{^3/}Includes private transfers.

^{^4/}Includes official transfers.

Table 3.

Jamaica: Gross Fixed Capital Formation

Source: Statistical Institute of Jamaica.

Table 3.

Jamaica: Gross Fixed Capital Formation

		1991	1992	1993	1994	1995
			(In millions of Jamaica dollars)
Total fixed capital formation		11.825	23.953	33,781	43,499	…
Building construction		5,602	10,157	15.414	17,922	…
Other construction, including
	land improvement	325	720	914	1,183	…
Transport equipment		2,208	3,857	6,265	6,649	…
	Motor cars	866	1,248	1,895	2,354	…
	Trucks and buses	971	1,767	3,822	2,942	…
	Other	371	843	548	1,353	…
Machinery and equipment		3,689	9,220	11,189	17,745	…
	Agricultural	136	342	380	507	…
	Industrial	1,101	2,840	3,238	5,928	…
	Other	2,453	6,038	7,571	11,311	…
			(In percent of GDP)
Total fixed capital formation		26.2	31.1	32.2	31.0	…
Building construction		12.4	13.2	14.7	12.8	…
Other construction, including
	land improvement	0.7	0.9	0.9	0.8	…
Transport equipment		4.9	5.0	6.0	4.7	…
Machinery and equipment		8.2	12.0	10.7	12.6	…

Source: Statistical Institute of Jamaica.

Table 3.

Jamaica: Gross Fixed Capital Formation

		1991	1992	1993	1994	1995
			(In millions of Jamaica dollars)
Total fixed capital formation		11.825	23.953	33,781	43,499	…
Building construction		5,602	10,157	15.414	17,922	…
Other construction, including
	land improvement	325	720	914	1,183	…
Transport equipment		2,208	3,857	6,265	6,649	…
	Motor cars	866	1,248	1,895	2,354	…
	Trucks and buses	971	1,767	3,822	2,942	…
	Other	371	843	548	1,353	…
Machinery and equipment		3,689	9,220	11,189	17,745	…
	Agricultural	136	342	380	507	…
	Industrial	1,101	2,840	3,238	5,928	…
	Other	2,453	6,038	7,571	11,311	…
			(In percent of GDP)
Total fixed capital formation		26.2	31.1	32.2	31.0	…
Building construction		12.4	13.2	14.7	12.8	…
Other construction, including
	land improvement	0.7	0.9	0.9	0.8	…
Transport equipment		4.9	5.0	6.0	4.7	…
Machinery and equipment		8.2	12.0	10.7	12.6	…

Source: Statistical Institute of Jamaica.

Table 4.

Jamaica: Gross Domestic Product by Sector at Constant 1986 Prices

Source Substical Institute of Jamaica

Table 4.

Jamaica: Gross Domestic Product by Sector at Constant 1986 Prices

			1991	1992	1993	1994	1995
				(In millon of jamaica dollars)
GDP at constant prices			17,487	17,749	18,000	18,135	18,226
Agriculture and fisheries			1,079	1,219	1,342	1,443	1,474
	Export agriculture		159	159	165	159	151
	Domestic agriculture		652	798	915	1,031	1,062
	Livestock and hunting		201	195	196	186	193
	Forestry and fishing		67	68	65	67	68
Mining			1,607	1,566	1,571	1,680	1,573
	Of which: bauxite/ahrmina		1.587	1544	1,548	1,654	1,546
Manufacturing			3,401	3,445	3,378	3,360	3,326
	Food		602	551	557	540	580
	Sugar, molasses, and rum		104	99	91	101	93
	Beverages		394	406	406	388	352
	Tobacco and products		275	279	264	252	255
	Textiles		165	179	184	241	257
	Petroleum refining		504	551	424	407	352
	Other		1,357	13,81	1,445	1,432	1,437
Construction and installation			1.718	1,726	1.717	1,609	1,716
Services			9,683	9,799	9,991	10,044	10,137
	Electricity and water		746	778	809	815	852
	Transportation, storage.
		and comunication	1,715	l,808	1,952	2.063	2,271
	Distributive trades		3,462	3,645	3,791	2,855	4,076
	Financing and insurance services		1,920	2,073	1,924	2,835	2,760
	Real estate and business services		1328	1,399	1,434	1,506	1,592
	Government services		1,237	1,239	1,234	1,221	1,217
	Miscellaneous services		701	709	747	741	754
		Of which: hotels, restaurants, and clubs	368	371	395	390	405
	Household and private nonfinancial institutions		114	108	98	89	94
	Less: imputed service charges		−1,540	−1,959	−1,998	−3,081	−3.478
Memorandum item
Nonbauxite GDP			15.900	16.205	16,452	16.481	16.679
				(In precent of GDP)
Agriculture			6.2	6.9	7.5	8.0	8.1
Mining			9.2	8.8	8.7	9.3	8.6
Manufacturing			19.4	19.4	18.8	18.5	18.2
Construction and installation			9.8	9.7	9.5	8.9	9.4
Services			55.4	55.2	55.5	55.4	55.6
	Of which government		7.1	7.0	6.9	6.7	6.7
		hotels, restaurants, and clubs	2.1	2.1	2.2	2.1	2.2
Nonbauxite GDP			90.9	91.3	91.4	90.9	91.5
				(Annual percentage change)
GDP at constant prices			0.7	1.5	1.0	0.8	0.5
Agriculture			−0.2	13.0	10.1	7.5	2.2
Mining			5.7	−2.5	0.3	6.9	−6.4
Manufacturing			−7.5	1.3	−1.9	−0.5	−1.0
Construction and installation			0.6	0.4	−0.5	−6.3	6.7
Services			3.3	1.2	2.0	0.5	0.9
	Of which government services		−0.8	0 1	−04	−1.1	−0.3
Memorandum item
Nonbauxite GDP			0.3	1.9	1.5	0.2	1.2

Source Substical Institute of Jamaica

Table 4.

Jamaica: Gross Domestic Product by Sector at Constant 1986 Prices

			1991	1992	1993	1994	1995
				(In millon of jamaica dollars)
GDP at constant prices			17,487	17,749	18,000	18,135	18,226
Agriculture and fisheries			1,079	1,219	1,342	1,443	1,474
	Export agriculture		159	159	165	159	151
	Domestic agriculture		652	798	915	1,031	1,062
	Livestock and hunting		201	195	196	186	193
	Forestry and fishing		67	68	65	67	68
Mining			1,607	1,566	1,571	1,680	1,573
	Of which: bauxite/ahrmina		1.587	1544	1,548	1,654	1,546
Manufacturing			3,401	3,445	3,378	3,360	3,326
	Food		602	551	557	540	580
	Sugar, molasses, and rum		104	99	91	101	93
	Beverages		394	406	406	388	352
	Tobacco and products		275	279	264	252	255
	Textiles		165	179	184	241	257
	Petroleum refining		504	551	424	407	352
	Other		1,357	13,81	1,445	1,432	1,437
Construction and installation			1.718	1,726	1.717	1,609	1,716
Services			9,683	9,799	9,991	10,044	10,137
	Electricity and water		746	778	809	815	852
	Transportation, storage.
		and comunication	1,715	l,808	1,952	2.063	2,271
	Distributive trades		3,462	3,645	3,791	2,855	4,076
	Financing and insurance services		1,920	2,073	1,924	2,835	2,760
	Real estate and business services		1328	1,399	1,434	1,506	1,592
	Government services		1,237	1,239	1,234	1,221	1,217
	Miscellaneous services		701	709	747	741	754
		Of which: hotels, restaurants, and clubs	368	371	395	390	405
	Household and private nonfinancial institutions		114	108	98	89	94
	Less: imputed service charges		−1,540	−1,959	−1,998	−3,081	−3.478
Memorandum item
Nonbauxite GDP			15.900	16.205	16,452	16.481	16.679
				(In precent of GDP)
Agriculture			6.2	6.9	7.5	8.0	8.1
Mining			9.2	8.8	8.7	9.3	8.6
Manufacturing			19.4	19.4	18.8	18.5	18.2
Construction and installation			9.8	9.7	9.5	8.9	9.4
Services			55.4	55.2	55.5	55.4	55.6
	Of which government		7.1	7.0	6.9	6.7	6.7
		hotels, restaurants, and clubs	2.1	2.1	2.2	2.1	2.2
Nonbauxite GDP			90.9	91.3	91.4	90.9	91.5
				(Annual percentage change)
GDP at constant prices			0.7	1.5	1.0	0.8	0.5
Agriculture			−0.2	13.0	10.1	7.5	2.2
Mining			5.7	−2.5	0.3	6.9	−6.4
Manufacturing			−7.5	1.3	−1.9	−0.5	−1.0
Construction and installation			0.6	0.4	−0.5	−6.3	6.7
Services			3.3	1.2	2.0	0.5	0.9
	Of which government services		−0.8	0 1	−04	−1.1	−0.3
Memorandum item
Nonbauxite GDP			0.3	1.9	1.5	0.2	1.2

Source Substical Institute of Jamaica

Table 5.

Jamaica: Output of Selected Commodities

Sources Statistical Institute of Jamaica; and Ministry of Agriculture.

Table 5.

Jamaica: Output of Selected Commodities

		1991	1992	1993	1994	1995
		Major Agricultural Export Production (in thousand metric tons)
Sugarcane		2,732.0	2,525.0	2.661.0	2.450.0	2,295.0
Bananas		75.3	76.7	76.8	78.6	85.3
Citrus		24.8	47.6	27.7	52.6	…
Pimento		3.5	3.6	1.3	…	…
Coffee		9.2	13.5	12.3	10.0	15.4
Cocoa		4.4	6.2	6.2	6.2	6.2
		Domestic Crops(in thousand metric tons)
Legumes		8.4	11.3	11.1	11.5	10.5
Vegetables		101.2	124.2	147.4	171.8	183.9
Plantains		26.7	28.5	35.8	35.4	34.8
Potatoes		25.0	30.7	35.9	61.0	47.6
Yams		186.1	214.4	221.9	233.9	240.4
Other root crops		34.3	42.0	55.4	55.4	58.2
Grains (corn and rice)		3.5	4.4	3.6	4.1	3.9
		Livestock- Products (im millions)
Eggs (kilo)		110.0	114.0	100.0	102.3	…
Poultry (kilo)		53.4	44.1	42.1	44.9	45.4
Milk (quarts)		60.9	62.2	62.2	…	…
Fish (kilo)		7.2	7.0	…	…	…
		Bauxite and Alumina (in thousand metric tons)
Bauxite production		11,610.0	11,367.0	1,118.4	11,787.0	10,871.0
Alumina production		3,015.0	2,917.2	3,009.0	3,224.0	3,059.0
		Electricity Sales (in millions of kwh)
Electricity sales		1,670.2	1,693.0	1,793.0	1,869.0	1.997.9
	Industrial use	1,001.5	1,023.4	847.2	868.9	922.1
	Other use	668.7	669.1	945.8	100.1	1,075.8
		Manufactured Goods
Food
Poultry meat (million lbs.)		81.6	77.8	79.7	88.9	92.5
Condensed milk (million lbs.)		39.3	39.0	42.7	33.7	34.7
Edible oil (million gallons)		2.7	1.4	1.6	1.5	1.3
Edible fats (million lbs.)		20.3	18.3	14.0	15.3	14.5
Flour (million lbs.)		329.1	317.9	325.6	3253	321.6
Cornmeal (million lbs.)		45.7	39.5	33.3	34.3	7.4
Animal feeds (million lbs.)		488.1	551.3	562.4	550.6	521.0
Sugar, molasses, and rum
Sugar (thousand tons)		234.8	228.0	219.0	223.0	248.6
Molasses (thousand tons)		109.2	100.3	102.5	94.5	95.9
Rum (million litres)		18.5	15.0	21.8	21.1	20.2
Alcoholic beverages
beer and stout (million gallons)		15.7	17.7	17.2	15.6	14.5
		Manufactured goods (concluded)
Nonalcoholic beverages
Aerated water (million gallons)		10.0	10.8	11.0	11.4	10.1
Tobacco products
Cigarettes (million)		1.215.9	1,320.8	1,298.5	1,273.3	989.8
Cigars (million)		7.5	7.4	9.0	9.4	15.4
Textile products
Cloth (million yds.)		3.5	2.5	…	1.1	1.1
Printing and publishing
Newspapers (million copies)		36.8	36.6	31.5	…	…
Chemicals and chemical products
Industrial gases (million cubic feet)
	Oxygen	1,065.0	1,076.0	1,155.0	1,007.0	112.3
	Acetylene	276.0	253.0	246.0	242.0	225.0
	Hydrogen	77.0	69.0	43.0	32.0	44.0
	Nitrogen	58.0	48.0	45.0	53.0	56.0
Specified chemical products
	Fertilizer (thousand long tons)	74.5	58.4	61.9	59.4	56.6
	Paint (million gallons)	1.8	1.9	1.2	1.9	1.9
	Putty (thousand lbs.)	19.8	33.1	28.7	44.0	26.4
Cleansing products (million lbs.)
	Soap	4.7	5.7	8.3	7.5	…
	Detergents	14.4	17.0	14.7	12.1	…
Petroleum products (million
gallons)
	Fuel oil and diesel	184.4	201.5	141.2	138.1	126.0
	Gasoline	34.5	46.8	28.5	33.3	34.1
	Kerosene/turbo/jet fuel	26.0	39.7	39.0	35.3	15.2
	Other	5.2	8.1	4.8	4.5	4.8
Rubber products (thousand tons)
	Tires and tubes	328.6	340.6	350.1	351.6	145.7
Cement and clay products
	(thousands)
Cement (long tons)		384.0	475.0	451.0	445.0	523.0
Concrete (cubic meters)		86.8	10.1	119.6	114.2	112.1
Metal products
Steel (thousand long tons)		33.5	23.8	3.4	…	…

Sources Statistical Institute of Jamaica; and Ministry of Agriculture.

Table 5.

Jamaica: Output of Selected Commodities

		1991	1992	1993	1994	1995
		Major Agricultural Export Production (in thousand metric tons)
Sugarcane		2,732.0	2,525.0	2.661.0	2.450.0	2,295.0
Bananas		75.3	76.7	76.8	78.6	85.3
Citrus		24.8	47.6	27.7	52.6	…
Pimento		3.5	3.6	1.3	…	…
Coffee		9.2	13.5	12.3	10.0	15.4
Cocoa		4.4	6.2	6.2	6.2	6.2
		Domestic Crops(in thousand metric tons)
Legumes		8.4	11.3	11.1	11.5	10.5
Vegetables		101.2	124.2	147.4	171.8	183.9
Plantains		26.7	28.5	35.8	35.4	34.8
Potatoes		25.0	30.7	35.9	61.0	47.6
Yams		186.1	214.4	221.9	233.9	240.4
Other root crops		34.3	42.0	55.4	55.4	58.2
Grains (corn and rice)		3.5	4.4	3.6	4.1	3.9
		Livestock- Products (im millions)
Eggs (kilo)		110.0	114.0	100.0	102.3	…
Poultry (kilo)		53.4	44.1	42.1	44.9	45.4
Milk (quarts)		60.9	62.2	62.2	…	…
Fish (kilo)		7.2	7.0	…	…	…
		Bauxite and Alumina (in thousand metric tons)
Bauxite production		11,610.0	11,367.0	1,118.4	11,787.0	10,871.0
Alumina production		3,015.0	2,917.2	3,009.0	3,224.0	3,059.0
		Electricity Sales (in millions of kwh)
Electricity sales		1,670.2	1,693.0	1,793.0	1,869.0	1.997.9
	Industrial use	1,001.5	1,023.4	847.2	868.9	922.1
	Other use	668.7	669.1	945.8	100.1	1,075.8
		Manufactured Goods
Food
Poultry meat (million lbs.)		81.6	77.8	79.7	88.9	92.5
Condensed milk (million lbs.)		39.3	39.0	42.7	33.7	34.7
Edible oil (million gallons)		2.7	1.4	1.6	1.5	1.3
Edible fats (million lbs.)		20.3	18.3	14.0	15.3	14.5
Flour (million lbs.)		329.1	317.9	325.6	3253	321.6
Cornmeal (million lbs.)		45.7	39.5	33.3	34.3	7.4
Animal feeds (million lbs.)		488.1	551.3	562.4	550.6	521.0
Sugar, molasses, and rum
Sugar (thousand tons)		234.8	228.0	219.0	223.0	248.6
Molasses (thousand tons)		109.2	100.3	102.5	94.5	95.9
Rum (million litres)		18.5	15.0	21.8	21.1	20.2
Alcoholic beverages
beer and stout (million gallons)		15.7	17.7	17.2	15.6	14.5
		Manufactured goods (concluded)
Nonalcoholic beverages
Aerated water (million gallons)		10.0	10.8	11.0	11.4	10.1
Tobacco products
Cigarettes (million)		1.215.9	1,320.8	1,298.5	1,273.3	989.8
Cigars (million)		7.5	7.4	9.0	9.4	15.4
Textile products
Cloth (million yds.)		3.5	2.5	…	1.1	1.1
Printing and publishing
Newspapers (million copies)		36.8	36.6	31.5	…	…
Chemicals and chemical products
Industrial gases (million cubic feet)
	Oxygen	1,065.0	1,076.0	1,155.0	1,007.0	112.3
	Acetylene	276.0	253.0	246.0	242.0	225.0
	Hydrogen	77.0	69.0	43.0	32.0	44.0
	Nitrogen	58.0	48.0	45.0	53.0	56.0
Specified chemical products
	Fertilizer (thousand long tons)	74.5	58.4	61.9	59.4	56.6
	Paint (million gallons)	1.8	1.9	1.2	1.9	1.9
	Putty (thousand lbs.)	19.8	33.1	28.7	44.0	26.4
Cleansing products (million lbs.)
	Soap	4.7	5.7	8.3	7.5	…
	Detergents	14.4	17.0	14.7	12.1	…
Petroleum products (million
gallons)
	Fuel oil and diesel	184.4	201.5	141.2	138.1	126.0
	Gasoline	34.5	46.8	28.5	33.3	34.1
	Kerosene/turbo/jet fuel	26.0	39.7	39.0	35.3	15.2
	Other	5.2	8.1	4.8	4.5	4.8
Rubber products (thousand tons)
	Tires and tubes	328.6	340.6	350.1	351.6	145.7
Cement and clay products
	(thousands)
Cement (long tons)		384.0	475.0	451.0	445.0	523.0
Concrete (cubic meters)		86.8	10.1	119.6	114.2	112.1
Metal products
Steel (thousand long tons)		33.5	23.8	3.4	…	…

Sources Statistical Institute of Jamaica; and Ministry of Agriculture.

Table 6.

Jamaica: Selected Information on the Bauxite/Alumina Sector

Source: Statistical Institute of Jamaica.

^{^1/}Millions of metric tons, unless otherwise indicated

Table 6.

Jamaica: Selected Information on the Bauxite/Alumina Sector

	Value Added		Bauxite Production ^1/
	(In millions of	(Annual		Direct Exports
	1986 Jamaica	percentage	Total	Level	(In percent	Alumina
	dollars)	change)			of total)	Production ^1/
1974	1,702.5	9.5	15.0	7.8	52.0	2.8
1975	1.346.7	−20.9	11.6	5.5	47.4	2.4
1976	1,066.6	−20.8	10.3	6.3	61.2	1.6
1977	1,266.0	18.7	11.4	6.4	56.1	2.1
1978	1,300.2	2.7	11.8	6.5	55.1	2.1
1979	1,285.9	−1.1	11.6	6.5	56.0	2.1
1980	1,437.7	11.8	12.1	6.1	50.4	2.5
1981	1,457.8	1.4	11.7	5.4	46.2	2.6
1982	1,020.5	−30.0	8.5	4.1	48.2	1.8
1983	1,024.5	0.4	7.7	3.0	39.0	1.9
1984	1.033.8	0.9	8.6	4.6	53.5	1.7
1985	834.2	−19.3	6.0	2.3	38.3	1.5
1986	886.8	6.3	6.9	2.9	42.0	1.6
1987	940.0	6.0	7.7	3.7	48.1	1.6
1988	897.2	−4.6	7.3	3.5	47.9	1.5
1989	1,221.7	36.2	9.5	4.2	44.2	2.2
1990	1,503.3	23.0	10.9	3.9	35.8	2.9
1991	1,587.3	5.6	11.6	4.3	36.7	3.0
1992	1,544.2	−2.7	11.3	4.1	36.3	2.9
1993	1,547.9	0.2	11.3	3.9	35.1	3.0
1994	1.654.4	6.9	11.6	3.6	30.8	3.2
1995	1.546.4	−6.5	10.9	3.5	32.5	3.0

Source: Statistical Institute of Jamaica.

^{^1/}Millions of metric tons, unless otherwise indicated

Table 6.

Jamaica: Selected Information on the Bauxite/Alumina Sector

	Value Added		Bauxite Production ^1/
	(In millions of	(Annual		Direct Exports
	1986 Jamaica	percentage	Total	Level	(In percent	Alumina
	dollars)	change)			of total)	Production ^1/
1974	1,702.5	9.5	15.0	7.8	52.0	2.8
1975	1.346.7	−20.9	11.6	5.5	47.4	2.4
1976	1,066.6	−20.8	10.3	6.3	61.2	1.6
1977	1,266.0	18.7	11.4	6.4	56.1	2.1
1978	1,300.2	2.7	11.8	6.5	55.1	2.1
1979	1,285.9	−1.1	11.6	6.5	56.0	2.1
1980	1,437.7	11.8	12.1	6.1	50.4	2.5
1981	1,457.8	1.4	11.7	5.4	46.2	2.6
1982	1,020.5	−30.0	8.5	4.1	48.2	1.8
1983	1,024.5	0.4	7.7	3.0	39.0	1.9
1984	1.033.8	0.9	8.6	4.6	53.5	1.7
1985	834.2	−19.3	6.0	2.3	38.3	1.5
1986	886.8	6.3	6.9	2.9	42.0	1.6
1987	940.0	6.0	7.7	3.7	48.1	1.6
1988	897.2	−4.6	7.3	3.5	47.9	1.5
1989	1,221.7	36.2	9.5	4.2	44.2	2.2
1990	1,503.3	23.0	10.9	3.9	35.8	2.9
1991	1,587.3	5.6	11.6	4.3	36.7	3.0
1992	1,544.2	−2.7	11.3	4.1	36.3	2.9
1993	1,547.9	0.2	11.3	3.9	35.1	3.0
1994	1.654.4	6.9	11.6	3.6	30.8	3.2
1995	1.546.4	−6.5	10.9	3.5	32.5	3.0

Source: Statistical Institute of Jamaica.

^{^1/}Millions of metric tons, unless otherwise indicated

Table 7.

Jamaica: Employed Labor Force by Industry ^1/

Source Statistical Institute of Jamaica.

^{^1/}Population, labor force, and employment data are averages of April and October sample labor force surveys except the 1991 data which refer to the January and October surveys,

^{^2/}Defined as the ratio of the total labor force to the population 14 years old and over.

^{^3/}Defined as the proportion of the labor force that is not employed.

^{^4/}Job-seekers as a proportion of the labor force.

Table 7.

Jamaica: Employed Labor Force by Industry ^1/

		1991	1992	1993	1994	1995
		(In thousand)
Total employed labor force		907,7	903,0	904.7	964.5	961.8
Agriculture, forestry, and fisheries		243.7	249.2	220.1	226.2	220.2
Mining, quarrying, and refining		5.1	5.7	8.4	6.7	6.7
Manufacturing		99.0	101.8	98.9	97.5	102.5
Construction and installation		58.2	59.4	61.3	71.1	76.3
Transport, communication, and
	public utilities	41.6	41.8	39.5	47.5	51.9
Commerce		170.3	168.2	189.2	50.6	53.1
Public administration		76.8	76.4	76.7	77.0	78.5
Other services		213.2	200.7	210.7	388.1	372.7
		(In percent of employed labor force)
Total		100.0	100.0	100.0	100.0	100.0
Agriculture, forestry, and fisheries		26.8	27.6	24.3	23.5	22.9
Mining, quarrying, and refining		0.6	0.6	0.9	0.7	0.7
Manufacturing		10.9	11.3	10.9	10.1	10.7
Construction and installation		6.4	6.6	6.8	7.4	7.9
Transport, communication, and
	public utilities	4.6	4.6	4.4	4.9	5.4
Commerce		18.8	18.6	20.9	52	5.5
Public administration		8.5	8.5	8.5	8.0	82
Other services		23.5	22.2	23.3	402	38.7
Memorandum items
Population (thousands)		2,435.7	2,441.1	2,472.4	2,457.8	2,484.6
Total labour force (thousands)		1,072.5	1,074.9	1,079.5	1,137.7	1,149.7
Participation rate (in percent) ^2/		69.2	68.2	68.1	68.1	68.9
Unemployment rate (in percent) ^3/		15.4	15.7	16.2	15.3	16.5
Job-seeking rate (in percent) ^4/		5.9	6.1	7.1	7.4	6.5

Source Statistical Institute of Jamaica.

^{^1/}Population, labor force, and employment data are averages of April and October sample labor force surveys except the 1991 data which refer to the January and October surveys,

^{^2/}Defined as the ratio of the total labor force to the population 14 years old and over.

^{^3/}Defined as the proportion of the labor force that is not employed.

^{^4/}Job-seekers as a proportion of the labor force.

Table 7.

Jamaica: Employed Labor Force by Industry ^1/

		1991	1992	1993	1994	1995
		(In thousand)
Total employed labor force		907,7	903,0	904.7	964.5	961.8
Agriculture, forestry, and fisheries		243.7	249.2	220.1	226.2	220.2
Mining, quarrying, and refining		5.1	5.7	8.4	6.7	6.7
Manufacturing		99.0	101.8	98.9	97.5	102.5
Construction and installation		58.2	59.4	61.3	71.1	76.3
Transport, communication, and
	public utilities	41.6	41.8	39.5	47.5	51.9
Commerce		170.3	168.2	189.2	50.6	53.1
Public administration		76.8	76.4	76.7	77.0	78.5
Other services		213.2	200.7	210.7	388.1	372.7
		(In percent of employed labor force)
Total		100.0	100.0	100.0	100.0	100.0
Agriculture, forestry, and fisheries		26.8	27.6	24.3	23.5	22.9
Mining, quarrying, and refining		0.6	0.6	0.9	0.7	0.7
Manufacturing		10.9	11.3	10.9	10.1	10.7
Construction and installation		6.4	6.6	6.8	7.4	7.9
Transport, communication, and
	public utilities	4.6	4.6	4.4	4.9	5.4
Commerce		18.8	18.6	20.9	52	5.5
Public administration		8.5	8.5	8.5	8.0	82
Other services		23.5	22.2	23.3	402	38.7
Memorandum items
Population (thousands)		2,435.7	2,441.1	2,472.4	2,457.8	2,484.6
Total labour force (thousands)		1,072.5	1,074.9	1,079.5	1,137.7	1,149.7
Participation rate (in percent) ^2/		69.2	68.2	68.1	68.1	68.9
Unemployment rate (in percent) ^3/		15.4	15.7	16.2	15.3	16.5
Job-seeking rate (in percent) ^4/		5.9	6.1	7.1	7.4	6.5

Source Statistical Institute of Jamaica.

^{^1/}Population, labor force, and employment data are averages of April and October sample labor force surveys except the 1991 data which refer to the January and October surveys,

^{^2/}Defined as the ratio of the total labor force to the population 14 years old and over.

^{^3/}Defined as the proportion of the labor force that is not employed.

^{^4/}Job-seekers as a proportion of the labor force.

Table 8.

Jamaica: Average Weekly Earnings in Large Establishments ^1/

Source: Statistical Institute of Jamaica.

^{^1/}Excluding agriculture, Government, and employees in Free Zones.

Table 8.

Jamaica: Average Weekly Earnings in Large Establishments ^1/

	1991	1992	1993	1994	1995
	(In cuarent Jamaica dollars)
Mining	1,620	3,043	4,429	5,865	7,097
Manufacturing	587	900	1,233	1,450	2,398
Electricity, gas, and water	1,207	1,928	3,480	5,134	7,735
Constructicn	663	1,045	1,893	2,354	2,885
Trade, hotels, and restaurants	358	873	1,304	1,768	1,739
Transport and storage	1,103	1,487	2,477	3,748	6,285
Finance, insurance, and real estate	1.022	1,550	2,366	3,468	4,326
Community services	519	773	1,601	2,099	2,148
All sectors	749	1,130	1,667	2,559	3356
	(Index:1986=100)
Mining	260	489	711	942	1,140
Manufacturing	216	331	453	533	882
Electricity, gas, and water	315	503	908	1,340	2,019
Construction	244	384	695	864	1,059
Trade, hotels, and restaurants	208	325	486	659	648
Transport and storage	230	310	516	781	1,309
Finance, insurance, and real estate	281	426	650	952	1,161
Community services	192	286	592	776	794
All sectors	236	356	526	807	1,058
	(Percentage change)
Memorandum items
Nominal wage (all sectors)	31.7	51.0	47.5	42.4	31.1
Consumer prices	51.1	77.2	22.1	22.1	19.9
Real wage	−12.8	−14.8	20.8	16.6	9.4

Source: Statistical Institute of Jamaica.

^{^1/}Excluding agriculture, Government, and employees in Free Zones.

Table 8.

Jamaica: Average Weekly Earnings in Large Establishments ^1/

	1991	1992	1993	1994	1995
	(In cuarent Jamaica dollars)
Mining	1,620	3,043	4,429	5,865	7,097
Manufacturing	587	900	1,233	1,450	2,398
Electricity, gas, and water	1,207	1,928	3,480	5,134	7,735
Constructicn	663	1,045	1,893	2,354	2,885
Trade, hotels, and restaurants	358	873	1,304	1,768	1,739
Transport and storage	1,103	1,487	2,477	3,748	6,285
Finance, insurance, and real estate	1.022	1,550	2,366	3,468	4,326
Community services	519	773	1,601	2,099	2,148
All sectors	749	1,130	1,667	2,559	3356
	(Index:1986=100)
Mining	260	489	711	942	1,140
Manufacturing	216	331	453	533	882
Electricity, gas, and water	315	503	908	1,340	2,019
Construction	244	384	695	864	1,059
Trade, hotels, and restaurants	208	325	486	659	648
Transport and storage	230	310	516	781	1,309
Finance, insurance, and real estate	281	426	650	952	1,161
Community services	192	286	592	776	794
All sectors	236	356	526	807	1,058
	(Percentage change)
Memorandum items
Nominal wage (all sectors)	31.7	51.0	47.5	42.4	31.1
Consumer prices	51.1	77.2	22.1	22.1	19.9
Real wage	−12.8	−14.8	20.8	16.6	9.4

Source: Statistical Institute of Jamaica.

^{^1/}Excluding agriculture, Government, and employees in Free Zones.

Table 9.

Jamaica: Consumer Price Index

Table 9.

Jamaica: Consumer Price Index

	1991	1992	1993	1994	1995
Calender Year
Average	217.5	385.5	470.6	635.6	762.2
Food and beverages	235.3	417.8	506.1	700.3	842.7
Fuel and other household supplies	228.8	405.3	454.6	564.8	645.0
Housing	172.7	318.7	362.5	486.3	576.1
Household, furnishings, and furniture	177.2	299.2	368.1	466.6	552.0
Personal clothing and accessories	195.2	390.6	514.0	640.5	752.7
Healthcare and personal expenses	206.1	361.8	458.3	590.5	685.2
Transportation	200.4	308.1	383.5	511.6	616.0
Miscellaneous	192.6	332.3	452.8	621.6	795.0
End of period	299.3	419.6	546.0	692.1	869.3
Food and beverages	322.1	452.1	595.8	757.5	966.6
Fuel and other household supplies	325.1	425.2	504.2	598.8	820.9
Housing	264.7	337.9	408.5	541.7	626.0
Household, furnishings, and furniture	241.3	325.3	423.8	482.4	629.5
Personal clothing and accessories	268.2	464.2	580.0	676.3	838.6
Healthcare and personal expenses	279.4	396.5	523.4	634.4	748.6
Transportation	262.6	316.7	424.4	578.5	665.3
Miscellaneous	261.3	392.3	536.8	727.9	886.6
Average	51.0	77.3	22 1	35.1	19 9
Food and beverages	54.8	77.5	21.1	38.4	20.3
Fuel and other household supplies	65.2	77.2	12.2	24.2	14.2
Housing	28.2	84.5	13.7	34.2	18.5
Household, furnishings, and furniture	39.7	68.9	23.0	26.8	18.3
Personal clothing and accessories	42.3	100.1	31.6	24.6	17.5
Healthcare and personal expenses	56.4	75.6	26.7	28.8	16.0
Transportation	40.9	53.7	24.5	33.4	20.4
Miscellaneous	49.6	72.5	36.3	37.3	27.9
End of period	80.2	40.2	30.1.	26.8	25.6
Food and beverages	84.3	40.3	31.8	27.1	27.6
Fuel and other household supplies	94.1	30.8	18.6	18.8	37.1
Housing	64.7	32.4	20.9	32.6	17.4
Household, furnishings, and furniture	70.9	34.8	30.3	13.8	30.5
Personal clothing and accessories	75.0	73.0	24.9	16.6	24.0
Healthcare and personal expenses	87.3	41.9	32.0	21.2	18.0
Transponauon	62 6	20.6	34.0	36.3	15.0
Miscellaneous	72.6	50.1	36.8	35.6	21.8

Table 9.

Jamaica: Consumer Price Index

	1991	1992	1993	1994	1995
Calender Year
Average	217.5	385.5	470.6	635.6	762.2
Food and beverages	235.3	417.8	506.1	700.3	842.7
Fuel and other household supplies	228.8	405.3	454.6	564.8	645.0
Housing	172.7	318.7	362.5	486.3	576.1
Household, furnishings, and furniture	177.2	299.2	368.1	466.6	552.0
Personal clothing and accessories	195.2	390.6	514.0	640.5	752.7
Healthcare and personal expenses	206.1	361.8	458.3	590.5	685.2
Transportation	200.4	308.1	383.5	511.6	616.0
Miscellaneous	192.6	332.3	452.8	621.6	795.0
End of period	299.3	419.6	546.0	692.1	869.3
Food and beverages	322.1	452.1	595.8	757.5	966.6
Fuel and other household supplies	325.1	425.2	504.2	598.8	820.9
Housing	264.7	337.9	408.5	541.7	626.0
Household, furnishings, and furniture	241.3	325.3	423.8	482.4	629.5
Personal clothing and accessories	268.2	464.2	580.0	676.3	838.6
Healthcare and personal expenses	279.4	396.5	523.4	634.4	748.6
Transportation	262.6	316.7	424.4	578.5	665.3
Miscellaneous	261.3	392.3	536.8	727.9	886.6
Average	51.0	77.3	22 1	35.1	19 9
Food and beverages	54.8	77.5	21.1	38.4	20.3
Fuel and other household supplies	65.2	77.2	12.2	24.2	14.2
Housing	28.2	84.5	13.7	34.2	18.5
Household, furnishings, and furniture	39.7	68.9	23.0	26.8	18.3
Personal clothing and accessories	42.3	100.1	31.6	24.6	17.5
Healthcare and personal expenses	56.4	75.6	26.7	28.8	16.0
Transportation	40.9	53.7	24.5	33.4	20.4
Miscellaneous	49.6	72.5	36.3	37.3	27.9
End of period	80.2	40.2	30.1.	26.8	25.6
Food and beverages	84.3	40.3	31.8	27.1	27.6
Fuel and other household supplies	94.1	30.8	18.6	18.8	37.1
Housing	64.7	32.4	20.9	32.6	17.4
Household, furnishings, and furniture	70.9	34.8	30.3	13.8	30.5
Personal clothing and accessories	75.0	73.0	24.9	16.6	24.0
Healthcare and personal expenses	87.3	41.9	32.0	21.2	18.0
Transponauon	62 6	20.6	34.0	36.3	15.0
Miscellaneous	72.6	50.1	36.8	35.6	21.8

Table 9.

Jamaica: Consumer Price Index

Source Statistical Institute of Jamaica.

^{^1/}Fiscal years begin on April 1

Table 9.

Jamaica: Consumer Price Index

	1991/92	1992/93	1993/94	1994/95	1995/96
Fiscal Year ^1/
Average	259	403.9	502	662.8	814.1
Food and beverages	281.7	436.8	542.3	730.4	901.0
Fuel and other household supplies	274.8	418.6	476.2	582.6	656.2
Housing	205.3	329.2	362.2	509.2	601.6
Household, furnishings, and furniture	207.7	315.2	392.4	477.6	594.5
Personal clothing and accessories	233.1	424.3	541.3	669.2	799.0
Healthcare and personal expenses	246.6	362.3	485.5	613.7	719.2
Transportation	231.4	317.2	408.5	538.4	664.1
Miscellaneous expenses	221.9	356.9	487.4	657.5	846.3
End of period	355.7	430.2	590.6	715.8	936.3
Food and beverages	388.4	462.4	649.2	786.2	1028.1
Fuel and other household supplies	378.7	428.6	542.9	620.6	903.2
Housing	294.3	338.3	439.2	549.4	655.1
Household, furnishings and furniture	279.7	337.8	460.7	505.4	688.5
Personal clothing and accessories	339	483.6	617.5	704.7	901.5
Healthcare and personal expenses	337.5	431.6	549.5	658.6	801.6
Transportation	300.7	330.7	459.7	594.8	838.8
Miscellaneous	276.7	397.8	572.4	737.6	961.4
Average	68.6	57.5	24.3	32.0	22.8
Food and beverages	73.7	56.5	24.2	34.7	23.4
Fuel and other household supplies	80.8	53.3	13.8	22.3	12.6
Housing	42.8	61.8	10.0	40.6	18.2
Household, furnishings, and furniture	55.6	51.8	24.5	21.7	24.5
Personal clothing and accessories	59.5	85.1	27.6	23.6	19.4
Healthcare and personal expenses	75.6	56.5	34.0	26.4	17.2
Transportation	54.4	37.7	28.8	31.8	23.4
Miscellaneous expenses	62.2	63.8	36.6	34.9	28.7
End of period	105.8	21.1	37.1	21.2	30.8
Food and beverages	111.6	19.1	40.4	21.1	30.8
Fuel and other household supplies	111.7	13.2	26.7	14.3	45.5
Housing	94.5	14.9	29.8	25.1	19.2
Household, furnishings, and furniture	88.8	20.8	36.4	9.7	36.2
Personal clothing and accessories	103.9	42.7	27.7	14.1	27.9
Healthcare and personal expenses	1136	27.9	27.3	19.9	21.7
Transportation	82.8	10	39.0	294	41.0
Miscellaneous	79	43.7	43.9	28.9	30.3

Source Statistical Institute of Jamaica.

^{^1/}Fiscal years begin on April 1

Table 9.

Jamaica: Consumer Price Index

	1991/92	1992/93	1993/94	1994/95	1995/96
Fiscal Year ^1/
Average	259	403.9	502	662.8	814.1
Food and beverages	281.7	436.8	542.3	730.4	901.0
Fuel and other household supplies	274.8	418.6	476.2	582.6	656.2
Housing	205.3	329.2	362.2	509.2	601.6
Household, furnishings, and furniture	207.7	315.2	392.4	477.6	594.5
Personal clothing and accessories	233.1	424.3	541.3	669.2	799.0
Healthcare and personal expenses	246.6	362.3	485.5	613.7	719.2
Transportation	231.4	317.2	408.5	538.4	664.1
Miscellaneous expenses	221.9	356.9	487.4	657.5	846.3
End of period	355.7	430.2	590.6	715.8	936.3
Food and beverages	388.4	462.4	649.2	786.2	1028.1
Fuel and other household supplies	378.7	428.6	542.9	620.6	903.2
Housing	294.3	338.3	439.2	549.4	655.1
Household, furnishings and furniture	279.7	337.8	460.7	505.4	688.5
Personal clothing and accessories	339	483.6	617.5	704.7	901.5
Healthcare and personal expenses	337.5	431.6	549.5	658.6	801.6
Transportation	300.7	330.7	459.7	594.8	838.8
Miscellaneous	276.7	397.8	572.4	737.6	961.4
Average	68.6	57.5	24.3	32.0	22.8
Food and beverages	73.7	56.5	24.2	34.7	23.4
Fuel and other household supplies	80.8	53.3	13.8	22.3	12.6
Housing	42.8	61.8	10.0	40.6	18.2
Household, furnishings, and furniture	55.6	51.8	24.5	21.7	24.5
Personal clothing and accessories	59.5	85.1	27.6	23.6	19.4
Healthcare and personal expenses	75.6	56.5	34.0	26.4	17.2
Transportation	54.4	37.7	28.8	31.8	23.4
Miscellaneous expenses	62.2	63.8	36.6	34.9	28.7
End of period	105.8	21.1	37.1	21.2	30.8
Food and beverages	111.6	19.1	40.4	21.1	30.8
Fuel and other household supplies	111.7	13.2	26.7	14.3	45.5
Housing	94.5	14.9	29.8	25.1	19.2
Household, furnishings, and furniture	88.8	20.8	36.4	9.7	36.2
Personal clothing and accessories	103.9	42.7	27.7	14.1	27.9
Healthcare and personal expenses	1136	27.9	27.3	19.9	21.7
Transportation	82.8	10	39.0	294	41.0
Miscellaneous	79	43.7	43.9	28.9	30.3

Source Statistical Institute of Jamaica.

^{^1/}Fiscal years begin on April 1

Table 10.

Jamaica: Public Sector Balance and Financing

Sources Bank of Jamaica, and Ministry of Finance and Planning.

^{^1/}Data in 1995 differ from Fund staff estimates by amount of interest rescheduling

Table 10.

Jamaica: Public Sector Balance and Financing

						Prel.
		1991/92	1992/93	1993/94	1994/95	1995/96
			(In millions of Jamaica dollars)
Central Government ^1/		2,054	3,174	5,573	4,909	3,804
Rest of general government		=	711	1,204	3,039	667
Selected public entities		967	1,886	549	1,145	145
Bank of Jamaica (− loss)		−2.622	−3,953	−2,036	−3,078	1,159
Others and discrepancy		−596	−162	−3,593	81	−421
Overall public sector balance ^1/		−196	1,655	1,697	6,096	6,195
Financing		126	−1,655	−1 697	−6,096	−6,195
Foreign financing		−589	−933	−328	−898	−3,004
Domestic financing		255	−723	−1,369	−5,198	−3,191
	Banking System	1,936	3,031	−2,896	−7,519	−3,388
	Other	−1,681	−3,754	−1,527	2,956	649
Divestment proceeds		531	--	--	−635	−452
			(In percent of GDE)
Central Government		4.1	4.2	5.2	3.6	2.3
Rest of general government		=	0.9	1.1	2.2	0.4
Selected public entities		1.9	2.5	0.5	0.8	0.1
Bank of Jamaica (− loss)		−5.2	−5.2	−1.9	−2.3.	0.7
Others and discrepancy		−1.2	−0.2	−3.3	0.1	0.3
Overall public sector balance		−0.4	2.2	1.6	1.6	1.6
Financing		0.4	−2.2	−1.6	−1.6	−1.6
Foreign financing		−1.2	−1.2	−0.3	−0.3	−0.3
Domestic financing		0.5	−0.9	−1.3	−1.3	−1.3
	Banking System	3.9	4.0	−2.8	−2.8	−2.8
	Other	−3.4	−4.9	1.5	1.5	1.5
Divestment proceeds		1.1	—	—	−0.5	−0.3
Memorandum item
GDP at current market prices		50,109.6	76,250.0	107,527.0	135,224.0	162,731.0

Sources Bank of Jamaica, and Ministry of Finance and Planning.

^{^1/}Data in 1995 differ from Fund staff estimates by amount of interest rescheduling

Table 10.

Jamaica: Public Sector Balance and Financing

						Prel.
		1991/92	1992/93	1993/94	1994/95	1995/96
			(In millions of Jamaica dollars)
Central Government ^1/		2,054	3,174	5,573	4,909	3,804
Rest of general government		=	711	1,204	3,039	667
Selected public entities		967	1,886	549	1,145	145
Bank of Jamaica (− loss)		−2.622	−3,953	−2,036	−3,078	1,159
Others and discrepancy		−596	−162	−3,593	81	−421
Overall public sector balance ^1/		−196	1,655	1,697	6,096	6,195
Financing		126	−1,655	−1 697	−6,096	−6,195
Foreign financing		−589	−933	−328	−898	−3,004
Domestic financing		255	−723	−1,369	−5,198	−3,191
	Banking System	1,936	3,031	−2,896	−7,519	−3,388
	Other	−1,681	−3,754	−1,527	2,956	649
Divestment proceeds		531	--	--	−635	−452
			(In percent of GDE)
Central Government		4.1	4.2	5.2	3.6	2.3
Rest of general government		=	0.9	1.1	2.2	0.4
Selected public entities		1.9	2.5	0.5	0.8	0.1
Bank of Jamaica (− loss)		−5.2	−5.2	−1.9	−2.3.	0.7
Others and discrepancy		−1.2	−0.2	−3.3	0.1	0.3
Overall public sector balance		−0.4	2.2	1.6	1.6	1.6
Financing		0.4	−2.2	−1.6	−1.6	−1.6
Foreign financing		−1.2	−1.2	−0.3	−0.3	−0.3
Domestic financing		0.5	−0.9	−1.3	−1.3	−1.3
	Banking System	3.9	4.0	−2.8	−2.8	−2.8
	Other	−3.4	−4.9	1.5	1.5	1.5
Divestment proceeds		1.1	—	—	−0.5	−0.3
Memorandum item
GDP at current market prices		50,109.6	76,250.0	107,527.0	135,224.0	162,731.0

Sources Bank of Jamaica, and Ministry of Finance and Planning.

^{^1/}Data in 1995 differ from Fund staff estimates by amount of interest rescheduling

Table 11.

Jamaica: Consolidated General Government Operations ^1/

Source Table 12.

^{^1/}Includes the Central Government, the National Insurance Fund, the National Housing Trust, and the Human Education and Resources Training Trust

Table 11.

Jamaica: Consolidated General Government Operations ^1/

						Prel.
		1991/92	1992/93	1993/94	1994/95	1995/96
			(In millions of Jamaica dollars)
Revenue		15,919	25,065	36,464	47,545	61,754
Tax revenue		11,479	19,051	28,948	38,404	50,262
Bauxite levy		1,246	1,623	1,726	2,374	2,795
Other		3,194	4,391	5,791	6,767	8,697
Grants		714	943	491	1,343	1,181
Expenditure		14,027	22,124	30,178	40,940	58.465
Current		11,147	16,949	24,996	35,785	45,542
Capital and net lending		2,880	5,174	5,182	5,154	12,923
Current balance		5,486	9,059	11,959	13,102	17,394
Overall balance		2,607	3,885	6,777	7,948	4,471
Financing		−2.607	−3.885	−6.777	−7.948	4.471
Net external		1,430	−562	799	−2,084	−3,631
Net domestic		−4,387	−3,322	−7,576	−5,864	−840
	Banking system	−3,061	−572	−5,323	−12,375	−840
	Other	−1,326	−2,751	−2,253	6,312	–
Divestment proceeds		350	–	–	−635	−452
			(In percent of GDP)
Revenue		31.8	32.9	33.9	35.2	37.9
Grants		1.4	1.2	0.5	1.0	0.7
Expenditure		28.0	29.0	28.1	30.3	35.9
Current		22.2	22.2	23.2	26.5	28.0
Capital and net lending		5.7	6.8	4.8	3.8	7.9
Current acount balance		10.9	11.9	11.1	9.7	10.7
Overall balance		5.2	5.1	6.3	5.9	2.7
Overall financing		−5.2	−5.1	−6.3	−5.9	2.7
Net external		2.9	−0.7	0.7	−1.5	−2.2
Net domestic		−8.8	−4.4	-−.0	−4.3	−0.5
Divestment proceeds		0.7	–	–	−0.5	−0.3

Source Table 12.

^{^1/}Includes the Central Government, the National Insurance Fund, the National Housing Trust, and the Human Education and Resources Training Trust

Table 11.

Jamaica: Consolidated General Government Operations ^1/

						Prel.
		1991/92	1992/93	1993/94	1994/95	1995/96
			(In millions of Jamaica dollars)
Revenue		15,919	25,065	36,464	47,545	61,754
Tax revenue		11,479	19,051	28,948	38,404	50,262
Bauxite levy		1,246	1,623	1,726	2,374	2,795
Other		3,194	4,391	5,791	6,767	8,697
Grants		714	943	491	1,343	1,181
Expenditure		14,027	22,124	30,178	40,940	58.465
Current		11,147	16,949	24,996	35,785	45,542
Capital and net lending		2,880	5,174	5,182	5,154	12,923
Current balance		5,486	9,059	11,959	13,102	17,394
Overall balance		2,607	3,885	6,777	7,948	4,471
Financing		−2.607	−3.885	−6.777	−7.948	4.471
Net external		1,430	−562	799	−2,084	−3,631
Net domestic		−4,387	−3,322	−7,576	−5,864	−840
	Banking system	−3,061	−572	−5,323	−12,375	−840
	Other	−1,326	−2,751	−2,253	6,312	–
Divestment proceeds		350	–	–	−635	−452
			(In percent of GDP)
Revenue		31.8	32.9	33.9	35.2	37.9
Grants		1.4	1.2	0.5	1.0	0.7
Expenditure		28.0	29.0	28.1	30.3	35.9
Current		22.2	22.2	23.2	26.5	28.0
Capital and net lending		5.7	6.8	4.8	3.8	7.9
Current acount balance		10.9	11.9	11.1	9.7	10.7
Overall balance		5.2	5.1	6.3	5.9	2.7
Overall financing		−5.2	−5.1	−6.3	−5.9	2.7
Net external		2.9	−0.7	0.7	−1.5	−2.2
Net domestic		−8.8	−4.4	-−.0	−4.3	−0.5
Divestment proceeds		0.7	–	–	−0.5	−0.3

Source Table 12.

^{^1/}Includes the Central Government, the National Insurance Fund, the National Housing Trust, and the Human Education and Resources Training Trust

Table 12.

Jamaica: Operations of the General Government ^1/

Sources: Bank of Jamaica; and Ministry of Finance and Planning.

^{^1/}Includes the Central Government, the National Insurance Fund, the National Housing Trust, and the High Education and Resource Training Unit

^{^2/}Operations of the local governments are not shown separately because they depend almost entirely on transfers from the Central Government

^{^3/}Adjusted to include levy receipts earmarked to repay a 1982 advance.

Table 12.

Jamaica: Operations of the General Government ^1/

						Prel.
		1991/92	1992/93	1993/94	1994/95	1995/96
		I. Central Government ^2/
			(In millions of Jamaica dollars)
Total receipts		15,071	23,556	33,614	45,178	58,576
Revenue		14,357	22,612	33,123	43,835	57,394
Tax		11,479	19,051	28,948	38,404	50,262
Nontax		782	1,212	1,544	2,080	3,585
Bauxite levy ^3/		1,246	1,623	1,726	2,374	2,795
Capital revenue		850	726	906	977	752
Grants		714	943	491	1,343	1,181
Expenditure		13,018	20,382	28,041	40,269	54,771
Current		10,639	16,322	23,981	34,393	43,570
Capital and net lending		2,379	4,060	4,060	5,876	11,201
Overall balance		2.054	3.174	5.573	4.909	3.804
Financing		−2.054	−3.174	−3.617	4.909	−3.804
Net external ^3/		1,430	−562	799	2,084	−3,631
Net domestic		−3,834	−2,612	−4,416	2,825	279
	Banking system	−2,508	139	−2,163	−8,706	–
	Other	−1,326	−2,751	−2.253	6,512	–
Divestment proceeds		350	–	–	−635	−452
			(ln percent of GDP)
Total receipts		30.1	30.9	31.3	33.4	36.0
Revenue		28.7	29.7	30.8	32.4	35.3
Tax		22.9	25.0	26.9	28.4	30.9
Nontax		1.6	1.6	1.4	1.5	2.2
Bauxite levy		2.5	2.1	1.6	1.8	1.7
Capital revenue		1.7	1.0	0.8	0.7	0.5
Grants		1.4	1.2	0.5	1.0	0.7
Expenditures		26.0	26.7	26.1	29.8	33.7
Current		21.2	21.4	22.3	25.4	26.8
Capital and net lending		4.7	5.4	3.8	5.5	6.9
Overall balance		4.1	4.2	5.2	4.6	2.3
Financing		−4.1	−4.2	−3.4	3.6	−2.3
Net external ^3/		2.9	−0.7	0.7	1.5	−2.2
Nct domestic		−7.7	−3 4	−4.1	2.1	0.2
	Banking system	−5.0	0.2	−2.0	−6.4	–
	Other	−2 6	−3.6	−2.1	4.8	–
Divestment proceeds		0.7	–	–	−0.5	−0.3
		II. National Insurance Fund
		(In millions of Jamaica dollars)
Revenue		546	692	788	1,417	1,087
Interest from Central
	Government	325	357	300	400	450
Other interest		33	55	57	60	75
Contributions from Central
	Government	5	–	–	–	–
Other contributions		183	280	431	957	562
Expenditure		273	317	335	275	598
Current		230	156	280	328	517
Capital and net lending		21	109	30	−130	0
Transfers		22	52	25	76	81
Overall balance		273	375	453	1,142	489
Financing		−273	−375	−453	−1.142	−489
Banking system		−177	344	−199	−1,162	−64
Government securities		−96	–	–	–	–
Other		–	−719	−254	20	−425
		III. National Housing Trust
		(In millions of Jamaica dollars)
Revenue		809	1.349	1,915	1,241	2,105
Contributions		432	816	1,143	1,206	1,259
	From Central Government	54	58	…	…	…
	Other	378	758	…	35	846
Interest		376	534	772	…	…
	From Central Government	95	112	…	…	…
	Other interest	282	422	…	…	…
Expenditure		589	1,141	1,388	−300	2,270
Current		117	175	360	455	688
	Operating expenses	67	…	…	…	…
	Other (including bonuses paid and taxes)	50	…	…	…	…
Capital and net lending		472	965	1,027	−755	1,582
	Fixed assets	62	60	53	…	…
	Housing loans	349	772	883	…	…
	Other	61	133	91	−755	1,582
Overall balance		220	209	528	1,541	−165
Financing		−220	−209	−528	−1,541	165
Banking system		−220	−209	−528	−1,541	−672
Government securities		–	–	–	–	–
Other		–	–	–	–	837
		IV. Human Employment and Resource
		Training Trust (HEART)
		(In millions of Jamaica dollars)
Revenue		207	411	637	1,052	1,168
Contributions		175	323	473	485	500
	From Central Government	–	–	–	–	–
	Other	175	323	473	485	500
Other		32	88	164	567	668
Expenditure		147	285	414	696	825
Current		140	244	350	534	686
Capital		7	40	65	163	140
Overall balance		61	127	223	356	343
Financing		−61	−127	−223	−356	−343.
Banking system		−61	−127	−223	−356	−206
Other		–	–	–	–	−137

Sources: Bank of Jamaica; and Ministry of Finance and Planning.

^{^1/}Includes the Central Government, the National Insurance Fund, the National Housing Trust, and the High Education and Resource Training Unit

^{^2/}Operations of the local governments are not shown separately because they depend almost entirely on transfers from the Central Government

^{^3/}Adjusted to include levy receipts earmarked to repay a 1982 advance.

Table 12.

Jamaica: Operations of the General Government ^1/

						Prel.
		1991/92	1992/93	1993/94	1994/95	1995/96
		I. Central Government ^2/
			(In millions of Jamaica dollars)
Total receipts		15,071	23,556	33,614	45,178	58,576
Revenue		14,357	22,612	33,123	43,835	57,394
Tax		11,479	19,051	28,948	38,404	50,262
Nontax		782	1,212	1,544	2,080	3,585
Bauxite levy ^3/		1,246	1,623	1,726	2,374	2,795
Capital revenue		850	726	906	977	752
Grants		714	943	491	1,343	1,181
Expenditure		13,018	20,382	28,041	40,269	54,771
Current		10,639	16,322	23,981	34,393	43,570
Capital and net lending		2,379	4,060	4,060	5,876	11,201
Overall balance		2.054	3.174	5.573	4.909	3.804
Financing		−2.054	−3.174	−3.617	4.909	−3.804
Net external ^3/		1,430	−562	799	2,084	−3,631
Net domestic		−3,834	−2,612	−4,416	2,825	279
	Banking system	−2,508	139	−2,163	−8,706	–
	Other	−1,326	−2,751	−2.253	6,512	–
Divestment proceeds		350	–	–	−635	−452
			(ln percent of GDP)
Total receipts		30.1	30.9	31.3	33.4	36.0
Revenue		28.7	29.7	30.8	32.4	35.3
Tax		22.9	25.0	26.9	28.4	30.9
Nontax		1.6	1.6	1.4	1.5	2.2
Bauxite levy		2.5	2.1	1.6	1.8	1.7
Capital revenue		1.7	1.0	0.8	0.7	0.5
Grants		1.4	1.2	0.5	1.0	0.7
Expenditures		26.0	26.7	26.1	29.8	33.7
Current		21.2	21.4	22.3	25.4	26.8
Capital and net lending		4.7	5.4	3.8	5.5	6.9
Overall balance		4.1	4.2	5.2	4.6	2.3
Financing		−4.1	−4.2	−3.4	3.6	−2.3
Net external ^3/		2.9	−0.7	0.7	1.5	−2.2
Nct domestic		−7.7	−3 4	−4.1	2.1	0.2
	Banking system	−5.0	0.2	−2.0	−6.4	–
	Other	−2 6	−3.6	−2.1	4.8	–
Divestment proceeds		0.7	–	–	−0.5	−0.3
		II. National Insurance Fund
		(In millions of Jamaica dollars)
Revenue		546	692	788	1,417	1,087
Interest from Central
	Government	325	357	300	400	450
Other interest		33	55	57	60	75
Contributions from Central
	Government	5	–	–	–	–
Other contributions		183	280	431	957	562
Expenditure		273	317	335	275	598
Current		230	156	280	328	517
Capital and net lending		21	109	30	−130	0
Transfers		22	52	25	76	81
Overall balance		273	375	453	1,142	489
Financing		−273	−375	−453	−1.142	−489
Banking system		−177	344	−199	−1,162	−64
Government securities		−96	–	–	–	–
Other		–	−719	−254	20	−425
		III. National Housing Trust
		(In millions of Jamaica dollars)
Revenue		809	1.349	1,915	1,241	2,105
Contributions		432	816	1,143	1,206	1,259
	From Central Government	54	58	…	…	…
	Other	378	758	…	35	846
Interest		376	534	772	…	…
	From Central Government	95	112	…	…	…
	Other interest	282	422	…	…	…
Expenditure		589	1,141	1,388	−300	2,270
Current		117	175	360	455	688
	Operating expenses	67	…	…	…	…
	Other (including bonuses paid and taxes)	50	…	…	…	…
Capital and net lending		472	965	1,027	−755	1,582
	Fixed assets	62	60	53	…	…
	Housing loans	349	772	883	…	…
	Other	61	133	91	−755	1,582
Overall balance		220	209	528	1,541	−165
Financing		−220	−209	−528	−1,541	165
Banking system		−220	−209	−528	−1,541	−672
Government securities		–	–	–	–	–
Other		–	–	–	–	837
		IV. Human Employment and Resource
		Training Trust (HEART)
		(In millions of Jamaica dollars)
Revenue		207	411	637	1,052	1,168
Contributions		175	323	473	485	500
	From Central Government	–	–	–	–	–
	Other	175	323	473	485	500
Other		32	88	164	567	668
Expenditure		147	285	414	696	825
Current		140	244	350	534	686
Capital		7	40	65	163	140
Overall balance		61	127	223	356	343
Financing		−61	−127	−223	−356	−343.
Banking system		−61	−127	−223	−356	−206
Other		–	–	–	–	−137

Sources: Bank of Jamaica; and Ministry of Finance and Planning.

^{^1/}Includes the Central Government, the National Insurance Fund, the National Housing Trust, and the High Education and Resource Training Unit

^{^2/}Operations of the local governments are not shown separately because they depend almost entirely on transfers from the Central Government

^{^3/}Adjusted to include levy receipts earmarked to repay a 1982 advance.

Table 13.

Jamaica: Operations of Selected Public Enterprises ^1/

Source: Ministry of Finance and Planning.

^{^1/}In 1995/96, the selected public enterprises consisted of the Airport Authority of Jamaica Air Jamaica Limited, Jamaica Brodcasting Corporation, Jamaica Commodity Corporation (precently definet) National Housing Corporation, National Water Commission, Petroleum Corporation of Jamaica, Petrojem Limited. Port Authority of Jamaica, Urban Development Corporation, and the National Invesment Bank of Jamatea. The Sugar Industry Authority and Jamaica Sugar Holdings Limited were privalized during 1993/94. Their operation are included for the quarters of 1993/94.

Table 13.

Jamaica: Operations of Selected Public Enterprises ^1/

						Prel.
		1991/92	1992/93	1993/94	1994/95	1995/96
			(In millions of Jamaica dollars)
Balance before transfers		1,089	3,252	1,554	1,370	−3,240
Operating balance		2,144	5,008	4,128	4,880	2,927
Capital account		−1.056	−1,756	−2,574	−3,510	−6,167
Net transfer from government
	capital revenue and grants	−364	−1,366	−1,006	−225	3,384
Overall balance		725	1,886	549	1,145	145
			(In percent of GDP)
Balance before transfers		2.2	4.3	1.4	1.0	−2.0
Operating balance		4.3	6.6	3.8	3.6	1.8
Capital account		−2.1	−2.3	−2.4	−2.6	−3.8
Net transfers from government
	capital revenue and grants	−0.7	−1.8	−0.9	−0.2	2.1
Overall balance		1.4	2.5	0.5	0.8	0.1

Source: Ministry of Finance and Planning.

Table 13.

Jamaica: Operations of Selected Public Enterprises ^1/

						Prel.
		1991/92	1992/93	1993/94	1994/95	1995/96
			(In millions of Jamaica dollars)
Balance before transfers		1,089	3,252	1,554	1,370	−3,240
Operating balance		2,144	5,008	4,128	4,880	2,927
Capital account		−1.056	−1,756	−2,574	−3,510	−6,167
Net transfer from government
	capital revenue and grants	−364	−1,366	−1,006	−225	3,384
Overall balance		725	1,886	549	1,145	145
			(In percent of GDP)
Balance before transfers		2.2	4.3	1.4	1.0	−2.0
Operating balance		4.3	6.6	3.8	3.6	1.8
Capital account		−2.1	−2.3	−2.4	−2.6	−3.8
Net transfers from government
	capital revenue and grants	−0.7	−1.8	−0.9	−0.2	2.1
Overall balance		1.4	2.5	0.5	0.8	0.1

Source: Ministry of Finance and Planning.

Table 14.

Jamaica: Bank of Jamaica Operating Balance

Source: Bank of Jamaica.

^{^1/}Certificate of deposits phased out in 1994/95. For 1995/96, these represent interest payments on open market operations.

^{^2/}Private sector deposits for the settlement of foreign exchange obligations.

Table 14.

Jamaica: Bank of Jamaica Operating Balance

						Prel.
		1991/92	1992/93	1993/94	1994/95	1995/96
			(In millions of Jamaica dollars)
Income		364	966	1,689	3,845	6,063
Local		289	841	1,426	2,987	4,429
	Local registered stock	167	662	1,072	2,489	3,858
	Treasury bills	38	26	200	171	139
	Interest current accounts	15	58	70	53	146
	Other	69	96	83	274	286
Foreign		75	126	263	858	1,635
Expenses		2,986	4,920	3,724	6,923	4,905
Wages and other administrative
	expenses	153	251	318	355	638
Current expenses		26	84	142	259	299
Domestic interest		1,334	2,625	2,179	5,242	3,007
	Bankers	68	58	66	139	201
	Certificates of deposit ^1/	803	1,994	1,056	1,942	1,500
	Government deposits	215	241	747	1,717	901
	Other	249	332	310	1,444	405
Foreign interest		1,073	1,400	1,085	1,067	961
	IMF	419	661	578	671	589
	Balance of payments support	654	739	507	396	372
Auction expenses ^2/		394	553	–	–	–
Foreign miscellaneous		5	8	–	–	–
Interest arrears		–	–	–	–	–
Balance		−2,622	−3,953	−2,036	−3,078	1,158

Source: Bank of Jamaica.

^{^1/}Certificate of deposits phased out in 1994/95. For 1995/96, these represent interest payments on open market operations.

^{^2/}Private sector deposits for the settlement of foreign exchange obligations.

Table 14.

Jamaica: Bank of Jamaica Operating Balance

						Prel.
		1991/92	1992/93	1993/94	1994/95	1995/96
			(In millions of Jamaica dollars)
Income		364	966	1,689	3,845	6,063
Local		289	841	1,426	2,987	4,429
	Local registered stock	167	662	1,072	2,489	3,858
	Treasury bills	38	26	200	171	139
	Interest current accounts	15	58	70	53	146
	Other	69	96	83	274	286
Foreign		75	126	263	858	1,635
Expenses		2,986	4,920	3,724	6,923	4,905
Wages and other administrative
	expenses	153	251	318	355	638
Current expenses		26	84	142	259	299
Domestic interest		1,334	2,625	2,179	5,242	3,007
	Bankers	68	58	66	139	201
	Certificates of deposit ^1/	803	1,994	1,056	1,942	1,500
	Government deposits	215	241	747	1,717	901
	Other	249	332	310	1,444	405
Foreign interest		1,073	1,400	1,085	1,067	961
	IMF	419	661	578	671	589
	Balance of payments support	654	739	507	396	372
Auction expenses ^2/		394	553	–	–	–
Foreign miscellaneous		5	8	–	–	–
Interest arrears		–	–	–	–	–
Balance		−2,622	−3,953	−2,036	−3,078	1,158

Source: Bank of Jamaica.

^{^1/}Certificate of deposits phased out in 1994/95. For 1995/96, these represent interest payments on open market operations.

^{^2/}Private sector deposits for the settlement of foreign exchange obligations.

Table 15.

Jamaica: Central Government Revenue ^1/

Source Ministry of Finance and Planning

^{^1/}Excludes grants Totals may not add up due to rounding

^{^2/}A one-tune 0.75 percent tax on banks’ assets was levied in 1991/92.

^{^3/}Includes transfers of profits of public entities and royalties.

Table 15.

Jamaica: Central Government Revenue ^1/

						Prel.
		1991/92	1992/93	1993/94	1994/95	1995/96
			(In millions of Jamaica dollars)
Total revenue		14,357	22,612	33,123	43,835	57,394
Tax revenue		11,479	19,051	28,948	38,404	50,262
Income and profits		4,845	7,885	10,896	15,377	18,888
	Bauxite/alumina	199	165	450	302	858
	Other companies ^2/	1,435	2,546	3,687	5,457	6,039
	PAYE	2,390	3,408	4,716	6,781	9,269
	Other individuals	234	323	424	583	579
	Interest and dividend	588	1,444	1,620	2,353	2,144
Property tax		69	88	257	447	477
Production and consumption		3,888	6,396	9,548	12,323	15,469
	Excises	40	4	1	–	–
	Consumption duty/Special GCT	1,479	1,936	1,947	2,008	2,016
	Retail sales tax	165	14	3	–	–
	Motor vehicle licenses	66	65	340	462	481
	Other licenses	22	21	25	53	45
	Entertainment tax	6	4	–	–	–
	Betting, gaming and lottery	67	97	78	122	198
	Tax de sejour	80	4	–	–	–
	Education tax	428	666	1,053	1,541	2,046
	Sales tax, used cars	5	3	3	–	–
	Telephone	76	1	–	–	–
	Contractors Levy	25	40	81	99	174
	Stamp duties (local)	675	1,007	1,467	1,716	2,069
	GCT (Local)	755	2,537	4,549	6,323	8,441
International trade		2,675	4,682	8,247	10,257	15,428
	Custom duty	1,530	2,632	3,927	4,380	5,962
	Stamp duty	363	172	290	313	361
	Travel taxes	167	341	427	543	713
	Consumption duty (imports)	239	6	–	–	–
	GCT Imports	377	1,530	3,603	5,021	8,392
Bauxite levy		1,246	1,623	1,726	2,374	2,795
Nontax revenue		782	1,212	1,544	2,080	3.585
Post office		28	76	60	106	87
Department and other ^3/		754	1,136	1,484	1,975	3,498
Capital revenue		850	726	906	977	752
Other		140	308	517	497	324
Loan repayments		709	418	389	480	429
			(In percent of GDP)
Total revenue		28.7	29.7	30.8	32.4	35.3
Tax revenue		22.9	25.0	26.9	28.4	30.9
Income and profit		9.7	10.3	10.1	11.4	11.6
Properry		0.1	0.1	0.2	0.3	0.3
Production and consumption		7.8	8.4	8.9	9.1	9.5
International trade		5.3	6.1	7.7	7.6	9.5
Bauxite levy (Capital Development Bank Transfer)		2.5	2.1	1.6	1.8	1.7
Nontax revenue		1.6	1.6	1.4	1.5	2.2
Capital revenue		1.7	1.0	0.8	0.7	0.5

Source Ministry of Finance and Planning

^{^1/}Excludes grants Totals may not add up due to rounding

^{^2/}A one-tune 0.75 percent tax on banks’ assets was levied in 1991/92.

^{^3/}Includes transfers of profits of public entities and royalties.

Table 15.

Jamaica: Central Government Revenue ^1/

						Prel.
		1991/92	1992/93	1993/94	1994/95	1995/96
			(In millions of Jamaica dollars)
Total revenue		14,357	22,612	33,123	43,835	57,394
Tax revenue		11,479	19,051	28,948	38,404	50,262
Income and profits		4,845	7,885	10,896	15,377	18,888
	Bauxite/alumina	199	165	450	302	858
	Other companies ^2/	1,435	2,546	3,687	5,457	6,039
	PAYE	2,390	3,408	4,716	6,781	9,269
	Other individuals	234	323	424	583	579
	Interest and dividend	588	1,444	1,620	2,353	2,144
Property tax		69	88	257	447	477
Production and consumption		3,888	6,396	9,548	12,323	15,469
	Excises	40	4	1	–	–
	Consumption duty/Special GCT	1,479	1,936	1,947	2,008	2,016
	Retail sales tax	165	14	3	–	–
	Motor vehicle licenses	66	65	340	462	481
	Other licenses	22	21	25	53	45
	Entertainment tax	6	4	–	–	–
	Betting, gaming and lottery	67	97	78	122	198
	Tax de sejour	80	4	–	–	–
	Education tax	428	666	1,053	1,541	2,046
	Sales tax, used cars	5	3	3	–	–
	Telephone	76	1	–	–	–
	Contractors Levy	25	40	81	99	174
	Stamp duties (local)	675	1,007	1,467	1,716	2,069
	GCT (Local)	755	2,537	4,549	6,323	8,441
International trade		2,675	4,682	8,247	10,257	15,428
	Custom duty	1,530	2,632	3,927	4,380	5,962
	Stamp duty	363	172	290	313	361
	Travel taxes	167	341	427	543	713
	Consumption duty (imports)	239	6	–	–	–
	GCT Imports	377	1,530	3,603	5,021	8,392
Bauxite levy		1,246	1,623	1,726	2,374	2,795
Nontax revenue		782	1,212	1,544	2,080	3.585
Post office		28	76	60	106	87
Department and other ^3/		754	1,136	1,484	1,975	3,498
Capital revenue		850	726	906	977	752
Other		140	308	517	497	324
Loan repayments		709	418	389	480	429
			(In percent of GDP)
Total revenue		28.7	29.7	30.8	32.4	35.3
Tax revenue		22.9	25.0	26.9	28.4	30.9
Income and profit		9.7	10.3	10.1	11.4	11.6
Properry		0.1	0.1	0.2	0.3	0.3
Production and consumption		7.8	8.4	8.9	9.1	9.5
International trade		5.3	6.1	7.7	7.6	9.5
Bauxite levy (Capital Development Bank Transfer)		2.5	2.1	1.6	1.8	1.7
Nontax revenue		1.6	1.6	1.4	1.5	2.2
Capital revenue		1.7	1.0	0.8	0.7	0.5

Source Ministry of Finance and Planning

^{^1/}Excludes grants Totals may not add up due to rounding

^{^2/}A one-tune 0.75 percent tax on banks’ assets was levied in 1991/92.

^{^3/}Includes transfers of profits of public entities and royalties.

Table 16.

Jamaica: Central Government Expenditure

Source: Ministry of Finance and Planning

Table 16.

Jamaica: Central Government Expenditure

						Prel.
		1991/92	1992/93	1993/94	1994/95	1995/96
		(In millions of Jamaica dollars)
Total expenditure		13,018	20,382	28,041	40,269.	54,711
Current expenditure		10,639	16,322	23,981	34,393	43,570
Goods and services		5,156	6,984	10,872	14,962	19,455
	Wages and salaries	3,886	3,886	10,295	11,143	15,806
	Other	1,270	3,097	576	3,819	3,650
Current transfers		1,342	2,465	3,233	4,397	5,508
	Pensions	176	271	490	968	1,222
	Subsidies	4	1	—	—	—
	Other	1,163	2,193	2,743	3,429	4,286
Interest payments		4,141	6,873	9,876	15,034	18,607
	Foreign	2,073	3,212	3,946	4,819	5,514
	Domestic	2,068	3,661	5,930	10,214	13,093
Capital expenditure		2,379	4,060	4,060	5,876	11,201
Fixed investment		1,475	3,176	3,176	3,996	11,201
	Foreign institutional	793	1,644	1,644	2,797	2,926
	Other	682	1,532	1,532	1,199	8,275
Net lending		214	656	656	705	—
Portfolio investment		—	—	—	470	—
Transfers		690	228	228	705	—
			(In percent of GDP)
Total expenditure		26.0	26.7	26.1	29.8	33.6
Current expenditure		21.2	21.4	22.3	25.4	26.8
Goods and services		10.3	9.2	10.1	11.1	12.0
	Wages and salaries	7.8	5.1	9.6	8.2	9.7
	Other	2.5	4.1	0.5	2.8	2.2
Current transfers		2.7	3.2	3.0	3.3	3.4
	Pensions	0.4	0.4	0.5	0.7	0.8
	Subsidies	—	—	—	—	—
	Other	2.3	2.9	2.6	2.5	2.6
Interest payments		8.3	9.0	9.2	11.1	11.4
	Foreign	4.1	4.8	5.5	7.6	8.0
	Domestic	4.1	4.2	3.7	3.6	3.4
Capital expenditure		4.7	5.3	3.8	4.3	6.9
Fixed investment		2.9	4.2	3.0	3.0	6.9
Net lending		0.4	0.9	0.6	0.5	—
Transfers		1.4	0.3	0.2	0.5	—
Pass-throughs 2/		—	—	—	—	—
Portfolio investment		—	—	—	0.3	—

Source: Ministry of Finance and Planning

Table 16.

Jamaica: Central Government Expenditure

						Prel.
		1991/92	1992/93	1993/94	1994/95	1995/96
		(In millions of Jamaica dollars)
Total expenditure		13,018	20,382	28,041	40,269.	54,711
Current expenditure		10,639	16,322	23,981	34,393	43,570
Goods and services		5,156	6,984	10,872	14,962	19,455
	Wages and salaries	3,886	3,886	10,295	11,143	15,806
	Other	1,270	3,097	576	3,819	3,650
Current transfers		1,342	2,465	3,233	4,397	5,508
	Pensions	176	271	490	968	1,222
	Subsidies	4	1	—	—	—
	Other	1,163	2,193	2,743	3,429	4,286
Interest payments		4,141	6,873	9,876	15,034	18,607
	Foreign	2,073	3,212	3,946	4,819	5,514
	Domestic	2,068	3,661	5,930	10,214	13,093
Capital expenditure		2,379	4,060	4,060	5,876	11,201
Fixed investment		1,475	3,176	3,176	3,996	11,201
	Foreign institutional	793	1,644	1,644	2,797	2,926
	Other	682	1,532	1,532	1,199	8,275
Net lending		214	656	656	705	—
Portfolio investment		—	—	—	470	—
Transfers		690	228	228	705	—
			(In percent of GDP)
Total expenditure		26.0	26.7	26.1	29.8	33.6
Current expenditure		21.2	21.4	22.3	25.4	26.8
Goods and services		10.3	9.2	10.1	11.1	12.0
	Wages and salaries	7.8	5.1	9.6	8.2	9.7
	Other	2.5	4.1	0.5	2.8	2.2
Current transfers		2.7	3.2	3.0	3.3	3.4
	Pensions	0.4	0.4	0.5	0.7	0.8
	Subsidies	—	—	—	—	—
	Other	2.3	2.9	2.6	2.5	2.6
Interest payments		8.3	9.0	9.2	11.1	11.4
	Foreign	4.1	4.8	5.5	7.6	8.0
	Domestic	4.1	4.2	3.7	3.6	3.4
Capital expenditure		4.7	5.3	3.8	4.3	6.9
Fixed investment		2.9	4.2	3.0	3.0	6.9
Net lending		0.4	0.9	0.6	0.5	—
Transfers		1.4	0.3	0.2	0.5	—
Pass-throughs 2/		—	—	—	—	—
Portfolio investment		—	—	—	0.3	—

Source: Ministry of Finance and Planning

Table 17.

Jamaica: Central Government Financing

Sources Bank of Jamaica, and Ministry of Finance and Planning

^{^1/}Excluding Bank of Jamaica losses

^{^2/}Excludes project lending

^{^3/}Includes government guaranteed loans

^{^4/}Excludes debt equity bonds

^{^5/}Includes holdings of certificates of deposit issued by the Bank of Jamaica.

^{^6/}Includes the float items and errors and omissions.

Table 17.

Jamaica: Central Government Financing

						Prel.
		1991/92	1992/93	1993/94	1994/95	1995/96
			(In Jamaica dollars)
Total financing ^1/		−2,054	−3.174	−3.617	−5.444	−3.804
External financing (net)		1,430	−562	799	−2,084	−3,631
Gross borrowing		4,507	4,126	7,414	6,491	5,083
Project loans/suppliers credit		502	1,164	1,696	2,946	2,664
Donor countries ^2/		204	81	1,688	1,186	440
	United States	88	—	—	0	440
	United Kingdom	84	36	11	0	0
	Germany	13	9	79	28	—
	France	—	16	—	—	—
	Japan	—	—	—	—	—
	Other	18	20	1,598	1,158	0
Multilateral		2,139	3	1,571	—	1,302
	IBRD ^2/	376	—	982	0	1,302
Commercial banks		314	776	236	291	−524
	Refinancing ^3/	314	236	236	291	−524
	New loans	—	540	—	—	—
Other		1,349	2,102	2,222	2,069	1,201
	Venezuela/Mexico Oil Facility	—	—	—	—	—
	Other refinancing	1,349	2,102	2,222	2,069	1,201
Amortization		−3,077	−4,688	−6,615	−8,475	−8,714
	Of which refinancing	1,275	1,785	2,458	1,957	897
Domestic financing (net) ^4/		−3,834	−2,612	−4,416	−2,825	279
Banking system (net)		−2,508	132	−2,163	−10,744	−1,092
Bank of Jamaica		−3,322	−4,108	−865	−12,441	−1,011
	Securities ^5/	−168	1,533	2,563	730	−6,533
	Advances	−734	−256	−1466	−3476	419
	Deposits (increase -) ^6/	−2,420	−5,385	−2,062	−9,895	5,103
Commercial banks		813	4,247	−1,298	1,797	−82
	Securities	861	4,677	359	6,237	3,510
	Advances	129	614	26	426	−936
	Deposits (increase -)	−176	−1,044	−1,683	−4,866	−2,655
Domestic nonbank (net)		−1,326	−2,751	−2,253	8,554	1,823
Divestment proceeds		350	—	—	−635	−452

Sources Bank of Jamaica, and Ministry of Finance and Planning

^{^1/}Excluding Bank of Jamaica losses

^{^2/}Excludes project lending

^{^3/}Includes government guaranteed loans

^{^4/}Excludes debt equity bonds

^{^5/}Includes holdings of certificates of deposit issued by the Bank of Jamaica.

^{^6/}Includes the float items and errors and omissions.

Table 17.

Jamaica: Central Government Financing

						Prel.
		1991/92	1992/93	1993/94	1994/95	1995/96
			(In Jamaica dollars)
Total financing ^1/		−2,054	−3.174	−3.617	−5.444	−3.804
External financing (net)		1,430	−562	799	−2,084	−3,631
Gross borrowing		4,507	4,126	7,414	6,491	5,083
Project loans/suppliers credit		502	1,164	1,696	2,946	2,664
Donor countries ^2/		204	81	1,688	1,186	440
	United States	88	—	—	0	440
	United Kingdom	84	36	11	0	0
	Germany	13	9	79	28	—
	France	—	16	—	—	—
	Japan	—	—	—	—	—
	Other	18	20	1,598	1,158	0
Multilateral		2,139	3	1,571	—	1,302
	IBRD ^2/	376	—	982	0	1,302
Commercial banks		314	776	236	291	−524
	Refinancing ^3/	314	236	236	291	−524
	New loans	—	540	—	—	—
Other		1,349	2,102	2,222	2,069	1,201
	Venezuela/Mexico Oil Facility	—	—	—	—	—
	Other refinancing	1,349	2,102	2,222	2,069	1,201
Amortization		−3,077	−4,688	−6,615	−8,475	−8,714
	Of which refinancing	1,275	1,785	2,458	1,957	897
Domestic financing (net) ^4/		−3,834	−2,612	−4,416	−2,825	279
Banking system (net)		−2,508	132	−2,163	−10,744	−1,092
Bank of Jamaica		−3,322	−4,108	−865	−12,441	−1,011
	Securities ^5/	−168	1,533	2,563	730	−6,533
	Advances	−734	−256	−1466	−3476	419
	Deposits (increase -) ^6/	−2,420	−5,385	−2,062	−9,895	5,103
Commercial banks		813	4,247	−1,298	1,797	−82
	Securities	861	4,677	359	6,237	3,510
	Advances	129	614	26	426	−936
	Deposits (increase -)	−176	−1,044	−1,683	−4,866	−2,655
Domestic nonbank (net)		−1,326	−2,751	−2,253	8,554	1,823
Divestment proceeds		350	—	—	−635	−452

Sources Bank of Jamaica, and Ministry of Finance and Planning

^{^1/}Excluding Bank of Jamaica losses

^{^2/}Excludes project lending

^{^3/}Includes government guaranteed loans

^{^4/}Excludes debt equity bonds

^{^5/}Includes holdings of certificates of deposit issued by the Bank of Jamaica.

^{^6/}Includes the float items and errors and omissions.

Table 18.

Jamaica: Central Government Securities and the Bank of Jemaica Certificates of Deposits

Source: Bank of Jamaica

Table 18.

Jamaica: Central Government Securities and the Bank of Jemaica Certificates of Deposits

			March
			1991	1992	1993	1994	1995	1996
			(In millions of Jamaica dollars)
Stock at end of period
Total central government domestic debt
		and Bank of Jamaica certificates of deposits	10,070	11,924	19,499	23,862	4,765	43,695
Central government securities			7,213	7,212	16,091	20,242	44,765	43,695
	Banking System		3,851	4,544	11,929	14,977	29,398	27,870
		Bank of Jamaica	2,353	2,186	3,719	6,281	12,361	6,458
		Treasury bills	1	1	1,087	653	1,197	880
		Local registered stocks	2,352	2,185	2,632	5,628	11,364	5,578
	Commercial banks		1,498	2,359	8,210	8,696	15,255	17,829
		Treasury bills	1,334	1,707	2,025	2,783	3,261	4,406
		Local registered stocks	17	162	4,394	3,786	9,092	11,309
		Other government securities	146	489	617	590	485	633
		US$20 million bonds	–	–	–	336	791	791
		Other claims	–	–	1,175	1,201	1,627	691
	Other financial institutions		463	292	740	204	1,582	3,584
		Treasury bills	351	229	450	119	431	580
		Local registered stocks	11	16	244	81	1,128	2,977
		Other government securities	101	48	42	3	23	27
		Other claims			5	0	0	0
	Selected public enterprises		1,180	1,102	2,098	1,819	4,038	3,602
		Local registered stocks	833	645	1,137	1,169	2,639	2,831
		Treasury bills	347	457	961	650	1,207	771
		Equity investment bonds	–	0	0	0	192	0
	Other public sector		206	206	646	929	1,063	1,043
		Local registered stocks	50	50	486	578	708	708
		Treasury bills	156	156	160	266	355	335
		Equity investment bonds	–	0	0	0	0	0
		US$20 million bonds	–	0	0	85	0	0
	Nonfinancial private sector holdings		1,513	1,067	678	2,313	10,266	11,180
		Treasury bills	698	137	89	587	2,675	879
		Local registered stocks	723	852	505	1,534	6,834	9,334
		Holdings of equity investment bonds	16	4	4	4	4	4
		Land bonds	41	39	46	43	41	31
		Promissory notes	35	35	34	33	33	33
		US$20 million bonds	–	–	–	112	37	37
		Slock of bonds in lieu of salary	–	–	–	481	643	662
Bank of Jamaica certificates of deposit			2,857	4,712	3,409	3,621	0	0
Commercial banks			606	1,602	1,944	1,975	0	0
Other financial institutions			493	1,188	452	189	0	0
Selected public enterprises			893	948	957	175	0	0
Other public enterprises			154	316	12	343	0	0
Nonfinancial private sector			712	657	42	939	0	0
Memorandum items
Total domestic debt in percent of GDP			30.3	23.8	25.6	22.2	33.1	26.9
	(held outside the public sector)		15.9	14.3	15.8	13.3	20.0	200

Source: Bank of Jamaica

Table 18.

Jamaica: Central Government Securities and the Bank of Jemaica Certificates of Deposits

			March
			1991	1992	1993	1994	1995	1996
			(In millions of Jamaica dollars)
Stock at end of period
Total central government domestic debt
		and Bank of Jamaica certificates of deposits	10,070	11,924	19,499	23,862	4,765	43,695
Central government securities			7,213	7,212	16,091	20,242	44,765	43,695
	Banking System		3,851	4,544	11,929	14,977	29,398	27,870
		Bank of Jamaica	2,353	2,186	3,719	6,281	12,361	6,458
		Treasury bills	1	1	1,087	653	1,197	880
		Local registered stocks	2,352	2,185	2,632	5,628	11,364	5,578
	Commercial banks		1,498	2,359	8,210	8,696	15,255	17,829
		Treasury bills	1,334	1,707	2,025	2,783	3,261	4,406
		Local registered stocks	17	162	4,394	3,786	9,092	11,309
		Other government securities	146	489	617	590	485	633
		US$20 million bonds	–	–	–	336	791	791
		Other claims	–	–	1,175	1,201	1,627	691
	Other financial institutions		463	292	740	204	1,582	3,584
		Treasury bills	351	229	450	119	431	580
		Local registered stocks	11	16	244	81	1,128	2,977
		Other government securities	101	48	42	3	23	27
		Other claims			5	0	0	0
	Selected public enterprises		1,180	1,102	2,098	1,819	4,038	3,602
		Local registered stocks	833	645	1,137	1,169	2,639	2,831
		Treasury bills	347	457	961	650	1,207	771
		Equity investment bonds	–	0	0	0	192	0
	Other public sector		206	206	646	929	1,063	1,043
		Local registered stocks	50	50	486	578	708	708
		Treasury bills	156	156	160	266	355	335
		Equity investment bonds	–	0	0	0	0	0
		US$20 million bonds	–	0	0	85	0	0
	Nonfinancial private sector holdings		1,513	1,067	678	2,313	10,266	11,180
		Treasury bills	698	137	89	587	2,675	879
		Local registered stocks	723	852	505	1,534	6,834	9,334
		Holdings of equity investment bonds	16	4	4	4	4	4
		Land bonds	41	39	46	43	41	31
		Promissory notes	35	35	34	33	33	33
		US$20 million bonds	–	–	–	112	37	37
		Slock of bonds in lieu of salary	–	–	–	481	643	662
Bank of Jamaica certificates of deposit			2,857	4,712	3,409	3,621	0	0
Commercial banks			606	1,602	1,944	1,975	0	0
Other financial institutions			493	1,188	452	189	0	0
Selected public enterprises			893	948	957	175	0	0
Other public enterprises			154	316	12	343	0	0
Nonfinancial private sector			712	657	42	939	0	0
Memorandum items
Total domestic debt in percent of GDP			30.3	23.8	25.6	22.2	33.1	26.9
	(held outside the public sector)		15.9	14.3	15.8	13.3	20.0	200

Source: Bank of Jamaica

Table 19.

Jamaica: Summary Accounts of the Banking System

Source Bank of Jamaica

^{^1/}Includes foreign currency deposits, except those held in the foreign currency *A* accounts

^{^2/}In terms of liabilities to private sector at the beginning of the year.

^{^3/}Actual market exchange rate at end of period

Table 19.

Jamaica: Summary Accounts of the Banking System

			March
			1991	1992	1993	1994	1995	1996
				(In millions of Jamaica dollars: stock at end of period)
Net foreign assets			−2.934	−3.835	−1.279	6,153	15,757	−25,254
Net domestic assets			16,831	26,191	34,626	43,635	49.586	56,923
Net claims on public sector			7t096	9,032	12.063	9,294	2,109	–1,278
	Net claims on Central
		Government	1,340	−1,168	2,924	−3,193	−8,819	−9,910
	Net claims on selected
		public entities	−1,074	−694	−1,022	−2,267	−2,578	−2,078
	Net claims on rest of
		public sector	−1,429	−2,725	−1,261	−3,114	−2,251	925
	Operating losses of Bank of Jamaica		3,728	6,350	10,303	12,339	15,417	14,258
	Net unclassified assets of Bank of Jamaica		4,532	7,269	1,120	5,330	340	−4,494
Net credit to other
	financial institution		−2,135	−3,565	−4,705	−5,041	−5,570	−6,001
Credit to private sector			8,467	10,854	15,594	23,828	32,371	44,235
Valuation adjustment			7,163	20,848	18,281	21,298	19.549	17,606
Unclassified assets of
	commercial banks		−545	−696	1,742	3,724	7,995	7,901
Residual/float			961	1,236	−623	−85	41	1,165
Allocation of SDRs			−471	−1,528	−1,356	−2,020	−2,046	−2,443
Medium- and long-term
	foreign liabilities		−3,705	−9,991	−6370	−7362	−4,863	−4,262
Liabilities to private sector ^1/			13,897	22,357	33,346	49,789	65,362	82,178
Money supply (M3)			13,184	17,625	27,486	36,412	50,450	61,029
	Currency		1,592	2,544	3,528	4,972	6,595	8,303
	Demand deposits		2,121	3,105	6,045	7,330	8,215	9,567
	Savings deposits		6,130	7,630	12,144	13,920	20,694	25,543
	Time deposits		1,987	2,003	2,278	4,262	6,901	9,222
	Other deposits		1,354	2,344	3,493	5,929	7,949	8,395
Foreign currency deposits			–	4,075	5,818	12,275	14,566	21,148
Bank of Jamaica certificates of deposit			712	657	42	1,102
					(In percent change)
Net foreign assets ^2/			−4.9	−6.3	11.4	22.3	19.3	14.5
Net domestic assets 2!			26.3	67.4	37.7	27.0	12.0	112
	Net claims on public sector		4.2	13.9	13.6	−8.3	−14.4	−5.2
	Claims on private sector		11.6	17.2	21.2	24.7	17.2	18.2
	Other assets (net)		10.5	36.3	3.0	10.6	92	−1.8
Liabilities to private sector			21.4	60.9	49.2	49.3	30.6	26.6
Claims on private sector			18.6	28.2	43.7	32.8	35.9	36.6
Money supply (M3)			22.3	33.7	56.0	32.5	38.0	21.2
Velocity (GDP/pnvate liabilities)			24	2.2	2.3	2.1	2.1	2.0
				(In Jamaica dollars per U.S. dollars)
Memorandum items
Exchenge rate ^3/			84	27.3	22 2	33.1	33.2	39.8

Source Bank of Jamaica

^{^1/}Includes foreign currency deposits, except those held in the foreign currency *A* accounts

^{^2/}In terms of liabilities to private sector at the beginning of the year.

^{^3/}Actual market exchange rate at end of period

Table 19.

Jamaica: Summary Accounts of the Banking System

			March
			1991	1992	1993	1994	1995	1996
				(In millions of Jamaica dollars: stock at end of period)
Net foreign assets			−2.934	−3.835	−1.279	6,153	15,757	−25,254
Net domestic assets			16,831	26,191	34,626	43,635	49.586	56,923
Net claims on public sector			7t096	9,032	12.063	9,294	2,109	–1,278
	Net claims on Central
		Government	1,340	−1,168	2,924	−3,193	−8,819	−9,910
	Net claims on selected
		public entities	−1,074	−694	−1,022	−2,267	−2,578	−2,078
	Net claims on rest of
		public sector	−1,429	−2,725	−1,261	−3,114	−2,251	925
	Operating losses of Bank of Jamaica		3,728	6,350	10,303	12,339	15,417	14,258
	Net unclassified assets of Bank of Jamaica		4,532	7,269	1,120	5,330	340	−4,494
Net credit to other
	financial institution		−2,135	−3,565	−4,705	−5,041	−5,570	−6,001
Credit to private sector			8,467	10,854	15,594	23,828	32,371	44,235
Valuation adjustment			7,163	20,848	18,281	21,298	19.549	17,606
Unclassified assets of
	commercial banks		−545	−696	1,742	3,724	7,995	7,901
Residual/float			961	1,236	−623	−85	41	1,165
Allocation of SDRs			−471	−1,528	−1,356	−2,020	−2,046	−2,443
Medium- and long-term
	foreign liabilities		−3,705	−9,991	−6370	−7362	−4,863	−4,262
Liabilities to private sector ^1/			13,897	22,357	33,346	49,789	65,362	82,178
Money supply (M3)			13,184	17,625	27,486	36,412	50,450	61,029
	Currency		1,592	2,544	3,528	4,972	6,595	8,303
	Demand deposits		2,121	3,105	6,045	7,330	8,215	9,567
	Savings deposits		6,130	7,630	12,144	13,920	20,694	25,543
	Time deposits		1,987	2,003	2,278	4,262	6,901	9,222
	Other deposits		1,354	2,344	3,493	5,929	7,949	8,395
Foreign currency deposits			–	4,075	5,818	12,275	14,566	21,148
Bank of Jamaica certificates of deposit			712	657	42	1,102
					(In percent change)
Net foreign assets ^2/			−4.9	−6.3	11.4	22.3	19.3	14.5
Net domestic assets 2!			26.3	67.4	37.7	27.0	12.0	112
	Net claims on public sector		4.2	13.9	13.6	−8.3	−14.4	−5.2
	Claims on private sector		11.6	17.2	21.2	24.7	17.2	18.2
	Other assets (net)		10.5	36.3	3.0	10.6	92	−1.8
Liabilities to private sector			21.4	60.9	49.2	49.3	30.6	26.6
Claims on private sector			18.6	28.2	43.7	32.8	35.9	36.6
Money supply (M3)			22.3	33.7	56.0	32.5	38.0	21.2
Velocity (GDP/pnvate liabilities)			24	2.2	2.3	2.1	2.1	2.0
				(In Jamaica dollars per U.S. dollars)
Memorandum items
Exchenge rate ^3/			84	27.3	22 2	33.1	33.2	39.8

Source Bank of Jamaica

^{^1/}Includes foreign currency deposits, except those held in the foreign currency *A* accounts

^{^2/}In terms of liabilities to private sector at the beginning of the year.

^{^3/}Actual market exchange rate at end of period

Table 20.

Jamaica: Accounts of the Bank of Jamica

^{^1/}Accumulated losses until 1991 are included as part of net unclassified assets.

^{^2/}Actual market exchange rates at end of period

Table 20.

Jamaica: Accounts of the Bank of Jamica

			March
								Prel.
			1991	1992	1993	1994	1995	1996
				(In millions of Jamaica dollars: stock at end of period)
Net international reserves			−2,750	−6,255	−1,779	1,856	15,064	1,952
Assets			1,526	4,660	6,537	14,143	26,139	29,284
Liabilities			−4,276	−10,915	−8,316	−12,287	−11,075	−9,432
Net domestic assets			4,441	9,059	5,610	3,458	−7,699	−10,520
Net claims on public sector			5,925	7,404	6,932	8,237	149	−3,411
	Net claims on Central Government		−213	−3,535	−7,643	−8,508	−15,932	−16,943
		Treasury bills	1	1	1,087	653	761	15
		Other securities	2,352	2,185	2,632	5,628	11,364	13,909
		Other claims	470	−264	−521	−1,886	−5,262	−4,843
		Consolidated fund deposits	−2,611	−4,172	−8358	−11,058	−20,296	−16,750
		Other deposits	−412	−684	−2.482	−1,842	−2,499	−942
		Certificates of deposit	−14	−601	−1	−3	–	–
	Net claims on selected
		public entities	−823	−184	−75	906	1,165	1,190
	Net claims on rest of
		public sector	−1,298	−2,496	−727	−2,030	−842	2,557
	Operating losses ^1/		3,728	6,350	10,303	12,339	15,417	14,258
	Net unclassified assets		4,532	7,269	5,073	5,530	340	−4,474
Net credit to
	commercial banks		−3,164	−5359	−10,448	−14,429	−19,606	−16,958
	Credit to commercial banks		170	111	–	–.	–	4,692
	Liabilities to
		commercial banks	−3,334	−5,671	−10,448	−14,429	−19,606	−21,650
		Bank of Jamaica certificates of deposit	−606	−1.601	−1,944	−1,975	0	0
		Deposits	−2,728	−4,069	−8304	−12,455	−19,606	−21,650
Net credit to other financial institutions			−701	−1,567	−1,522	−1,316	−1,199	−1,876
	Claims		2	–	–	–	–	–
	Deposits		−210	−378	−1,070	−1,289	−1,199	−1300
	Bank of Jamaica certificates of deposit		−493	−1.188	−452	−26	0	0
Valuation adjustment			7,163	20,848	18,281	21,298	19,549	17,606
Bank of Jamaica certificates of deposit
	held by private sector		−712	−657	−42	−1,102	0	0
Allocation of SDRs			−471	−1,528	−1,356	−2,020	−2,046	−2,443
Medium- and long-term
	foreign liabilities		−3,599	−9,882	−6,235	−7,209	−4,546	−3,438
Currency issue			1,691	2,805	3,831	5,314	7,366	9,332
Currency outside banks			1,392	2,544	3,528	4,972	6,595	8,303
Currency with banks			99	261	303	342	771	1,029
Memorandum items
Exchange rate JS/US$ ^2/			84	27.3	22.2	33.1	33.2	39.8
Stock of Bank of Jamaica certificates of deposit
(millions of Jamaica dollars)			2,872	5,312	3,409	3,623	0	0

^{^1/}Accumulated losses until 1991 are included as part of net unclassified assets.

^{^2/}Actual market exchange rates at end of period

Table 20.

Jamaica: Accounts of the Bank of Jamica

			March
								Prel.
			1991	1992	1993	1994	1995	1996
				(In millions of Jamaica dollars: stock at end of period)
Net international reserves			−2,750	−6,255	−1,779	1,856	15,064	1,952
Assets			1,526	4,660	6,537	14,143	26,139	29,284
Liabilities			−4,276	−10,915	−8,316	−12,287	−11,075	−9,432
Net domestic assets			4,441	9,059	5,610	3,458	−7,699	−10,520
Net claims on public sector			5,925	7,404	6,932	8,237	149	−3,411
	Net claims on Central Government		−213	−3,535	−7,643	−8,508	−15,932	−16,943
		Treasury bills	1	1	1,087	653	761	15
		Other securities	2,352	2,185	2,632	5,628	11,364	13,909
		Other claims	470	−264	−521	−1,886	−5,262	−4,843
		Consolidated fund deposits	−2,611	−4,172	−8358	−11,058	−20,296	−16,750
		Other deposits	−412	−684	−2.482	−1,842	−2,499	−942
		Certificates of deposit	−14	−601	−1	−3	–	–
	Net claims on selected
		public entities	−823	−184	−75	906	1,165	1,190
	Net claims on rest of
		public sector	−1,298	−2,496	−727	−2,030	−842	2,557
	Operating losses ^1/		3,728	6,350	10,303	12,339	15,417	14,258
	Net unclassified assets		4,532	7,269	5,073	5,530	340	−4,474
Net credit to
	commercial banks		−3,164	−5359	−10,448	−14,429	−19,606	−16,958
	Credit to commercial banks		170	111	–	–.	–	4,692
	Liabilities to
		commercial banks	−3,334	−5,671	−10,448	−14,429	−19,606	−21,650
		Bank of Jamaica certificates of deposit	−606	−1.601	−1,944	−1,975	0	0
		Deposits	−2,728	−4,069	−8304	−12,455	−19,606	−21,650
Net credit to other financial institutions			−701	−1,567	−1,522	−1,316	−1,199	−1,876
	Claims		2	–	–	–	–	–
	Deposits		−210	−378	−1,070	−1,289	−1,199	−1300
	Bank of Jamaica certificates of deposit		−493	−1.188	−452	−26	0	0
Valuation adjustment			7,163	20,848	18,281	21,298	19,549	17,606
Bank of Jamaica certificates of deposit
	held by private sector		−712	−657	−42	−1,102	0	0
Allocation of SDRs			−471	−1,528	−1,356	−2,020	−2,046	−2,443
Medium- and long-term
	foreign liabilities		−3,599	−9,882	−6,235	−7,209	−4,546	−3,438
Currency issue			1,691	2,805	3,831	5,314	7,366	9,332
Currency outside banks			1,392	2,544	3,528	4,972	6,595	8,303
Currency with banks			99	261	303	342	771	1,029
Memorandum items
Exchange rate JS/US$ ^2/			84	27.3	22.2	33.1	33.2	39.8
Stock of Bank of Jamaica certificates of deposit
(millions of Jamaica dollars)			2,872	5,312	3,409	3,623	0	0

^{^1/}Accumulated losses until 1991 are included as part of net unclassified assets.

^{^2/}Actual market exchange rates at end of period

Table 21.

Jamaica: Summary Accounts of Comercial Banks

Source Bank of Jamaica

^{^1/}Excludes *A* accounts

^{^2/}Actual market exchange rates at end of period

Table 21.

Jamaica: Summary Accounts of Comercial Banks

			March
								Prel.
			1991	1992	1993	1994	1995	1996
				(In millions of Jamaica dollars stock at end of period)
Net foreign assets			−184	2,420	500	4,297	693	5,702
Assets			1,182	6,372	6,637	13,069	…	…
Liabilities			–1,367	−3,951	−6,138	−8,771	…	…
Net claims on Bank of Jamaica			4,125	6,796	9,825	14,344	19,647	18,123
Claims on Bank of Jamaica			4,303	6,956	10,681	14,462	19,760	21,909
	Certificates of deposit		606	1,601	1,944	1,978	0	0
	Other deposits		3,697	5,354	8,737	12,484	19,759	21,909
Liabilities to Bank of Jamaica			−177	−160	−856	−117	−113	−3,786
Net domestic assets			7,651	9,940	19,452	25,073	37,982	50,350
Net claims on public sector			1,171	1,628	5,131	1,058	1,961	2,133
	Net claims on Central Government		1,553	2,367	6,613	5,315	7,112	7,033
		Treasury bills	1,334	1,707	2,025	2,783	3,261	4,407
		Other securities	164	652	5,011	4,612	10,371	12,735
		Other claims	432	561	1,175	1,201	1,623	691
		Deposits	−377	−553	−1,597	−3,281	−8.147	−10,802
	Net claims on selected public entities		−251	−510	−948	−3,173	−3,743	−3,267
	Net claims on other public sector		−131	−229	−535	−1,084	−1,409	−1,632
Net credit to other financial institutions			−1,434	−1,998	−3,183	−3,725	−4,371	−4,124
Credit to private sector			8,467	10,854	15,494	23,828	32,371	44,235
	Of which: in foreign currency		…	…	2,955	4,870	11,385	12,786
Local currency holdings			99	261	303	342	771	1,029
Net unclassified assets			−545	−696	1,742	3,724	7,995	7,901
Medium- and long-term foreign Liabilities			−106	−109	−135	−153	−745	−824
Liabilities to private sector			11,592	19,156	29,776	43,715	58,321	73,875
Demand deposits			2,121	3,105	6,045	7,330	8,215	9,567
Savings deposits			6,130	7,630	12,144	13,920	20,699	25,443
Time deposits			1,987	2,003	2,278	4,262	6,901	9,222
Other deposits			1,354	2,344	3,493	5,929	7,947	8,395
Foreign currency deposits ^1/			–	4,075	5,818	12,275	14,566	21,148
				(In Jamaica dollars per US. dollars
Memorandum items
Exchange rate ^2/			8.4	27.3	22.4	33.1	33.2	39.8
Loan deposit ratio			73.0	56.7	52.4	54.5	55.1	59.9

Source Bank of Jamaica

^{^1/}Excludes *A* accounts

^{^2/}Actual market exchange rates at end of period

Table 21.

Jamaica: Summary Accounts of Comercial Banks

			March
								Prel.
			1991	1992	1993	1994	1995	1996
				(In millions of Jamaica dollars stock at end of period)
Net foreign assets			−184	2,420	500	4,297	693	5,702
Assets			1,182	6,372	6,637	13,069	…	…
Liabilities			–1,367	−3,951	−6,138	−8,771	…	…
Net claims on Bank of Jamaica			4,125	6,796	9,825	14,344	19,647	18,123
Claims on Bank of Jamaica			4,303	6,956	10,681	14,462	19,760	21,909
	Certificates of deposit		606	1,601	1,944	1,978	0	0
	Other deposits		3,697	5,354	8,737	12,484	19,759	21,909
Liabilities to Bank of Jamaica			−177	−160	−856	−117	−113	−3,786
Net domestic assets			7,651	9,940	19,452	25,073	37,982	50,350
Net claims on public sector			1,171	1,628	5,131	1,058	1,961	2,133
	Net claims on Central Government		1,553	2,367	6,613	5,315	7,112	7,033
		Treasury bills	1,334	1,707	2,025	2,783	3,261	4,407
		Other securities	164	652	5,011	4,612	10,371	12,735
		Other claims	432	561	1,175	1,201	1,623	691
		Deposits	−377	−553	−1,597	−3,281	−8.147	−10,802
	Net claims on selected public entities		−251	−510	−948	−3,173	−3,743	−3,267
	Net claims on other public sector		−131	−229	−535	−1,084	−1,409	−1,632
Net credit to other financial institutions			−1,434	−1,998	−3,183	−3,725	−4,371	−4,124
Credit to private sector			8,467	10,854	15,494	23,828	32,371	44,235
	Of which: in foreign currency		…	…	2,955	4,870	11,385	12,786
Local currency holdings			99	261	303	342	771	1,029
Net unclassified assets			−545	−696	1,742	3,724	7,995	7,901
Medium- and long-term foreign Liabilities			−106	−109	−135	−153	−745	−824
Liabilities to private sector			11,592	19,156	29,776	43,715	58,321	73,875
Demand deposits			2,121	3,105	6,045	7,330	8,215	9,567
Savings deposits			6,130	7,630	12,144	13,920	20,699	25,443
Time deposits			1,987	2,003	2,278	4,262	6,901	9,222
Other deposits			1,354	2,344	3,493	5,929	7,947	8,395
Foreign currency deposits ^1/			–	4,075	5,818	12,275	14,566	21,148
				(In Jamaica dollars per US. dollars
Memorandum items
Exchange rate ^2/			8.4	27.3	22.4	33.1	33.2	39.8
Loan deposit ratio			73.0	56.7	52.4	54.5	55.1	59.9

Source Bank of Jamaica

^{^1/}Excludes *A* accounts

^{^2/}Actual market exchange rates at end of period

Table 22.

Jamaica: Statotary Liquidity Ratios of Commarcial Banks and Near Banks ^1/

Source Bank of Jamaica. Statistical Digest

^{^1/}Financial institutions regulated under the Projection of Depositor Act (PDA). This Act has now been replaced by the Financial Instructions Act.

^{^2/}Includes caah reserves.

Table 22.

Jamaica: Statotary Liquidity Ratios of Commarcial Banks and Near Banks ^1/

	Commarcial Banks			Near Banks
	Required Reserves		Actual Reserves		Excess Reserve		Required Reserves
	Liquid	Cash	Liquid	Cash	Liquid	Cash	Liquid	Cash
	Assets ^2/	Reserves	Assets ^2/	Reserves	Assets ^2/	Reserves	Assets ^2/	Reserves
				(Ratios at end-March)
1985	44.0	17.5	48.0	18.7	4.0	1.2	…	…
1986	44.0	20.0	49.4	21.6	5.4	1.6	…	…
1987	38.0	20.0	43.9	21.0	5.9	1.0	…	…
1988	20.0	20.0	38.9	20.9	18.9	0.9	5.0	5.0
1989	20.0	20.0	48.1	20.7	28.1	0.7	5.0	5.0
1990	20.0	20.0	36.8	20.0	16.8	…	4.5	4.5
1991	33.5	20.0	39.3	22.2	5.8	2.2	6.5	9.0
1992	41.5	19.0	42.9	21.2	1.4	2.2	9.5	9.5
1993	50.0	25.0	57.9	25.9	7.9	0.9	14.0	14.0
1994	50.0	25.0	53.5	26.3	3.5	1.3	17.0	17.0
1995	50.0	25.0	60.1	25.9	10.1	0.9	17.0	17.0
1996	47.0	25.0	…	…	…	…	30.0	17.0
1993
January	50.0	25.0	58.8	27.3	8.8	2.3	14.0	14.0
February	50.0	25.0	61.5	28.7	11.5	3.7	14.0	14.0
March	50.0	25.0	57.9	25.9	7.9	0.9	14.0	14.0
April	50.0	25.0	56.7	27.5	6.7	2.5	15.0	15.0
May	50.0	25.0	59.0	27.9	9.0	2.9	15.0	15.0
June	50.0	25.0	56.6	26.2	6.6	1.2	15.0	15.0
July	50.0	25.0	57.5	26.3	7.5	1.3	16.0	16.0
August	50.0	25.0	54.6	23.6	4.6	0.6	16.0	16.0
September	50.0	25.0	51.5	25.5	1.5	0.5	17.0	17.0
October	50.0	25.0	54.8	26.6	4.8	1.6	17.0	17.0
November	50.0	25.0	53.5	25.8	3.5	0.8	17.0	17.0
December	50.0	25.0	50.2	25.6	0.2	0.6	17.0	17.0
1994
January	50.0	25.0	51.9	27.1	1.9	2.1	17.0	17.0
February	50.0	25.0	54.1	26.9	4.1	1.9	17.0	17.0
March	50.0	25.0	53.5	26.3	3.5	1.3	17.0	17.0
April	50.0	25.0	51.2	26.8	1.2	1.8	17.0	17.0
May	50.0	25.0	54.8	25.9	4.8	0.9	17.0	17.0
June	50.0	25.0	51.5	26.0	1.5	1.0	17.0	17.0
July	50.0	25.0	53.6	26.6	3.6	1.6	17.0	17.0
August	50.0	25.0	57.3	27.0	7.3	2.0	17.0	17.0
September	50.0	25.0	57.9	26.4	7.9	1.4	17.0	17.0
October	50.0	25.0	59.3	26.7	9.3	1.7	17.0	17.0
November	50.0	25.0	59.8	26.6	9.8	1.6	17.0	17.0
December	50.0	25.0	60.6	27.1	10.6	2.1	17.0	17.0
1995
January	50.0	25.0	61.9	25.9	11.9	0.9	17.0	17.0
February	50.0	25.0	61.8	26.0	11.1	1.0	17.0	17.0
March	50.0	25.0	60.1	25.9	10.1	0.9	17.0	17.0
April	50.0	25.0	51.9	25.9	1.9	0.9	17.0	17.0
May	50.0	25.0	51.6	25.5	1.6	0.5	17.0	17.0
June	47.0	25.0	52.4	25.5	5.4	0.5	17.0	17.0
July	47.0	25.0	51.4	25.8	4.4	0.8	17.0	17.0
Auguast	47.0	25.0	50.7	25.4	3.7	04	20.0	17.0
September	470	25.0	45.9	25.2	−1.1	0.2	20.0	17.0
October	47 0	25.0	45.4	25.4	−1.6	0.4	20.0	17.0
November	47.0	25.0	44.8	25.7	−2.2	0.7	25.0	17.0
December	47.0	25.0	44.1	25.4	−2.2	0.4	25.0	17.0
1996
January	47.0	25.0	51.9	25.6	4.9	0.6	25.0	17.0
february	47.0	25.0	54.1	25.3	7.1	0.3	30.0	17.0
March	47.0	23.0	…	…	…	…	30.0	17.0

Source Bank of Jamaica. Statistical Digest

^{^1/}Financial institutions regulated under the Projection of Depositor Act (PDA). This Act has now been replaced by the Financial Instructions Act.

^{^2/}Includes caah reserves.

Table 22.

Jamaica: Statotary Liquidity Ratios of Commarcial Banks and Near Banks ^1/

	Commarcial Banks			Near Banks
	Required Reserves		Actual Reserves		Excess Reserve		Required Reserves
	Liquid	Cash	Liquid	Cash	Liquid	Cash	Liquid	Cash
	Assets ^2/	Reserves	Assets ^2/	Reserves	Assets ^2/	Reserves	Assets ^2/	Reserves
				(Ratios at end-March)
1985	44.0	17.5	48.0	18.7	4.0	1.2	…	…
1986	44.0	20.0	49.4	21.6	5.4	1.6	…	…
1987	38.0	20.0	43.9	21.0	5.9	1.0	…	…
1988	20.0	20.0	38.9	20.9	18.9	0.9	5.0	5.0
1989	20.0	20.0	48.1	20.7	28.1	0.7	5.0	5.0
1990	20.0	20.0	36.8	20.0	16.8	…	4.5	4.5
1991	33.5	20.0	39.3	22.2	5.8	2.2	6.5	9.0
1992	41.5	19.0	42.9	21.2	1.4	2.2	9.5	9.5
1993	50.0	25.0	57.9	25.9	7.9	0.9	14.0	14.0
1994	50.0	25.0	53.5	26.3	3.5	1.3	17.0	17.0
1995	50.0	25.0	60.1	25.9	10.1	0.9	17.0	17.0
1996	47.0	25.0	…	…	…	…	30.0	17.0
1993
January	50.0	25.0	58.8	27.3	8.8	2.3	14.0	14.0
February	50.0	25.0	61.5	28.7	11.5	3.7	14.0	14.0
March	50.0	25.0	57.9	25.9	7.9	0.9	14.0	14.0
April	50.0	25.0	56.7	27.5	6.7	2.5	15.0	15.0
May	50.0	25.0	59.0	27.9	9.0	2.9	15.0	15.0
June	50.0	25.0	56.6	26.2	6.6	1.2	15.0	15.0
July	50.0	25.0	57.5	26.3	7.5	1.3	16.0	16.0
August	50.0	25.0	54.6	23.6	4.6	0.6	16.0	16.0
September	50.0	25.0	51.5	25.5	1.5	0.5	17.0	17.0
October	50.0	25.0	54.8	26.6	4.8	1.6	17.0	17.0
November	50.0	25.0	53.5	25.8	3.5	0.8	17.0	17.0
December	50.0	25.0	50.2	25.6	0.2	0.6	17.0	17.0
1994
January	50.0	25.0	51.9	27.1	1.9	2.1	17.0	17.0
February	50.0	25.0	54.1	26.9	4.1	1.9	17.0	17.0
March	50.0	25.0	53.5	26.3	3.5	1.3	17.0	17.0
April	50.0	25.0	51.2	26.8	1.2	1.8	17.0	17.0
May	50.0	25.0	54.8	25.9	4.8	0.9	17.0	17.0
June	50.0	25.0	51.5	26.0	1.5	1.0	17.0	17.0
July	50.0	25.0	53.6	26.6	3.6	1.6	17.0	17.0
August	50.0	25.0	57.3	27.0	7.3	2.0	17.0	17.0
September	50.0	25.0	57.9	26.4	7.9	1.4	17.0	17.0
October	50.0	25.0	59.3	26.7	9.3	1.7	17.0	17.0
November	50.0	25.0	59.8	26.6	9.8	1.6	17.0	17.0
December	50.0	25.0	60.6	27.1	10.6	2.1	17.0	17.0
1995
January	50.0	25.0	61.9	25.9	11.9	0.9	17.0	17.0
February	50.0	25.0	61.8	26.0	11.1	1.0	17.0	17.0
March	50.0	25.0	60.1	25.9	10.1	0.9	17.0	17.0
April	50.0	25.0	51.9	25.9	1.9	0.9	17.0	17.0
May	50.0	25.0	51.6	25.5	1.6	0.5	17.0	17.0
June	47.0	25.0	52.4	25.5	5.4	0.5	17.0	17.0
July	47.0	25.0	51.4	25.8	4.4	0.8	17.0	17.0
Auguast	47.0	25.0	50.7	25.4	3.7	04	20.0	17.0
September	470	25.0	45.9	25.2	−1.1	0.2	20.0	17.0
October	47 0	25.0	45.4	25.4	−1.6	0.4	20.0	17.0
November	47.0	25.0	44.8	25.7	−2.2	0.7	25.0	17.0
December	47.0	25.0	44.1	25.4	−2.2	0.4	25.0	17.0
1996
January	47.0	25.0	51.9	25.6	4.9	0.6	25.0	17.0
february	47.0	25.0	54.1	25.3	7.1	0.3	30.0	17.0
March	47.0	23.0	…	…	…	…	30.0	17.0

Source Bank of Jamaica. Statistical Digest

^{^1/}Financial institutions regulated under the Projection of Depositor Act (PDA). This Act has now been replaced by the Financial Instructions Act.

^{^2/}Includes caah reserves.

Table 23.

Jamaica: Selected Interest Rate

Source bank of Jamaica. Statistical Digest

^{^1/}Weighted average

^{^2/}On 3–6 month deposit under US$ 100.000.

^{^3/}Bank of Jamaica certificate of deposit was antroduced on November 1985, and phased out in February 1995.

Table 23.

Jamaica: Selected Interest Rate

	Commercial Bank Interest Rates
	Deposit Rates							Jamaica
	Savings	Time deposits		Weighted	Foreign	Lending	Treasary	Certificates
	Deposits	3–6 Months	6–12 Months	Avenge ^1/	Curency ^2/	Rate	Bills ^1/	of Deposit ^1/
1985 March	15.0	20–22	11.5–22	17.7	…	21.2	17.1	– ^3/
1986 March	20.0	17–23.5	17–24.5	20.0	…	29.5	23.8	27.3
1987 March	15.0	10–17	10–17	14.4	…	24.4	16.9	18.0
1988 March	15.0	10–18.5	10–18.5	15.6	…	25.4	19.7	18.4
1989 March	13.0	10–17	10–17	14.4	…	21.2	17.8	17.0
1990 March	18.0	18.25–25	18–25	22.4	…	32.4	25.4	28.5
1991 March	18–22	19–30	20–30	26.4	3.50–5.88	37.4	28.5	30.6
1992 March	15–23	28.5–46	28–45	36.7	…	54.5	44.3	50.0
1993 March	15–24	13–27	13.5–27	21.2	2.30–5.75	43.8	20.5	20.7
1994 March	15–27	21–53	20–50	39.3	2.15–6.75	66.9	40.0	50.0
1995 March	15–30	14.5–24	13–21	23.0	215–6.75	48.8	20.6	…
1996 March	15–27	19–23	18–44	…	215–6.75	58.3	50.3	…
1993
January	15–24	14–26	14.5–26	22.2	3.30–5.75	42.9	23.6	25.5
February	15–24	13–26	13.5–26	21.4	230–5.75	40.1	21.9	20.7
March	15–24	13–27	13.5–27	21.2	2.30–5.75	43.8	20.5	20.7
April	15–25	15–29	15.5–29	21.3	2.30–5.75	44.6	23.9	20.7
May	15–25	15–26.5	15–26.5	22.2	2.25–6.15	44.2	24.6	24.3
June	15–25	16–29	16.5–29	22.6	2.15–6.00	44.0	24.6	24.6
July	15–25	19–40	20–40	29.0	2.15–6.00	51.9	26.7	35.7
August	15–25	22–43	21–42	31.0	2.15–6.00	53.1	40.6	35.7
September	15–25	22–46	20–41	34.4	2.15–6.00	57.0	42.5	44.9
October	15–25	21–46	20–44	35.1	2.15–6.00	59.3	45.3	46.3
November	15–25	22–47	21–47	37.5	215–6.00	59.5	48.3	48.6
December	15–25	21–49	20–44	39.8	215–6.75	61.3	49.0	48.4
1994
January	15–25	21–55	20–51	39.2	2.15–6.75	65.1	51.6	50.7
February	15–25	21–57	20–51	40.9	2.15–6.75	66.5	52.0	51.9
March	15–27	21–53	20–50	39.3	2.15–6.75	66.9	50.9	50.0
April	15–30	21–53	20–50	39.6	2.15–6.75	67.0	50.6	50.2
May	15–30	21–44	20–44	35.1	2.15–6.75	65.5	49.8	47.8
June	15–30	21–43	20–40	34.1	2.15–6.75	65.0	46.4	45.1
July	15–30	21–43	20–40	34.4	4.00–7.50	65.0	44.5	42.6
August	15–30	21–39	20–38	34.9	4.00–7.50	63.1	41.2	38.9
September	15–30	21–35	20–34	33.3	4.00–7.50	61.3	38.4	35.3
October	15–30	21–34	20–33	32.3	4.00–7.50	59.9	32.8	35.3
November	15–25	21–33	19–32	29.3	4.00–7.50	56.3	32.5	28.2
December	15–25	20–32	19–31	27.9	4.00–7.50	56.1	27.6	…
1995
January	15–30	19–31	19–28	27.1	4.00–7.50	53.6	25.0	27.0
February	15–30	16.5–29	16–26	25.0	4.00–7.50	50.8	23.0	…
March	15–25	14.5–24	13–21	23.0	4.00–7.50	48.8	20.4	…
April	15–24	14.5–23	13–23	20.2	4.00–730	48.7	23.7	…
May	15–24	14.5–24	13–23	19.4	4.00–7.50	48.9	24.2	…
June	15–24	14.5–24.5	13–23	19.4	4.00–730	41.7	24.2	…
July	15–24	14.5–26	13–23	18.1	4.00–7.50	48.3	24.3	…
August	15–24	17–28	15–21	17.9	4.00–7.50	48.2	28.0	…
September	15–24	17–30	15–30	19.7	4.00–7.50	48.2	30.7	…
October	15–24	17–36	15–36	22.0	4.00–7.50	50.1	35.7	…
November	15–24	19–39	20–39	24.3	4.00–7.50	53.0	40.5	…
December	15–24	19–42	18–42	26.2	4.00–7.50	55.3	42.5	…
1996
January	15–21	18–42	18–41	29.2	4.00–7.50	57.6	42.2	…
February	15–22	19–42	18–41	29.4	4.00–7.50	58.0	41.5	…
March	15–22	19–43	18–44	…	4.00–7.50	58.3	43.2	…

Source bank of Jamaica. Statistical Digest

^{^1/}Weighted average

^{^2/}On 3–6 month deposit under US$ 100.000.

^{^3/}Bank of Jamaica certificate of deposit was antroduced on November 1985, and phased out in February 1995.

Table 23.

Jamaica: Selected Interest Rate

	Commercial Bank Interest Rates
	Deposit Rates							Jamaica
	Savings	Time deposits		Weighted	Foreign	Lending	Treasary	Certificates
	Deposits	3–6 Months	6–12 Months	Avenge ^1/	Curency ^2/	Rate	Bills ^1/	of Deposit ^1/
1985 March	15.0	20–22	11.5–22	17.7	…	21.2	17.1	– ^3/
1986 March	20.0	17–23.5	17–24.5	20.0	…	29.5	23.8	27.3
1987 March	15.0	10–17	10–17	14.4	…	24.4	16.9	18.0
1988 March	15.0	10–18.5	10–18.5	15.6	…	25.4	19.7	18.4
1989 March	13.0	10–17	10–17	14.4	…	21.2	17.8	17.0
1990 March	18.0	18.25–25	18–25	22.4	…	32.4	25.4	28.5
1991 March	18–22	19–30	20–30	26.4	3.50–5.88	37.4	28.5	30.6
1992 March	15–23	28.5–46	28–45	36.7	…	54.5	44.3	50.0
1993 March	15–24	13–27	13.5–27	21.2	2.30–5.75	43.8	20.5	20.7
1994 March	15–27	21–53	20–50	39.3	2.15–6.75	66.9	40.0	50.0
1995 March	15–30	14.5–24	13–21	23.0	215–6.75	48.8	20.6	…
1996 March	15–27	19–23	18–44	…	215–6.75	58.3	50.3	…
1993
January	15–24	14–26	14.5–26	22.2	3.30–5.75	42.9	23.6	25.5
February	15–24	13–26	13.5–26	21.4	230–5.75	40.1	21.9	20.7
March	15–24	13–27	13.5–27	21.2	2.30–5.75	43.8	20.5	20.7
April	15–25	15–29	15.5–29	21.3	2.30–5.75	44.6	23.9	20.7
May	15–25	15–26.5	15–26.5	22.2	2.25–6.15	44.2	24.6	24.3
June	15–25	16–29	16.5–29	22.6	2.15–6.00	44.0	24.6	24.6
July	15–25	19–40	20–40	29.0	2.15–6.00	51.9	26.7	35.7
August	15–25	22–43	21–42	31.0	2.15–6.00	53.1	40.6	35.7
September	15–25	22–46	20–41	34.4	2.15–6.00	57.0	42.5	44.9
October	15–25	21–46	20–44	35.1	2.15–6.00	59.3	45.3	46.3
November	15–25	22–47	21–47	37.5	215–6.00	59.5	48.3	48.6
December	15–25	21–49	20–44	39.8	215–6.75	61.3	49.0	48.4
1994
January	15–25	21–55	20–51	39.2	2.15–6.75	65.1	51.6	50.7
February	15–25	21–57	20–51	40.9	2.15–6.75	66.5	52.0	51.9
March	15–27	21–53	20–50	39.3	2.15–6.75	66.9	50.9	50.0
April	15–30	21–53	20–50	39.6	2.15–6.75	67.0	50.6	50.2
May	15–30	21–44	20–44	35.1	2.15–6.75	65.5	49.8	47.8
June	15–30	21–43	20–40	34.1	2.15–6.75	65.0	46.4	45.1
July	15–30	21–43	20–40	34.4	4.00–7.50	65.0	44.5	42.6
August	15–30	21–39	20–38	34.9	4.00–7.50	63.1	41.2	38.9
September	15–30	21–35	20–34	33.3	4.00–7.50	61.3	38.4	35.3
October	15–30	21–34	20–33	32.3	4.00–7.50	59.9	32.8	35.3
November	15–25	21–33	19–32	29.3	4.00–7.50	56.3	32.5	28.2
December	15–25	20–32	19–31	27.9	4.00–7.50	56.1	27.6	…
1995
January	15–30	19–31	19–28	27.1	4.00–7.50	53.6	25.0	27.0
February	15–30	16.5–29	16–26	25.0	4.00–7.50	50.8	23.0	…
March	15–25	14.5–24	13–21	23.0	4.00–7.50	48.8	20.4	…
April	15–24	14.5–23	13–23	20.2	4.00–730	48.7	23.7	…
May	15–24	14.5–24	13–23	19.4	4.00–7.50	48.9	24.2	…
June	15–24	14.5–24.5	13–23	19.4	4.00–730	41.7	24.2	…
July	15–24	14.5–26	13–23	18.1	4.00–7.50	48.3	24.3	…
August	15–24	17–28	15–21	17.9	4.00–7.50	48.2	28.0	…
September	15–24	17–30	15–30	19.7	4.00–7.50	48.2	30.7	…
October	15–24	17–36	15–36	22.0	4.00–7.50	50.1	35.7	…
November	15–24	19–39	20–39	24.3	4.00–7.50	53.0	40.5	…
December	15–24	19–42	18–42	26.2	4.00–7.50	55.3	42.5	…
1996
January	15–21	18–42	18–41	29.2	4.00–7.50	57.6	42.2	…
February	15–22	19–42	18–41	29.4	4.00–7.50	58.0	41.5	…
March	15–22	19–43	18–44	…	4.00–7.50	58.3	43.2	…

Source bank of Jamaica. Statistical Digest

^{^1/}Weighted average

^{^2/}On 3–6 month deposit under US$ 100.000.

^{^3/}Bank of Jamaica certificate of deposit was antroduced on November 1985, and phased out in February 1995.

Table 24.

Jamaica: Distribution of Commercial Banks’ Loans and Advances

Source Bank of Jamaica. Statistical Digest.

Table 24.

Jamaica: Distribution of Commercial Banks’ Loans and Advances

		March
							Prel.
		1991	1992	1993	1994	1995	1996
			(In millions of Jamaica dollars)
Total		9,413	12,031	16,841	28,521	35,805	48,876
Agriculture		857	1,014	1,079	1,686	2,148	1,991
Mining		33	47	131	185	216	282
Manufacturing		1,570	1,929	2,189	3,314	4,577	6,259
	Sugar/rum	95	136	94	415	533	885
	Food/drink	315	369	448	702	923	1,002
	Textiles/footwear	175	200	246	252	317	368
	Cement	50	52	99	222	397	511
	Chemicals	98	208	147	313	339	451
	Other	837	965	1,155	1,410	2,069	3,043
Construction development		2,104	2,152	3,075	4,522	4,974	7,211
	Construction	1,526	1,509	2,386	3,444	4,066	6,190
	Land development/acquisition	578	643	689	1,078	908	1,021
Financial institutions		265	594	276	1,440	1,599	2,762
Transport		1,164	1,069	1,613	2,565	3,533	4,203
Electricity, water, and gas		31	27	76	165	271	327
Government services		827	811	931	1,863	3,303	3,085
Distributive trade		426	713	1,030	1,825	2,645	3,758
Tourism and entertainment		794	779	1,432	2,576	3,015	3,890
Professional services		672	1,447	2,365	3,638	3,499	5,568
Personal		671	1,449	2,648	4,744	6,024	9,540
				(In percent)
Total		100.0	100.0	100.0	100.0	100.0	100.0
Agriculture		9.1	8.4	6.4	5.9	6.0	4.1
Mining		0.4	0.4	0.8	0.6	0.6	0.6
Manufacturing		16.7	16.0	13.0	11.6	12.8	12.8
	Sugar/rum	1.0	1.1	0.6	1.5	1.5	1.8
	Food/drink	3.3	3.1	2.7	2.5	2.6	2.0
	Textiles/footwear	1.9	1.7	1.5	0.9	0.9	0.8
	Cement	0.5	0.4	0.6	0.8	1.1	1.0
	Chemicals	1.0	1.7	0.9	1.1	0.9	0.9
	Other	8.9	8.0	6.9	4.9	5.8	6.2
Construction development		22.3	17.9	18.3	15.9	13.9	14.8
	Construction	16.2	12.5	14.2	12.1	11.4	12.7
	Land development/acquisition	6.1	5.3	4.1	3.8	2.5	2.1
Financial institutions		2.8	4.9	1.6	5.0	4.5	5.7
Transport		12.4	8.9	9.6	9.0	9.9	8.6
Electricity, water, and gas		0.3	0.2	0.4	0.6	0.8	0.7
	Government services	8.8	6.7	5.5	6.5	9.2	6.3
Distributive trade		4.5	5.9	6.1	6.4	7.4	7.7
Tourism and entertainment		8.4	6.5	8.5	9.0	8.4	8.0
Professional services		7.1	12.0	14.0	12.8	9.8	11.4
Personal		7.1	12.0	15.7	16.6	16.8	19.5

Source Bank of Jamaica. Statistical Digest.

Table 24.

Jamaica: Distribution of Commercial Banks’ Loans and Advances

		March
							Prel.
		1991	1992	1993	1994	1995	1996
			(In millions of Jamaica dollars)
Total		9,413	12,031	16,841	28,521	35,805	48,876
Agriculture		857	1,014	1,079	1,686	2,148	1,991
Mining		33	47	131	185	216	282
Manufacturing		1,570	1,929	2,189	3,314	4,577	6,259
	Sugar/rum	95	136	94	415	533	885
	Food/drink	315	369	448	702	923	1,002
	Textiles/footwear	175	200	246	252	317	368
	Cement	50	52	99	222	397	511
	Chemicals	98	208	147	313	339	451
	Other	837	965	1,155	1,410	2,069	3,043
Construction development		2,104	2,152	3,075	4,522	4,974	7,211
	Construction	1,526	1,509	2,386	3,444	4,066	6,190
	Land development/acquisition	578	643	689	1,078	908	1,021
Financial institutions		265	594	276	1,440	1,599	2,762
Transport		1,164	1,069	1,613	2,565	3,533	4,203
Electricity, water, and gas		31	27	76	165	271	327
Government services		827	811	931	1,863	3,303	3,085
Distributive trade		426	713	1,030	1,825	2,645	3,758
Tourism and entertainment		794	779	1,432	2,576	3,015	3,890
Professional services		672	1,447	2,365	3,638	3,499	5,568
Personal		671	1,449	2,648	4,744	6,024	9,540
				(In percent)
Total		100.0	100.0	100.0	100.0	100.0	100.0
Agriculture		9.1	8.4	6.4	5.9	6.0	4.1
Mining		0.4	0.4	0.8	0.6	0.6	0.6
Manufacturing		16.7	16.0	13.0	11.6	12.8	12.8
	Sugar/rum	1.0	1.1	0.6	1.5	1.5	1.8
	Food/drink	3.3	3.1	2.7	2.5	2.6	2.0
	Textiles/footwear	1.9	1.7	1.5	0.9	0.9	0.8
	Cement	0.5	0.4	0.6	0.8	1.1	1.0
	Chemicals	1.0	1.7	0.9	1.1	0.9	0.9
	Other	8.9	8.0	6.9	4.9	5.8	6.2
Construction development		22.3	17.9	18.3	15.9	13.9	14.8
	Construction	16.2	12.5	14.2	12.1	11.4	12.7
	Land development/acquisition	6.1	5.3	4.1	3.8	2.5	2.1
Financial institutions		2.8	4.9	1.6	5.0	4.5	5.7
Transport		12.4	8.9	9.6	9.0	9.9	8.6
Electricity, water, and gas		0.3	0.2	0.4	0.6	0.8	0.7
	Government services	8.8	6.7	5.5	6.5	9.2	6.3
Distributive trade		4.5	5.9	6.1	6.4	7.4	7.7
Tourism and entertainment		8.4	6.5	8.5	9.0	8.4	8.0
Professional services		7.1	12.0	14.0	12.8	9.8	11.4
Personal		7.1	12.0	15.7	16.6	16.8	19.5

Source Bank of Jamaica. Statistical Digest.

Table 25.

Jamaica: Summary Accounts of Nonbank Financial Intermediaries

Source Bank of Jamaica

^{^1/}Consolidated accounts of merchant banks. trust companies., and finance companies These Institution operate under the Financial Institutions Act which, in December 1992. replaced the Protection of Depositors Act. enacted m 1974

^{^2/}For 1996. position as at end February

Table 25.

Jamaica: Summary Accounts of Nonbank Financial Intermediaries

							Prel.
		1991	1992	1993	1994	1995	1996 ^1/
		(In millions of Jamaica dollars)
		I. Near-Banks ^2/
Net foreign assets		−35	−30	278	−562	−1,765	−1,769
Net domestic assets		3,402	3,983	5,580	5,591	8,653	8,456
Claims on public sector		151	−19	−595	−1,244	1,167	1,760
	Central Government (net)	458	285	559	−230	2,193	2,941
	Claims on selected public enterprises (net)	−158	−144	−752	−773	−544	−550
	Claims on other public enterprises (net)	−149	−160	−401	−241	−482	−632
Credit to financial institutions		−133	121	285	−691	−440	−605
	Commercial banks	152	397	587	123	46	−63
	Other	−284	−276	−302	−814	−486	−542
Credit to the private sector		3,229	3,930	5,884	6,540	9,121	8,740
	Agricultural Credit Bank/National Development Bank related	96	−11	90	175	424	602
	Other	3,133	3,941	5,794	6,364	8,697	8,138
Medium-term foreign liabilities		−1	−1	−56	−24	−23	−23
Other item (net)		157	−48	62	1,011	−1,172	−1,416
Claims on the Bank of Jamaica (net)		354	504	1,098	1,365	1,278	1,341
Liabilities		1,722	4,456	6,957	6,394	8,001	8,136
Saving deposits		31	39	57	73	249	248
Time deposits		2,676	2,550	4,586	4,323	4,490	4,539
Other liabilities		1,014	1,867	2,314	1,998	3,261	3,349
		II. Building Societies (December)
Net domestic assets		3,180	5,120	8,737	11,964	28,739	…
Mortgages		1,724	2,287	2,884	3,918	9,186	…
Liquid assets		1,065	1,920	3,879	4,945	11,548	…
Other assets		391	913	1,974	3,101	8,006	…
Liabilities		3,180	5,120	8,737	11,964	28,739	…
Shares		2,827	4,161	7,530	10,202	24,315	…
Other liabilities		41	141	136	361	…	…
Capital and reserves		317	818	1,071	1,401	…	…
		III Credit Unions
Net domestic assets.		798	1,024	1,281	1,839	4,098	4,507
Loans to private sector		656	787	965	1,333	2,831	3,018
Other		142	237	316	505	1,267	1,490
Liabilities		798	1,024	1,281	1,839	4,098	4,507
Shares		697	870	1,071	1,568	3,130	3,258
Other liabilities		101	154	210	270	968	1,249
		(In millions of Jamaica dollars)
		IV. Agricultural Credit Bank
Net domestic assets		734	1,087	1,461	1.699	2,036	2,408
Loans to commercial banks		394	461	494	615	633	…
Loans to cooperative banks		158	169	212	234	233	…
Loans to National Invesment BankofJaniaica		20	13	3	…	…	…
Investments in banks		1	1	1	1	1	…
Other		151	444	751	849	1,169	…
Liabilities		734	1,087	1,461	1,699	2,086	2,408
Capital		29	29	29	29	29	29
Government loans		173	215	259	384	599	…
Foreign loans		334	591	807	853	945	…
Other		198	252	366	432	513	…
		V. National Development Bank
Net domestic assets		622	1,248	1,336	2,390	3,138	…
Loans to the private sector		466	52S	590	1,092	1,453	…
Investments in banks		91	199	359	477	358	…
Other		66	521	3S7	822	U27	…
Liabilites		622	1,248	1,336	2,390	3,138	…
Domestic loans		406	921	877	1,380	…	…
Foreign loans		…	…	…	…	…	…
Other liabilities		147	259	…	…	…	…
Capital		69	69	69	69	69	…
		VI. Jamaica Mortgage Bank
Net domestic assets		301	336	462	609	857	…
Loans and mortgages		185	190	244	336	296	…
Other investments		51	…	3	3	50	…
Deposits and bank balances		54	64	18O	207	363	…
Other		11	…	34	64	147	…
Liabilities		301	336	462	609	857	…
Long-term loans		136	…	125	122	218	…
Other		166	…	336	487	639	…
		VII. Jamaica Development Bank
Net domestic assets		179	218	300	376	439	…
Investments in projects		87	15	15	12	56	…
Investments in banks		2	I8	1	2	1	…
Other investments		73	171	136	101	216	…
Other		17	15	141	261	166	…
Liabilities		179	218	300	326	439	…
Government loans		2	2	2	2	223	…
Loans from financial institutions		…	…	50	50	52	…
Foreign loans		100	298	215	282	266	…
Other loans		73	115	182	232	60	…
Share capital		46	46	46	46	46	…
Other		−42	−243	−196	−236	−208	…

Source Bank of Jamaica

^{^2/}For 1996. position as at end February

Table 25.

Jamaica: Summary Accounts of Nonbank Financial Intermediaries

							Prel.
		1991	1992	1993	1994	1995	1996 ^1/
		(In millions of Jamaica dollars)
		I. Near-Banks ^2/
Net foreign assets		−35	−30	278	−562	−1,765	−1,769
Net domestic assets		3,402	3,983	5,580	5,591	8,653	8,456
Claims on public sector		151	−19	−595	−1,244	1,167	1,760
	Central Government (net)	458	285	559	−230	2,193	2,941
	Claims on selected public enterprises (net)	−158	−144	−752	−773	−544	−550
	Claims on other public enterprises (net)	−149	−160	−401	−241	−482	−632
Credit to financial institutions		−133	121	285	−691	−440	−605
	Commercial banks	152	397	587	123	46	−63
	Other	−284	−276	−302	−814	−486	−542
Credit to the private sector		3,229	3,930	5,884	6,540	9,121	8,740
	Agricultural Credit Bank/National Development Bank related	96	−11	90	175	424	602
	Other	3,133	3,941	5,794	6,364	8,697	8,138
Medium-term foreign liabilities		−1	−1	−56	−24	−23	−23
Other item (net)		157	−48	62	1,011	−1,172	−1,416
Claims on the Bank of Jamaica (net)		354	504	1,098	1,365	1,278	1,341
Liabilities		1,722	4,456	6,957	6,394	8,001	8,136
Saving deposits		31	39	57	73	249	248
Time deposits		2,676	2,550	4,586	4,323	4,490	4,539
Other liabilities		1,014	1,867	2,314	1,998	3,261	3,349
		II. Building Societies (December)
Net domestic assets		3,180	5,120	8,737	11,964	28,739	…
Mortgages		1,724	2,287	2,884	3,918	9,186	…
Liquid assets		1,065	1,920	3,879	4,945	11,548	…
Other assets		391	913	1,974	3,101	8,006	…
Liabilities		3,180	5,120	8,737	11,964	28,739	…
Shares		2,827	4,161	7,530	10,202	24,315	…
Other liabilities		41	141	136	361	…	…
Capital and reserves		317	818	1,071	1,401	…	…
		III Credit Unions
Net domestic assets.		798	1,024	1,281	1,839	4,098	4,507
Loans to private sector		656	787	965	1,333	2,831	3,018
Other		142	237	316	505	1,267	1,490
Liabilities		798	1,024	1,281	1,839	4,098	4,507
Shares		697	870	1,071	1,568	3,130	3,258
Other liabilities		101	154	210	270	968	1,249
		(In millions of Jamaica dollars)
		IV. Agricultural Credit Bank
Net domestic assets		734	1,087	1,461	1.699	2,036	2,408
Loans to commercial banks		394	461	494	615	633	…
Loans to cooperative banks		158	169	212	234	233	…
Loans to National Invesment BankofJaniaica		20	13	3	…	…	…
Investments in banks		1	1	1	1	1	…
Other		151	444	751	849	1,169	…
Liabilities		734	1,087	1,461	1,699	2,086	2,408
Capital		29	29	29	29	29	29
Government loans		173	215	259	384	599	…
Foreign loans		334	591	807	853	945	…
Other		198	252	366	432	513	…
		V. National Development Bank
Net domestic assets		622	1,248	1,336	2,390	3,138	…
Loans to the private sector		466	52S	590	1,092	1,453	…
Investments in banks		91	199	359	477	358	…
Other		66	521	3S7	822	U27	…
Liabilites		622	1,248	1,336	2,390	3,138	…
Domestic loans		406	921	877	1,380	…	…
Foreign loans		…	…	…	…	…	…
Other liabilities		147	259	…	…	…	…
Capital		69	69	69	69	69	…
		VI. Jamaica Mortgage Bank
Net domestic assets		301	336	462	609	857	…
Loans and mortgages		185	190	244	336	296	…
Other investments		51	…	3	3	50	…
Deposits and bank balances		54	64	18O	207	363	…
Other		11	…	34	64	147	…
Liabilities		301	336	462	609	857	…
Long-term loans		136	…	125	122	218	…
Other		166	…	336	487	639	…
		VII. Jamaica Development Bank
Net domestic assets		179	218	300	376	439	…
Investments in projects		87	15	15	12	56	…
Investments in banks		2	I8	1	2	1	…
Other investments		73	171	136	101	216	…
Other		17	15	141	261	166	…
Liabilities		179	218	300	326	439	…
Government loans		2	2	2	2	223	…
Loans from financial institutions		…	…	50	50	52	…
Foreign loans		100	298	215	282	266	…
Other loans		73	115	182	232	60	…
Share capital		46	46	46	46	46	…
Other		−42	−243	−196	−236	−208	…

Source Bank of Jamaica

^{^2/}For 1996. position as at end February

Table 26.

Jamaica: Balance of Payments Summary

Source: Table 27.

^{^1/}Includes medium- and long-term as well as short-term capital inflows.

Table 26.

Jamaica: Balance of Payments Summary

						Prel.
		1991/92	1992/93	1993/94	1994/95	1995/96
			(In millions of U.S. dollars)
Current account		−156	−5	−56	1	−274
Trade balance		−659	−782	−1,130	−984	−1,427
Exports		1,082	l,051	1,102	1,278	1,441
Of which:
	bauxite	111	90	81	73	72
	alumina	535	462	447	558	651
Imports		1,742	l,832	2,231	2,271	2,868
Services		245	416	524	460	596
Of which:
	tourism receipts	791	896	962	911	999
	interest payments	310	286	241	229	220
Transfers		259	361	499	535	557
Official capital(net) ^1/		−24	−89	−36	−134	−119
Private capital (net)		222	264	228	526	440
Overall balance		42	170	136	394	47
			(In percent of GDP)
Memorandum item
Current account		−4.9	−0.1	−1.4	0.0	−6.2

Source: Table 27.

^{^1/}Includes medium- and long-term as well as short-term capital inflows.

Table 26.

Jamaica: Balance of Payments Summary

						Prel.
		1991/92	1992/93	1993/94	1994/95	1995/96
			(In millions of U.S. dollars)
Current account		−156	−5	−56	1	−274
Trade balance		−659	−782	−1,130	−984	−1,427
Exports		1,082	l,051	1,102	1,278	1,441
Of which:
	bauxite	111	90	81	73	72
	alumina	535	462	447	558	651
Imports		1,742	l,832	2,231	2,271	2,868
Services		245	416	524	460	596
Of which:
	tourism receipts	791	896	962	911	999
	interest payments	310	286	241	229	220
Transfers		259	361	499	535	557
Official capital(net) ^1/		−24	−89	−36	−134	−119
Private capital (net)		222	264	228	526	440
Overall balance		42	170	136	394	47
			(In percent of GDP)
Memorandum item
Current account		−4.9	−0.1	−1.4	0.0	−6.2

Source: Table 27.

^{^1/}Includes medium- and long-term as well as short-term capital inflows.

Table 27.

Jamaica: Balance of Payments

Source: Bank of Jamaica.

Table 27.

Jamaica: Balance of Payments

							Prel.
			1991/92	1992/93	1993/94	1994/95	1995/96
			(In millions of U.S. dollars)
Current account			−156	−5	−56	1	−274
Exports			1,082	1,051	1,102	1,278	1,441
Bauxite			111	90	81	73	72
Alumina			535	462	447	558	651
Sugar			80	89	91	75	95
Bananas			44	39	39	45	48
CARICOM			61	60	59	60	61
Other			224	291	366	423	468
Re-exports			28	20	18	43	48
Imports			1,742	1,832	2,231	2,271	2,868
Fuel, bauxite			73	70	81	86	87
Fuel, nonbauxite			227	265	257	255	272
Other bauxite			157	111	89	43	115
Consumer goods			271	305	490	487	731
Raw materials			735	787	943	1,012	1,135
Capital goods			279	294	371	389	527
Trade account			−659	−782	−1,130	−994	−1,427
Travel			737	829	903	819	885
Receipts			791	896	962	911	999
Payments			54	67	59	92	114
Interest payments			−294	−255	−208	−170	−167
Receipts			16	31	33	60	53
Payments			310	286	241	229	220
Other services			−198	−158	−121	−190	−180
Receipts			229	341	458	488	469
Payments			427	499	579	677	650
Insurance claims			=	=	=	=	58
Transfers			259	361	499	535	557
Receipts			301	405	538	573	599
	Of which: grants		61	47	40	22	44
Payments			42	44	38	39	42
Services and transfers			504	777	1,073	995	1,153
Capital account			198	175	192	393	320
Official capital: medium- and long-term			62	−105	−27	−124	−136
Inflow, new funds			310	158	261	172	147
	Bilateral		70	23	81	8	11
	Multilateral		95	0	60	–	35
	Other		144	135	119	164	101
		Of which project financing	52	69	91	129	87
inflows, rescheduling			131	125	117	106	50
		Of which OECD countries	94	100	78	69	36
Outflow			379	388	405	402	333
Short-term public sector borrowing (net)			−86	15	−8	−10	17
Private capital (net)			222	264	228	526	440
Direct investment (net)			79	114	100	87	145
Other, including errors and omissions			143	150	129	440	295
Overall balance			42	170	136	394	47
Changes in net international reserves			−42	−170	−136	−394	−47
Assets			7	−124	−133	−353	50
Liabilities			−50	−46	−3	−41	−97
	IMF (net)		−20	−19	−8	−44	−97
	Arrears		–	–	–	–	–
	Other		−30	−27	5	3	0
				(In percent of GDP)
Current account balance			−4.9	−0.1	−1.4	0.0	−6.2
Merchandise			−20.6	−23.3	−29.0	−24.4	−32.3
	Exports		33.8	31.3	28.3	31.4	32.6
	Imports		54.4	54.7	57.2	55.8	64.8
Services			7.6	12.4	14.7	11.3	12.2
Transfers			8.1	10.8	12.8	13.1	12.6
Net capital movements			6.2	5.2	4.9	9.7	7.2
Of which: public sector			−0.8	−2.7	−0.9	−3.3	−2.7
Overall balance			1.3	5.1	3.5	9.7	1.1

Source: Bank of Jamaica.

Table 27.

Jamaica: Balance of Payments

							Prel.
			1991/92	1992/93	1993/94	1994/95	1995/96
			(In millions of U.S. dollars)
Current account			−156	−5	−56	1	−274
Exports			1,082	1,051	1,102	1,278	1,441
Bauxite			111	90	81	73	72
Alumina			535	462	447	558	651
Sugar			80	89	91	75	95
Bananas			44	39	39	45	48
CARICOM			61	60	59	60	61
Other			224	291	366	423	468
Re-exports			28	20	18	43	48
Imports			1,742	1,832	2,231	2,271	2,868
Fuel, bauxite			73	70	81	86	87
Fuel, nonbauxite			227	265	257	255	272
Other bauxite			157	111	89	43	115
Consumer goods			271	305	490	487	731
Raw materials			735	787	943	1,012	1,135
Capital goods			279	294	371	389	527
Trade account			−659	−782	−1,130	−994	−1,427
Travel			737	829	903	819	885
Receipts			791	896	962	911	999
Payments			54	67	59	92	114
Interest payments			−294	−255	−208	−170	−167
Receipts			16	31	33	60	53
Payments			310	286	241	229	220
Other services			−198	−158	−121	−190	−180
Receipts			229	341	458	488	469
Payments			427	499	579	677	650
Insurance claims			=	=	=	=	58
Transfers			259	361	499	535	557
Receipts			301	405	538	573	599
	Of which: grants		61	47	40	22	44
Payments			42	44	38	39	42
Services and transfers			504	777	1,073	995	1,153
Capital account			198	175	192	393	320
Official capital: medium- and long-term			62	−105	−27	−124	−136
Inflow, new funds			310	158	261	172	147
	Bilateral		70	23	81	8	11
	Multilateral		95	0	60	–	35
	Other		144	135	119	164	101
		Of which project financing	52	69	91	129	87
inflows, rescheduling			131	125	117	106	50
		Of which OECD countries	94	100	78	69	36
Outflow			379	388	405	402	333
Short-term public sector borrowing (net)			−86	15	−8	−10	17
Private capital (net)			222	264	228	526	440
Direct investment (net)			79	114	100	87	145
Other, including errors and omissions			143	150	129	440	295
Overall balance			42	170	136	394	47
Changes in net international reserves			−42	−170	−136	−394	−47
Assets			7	−124	−133	−353	50
Liabilities			−50	−46	−3	−41	−97
	IMF (net)		−20	−19	−8	−44	−97
	Arrears		–	–	–	–	–
	Other		−30	−27	5	3	0
				(In percent of GDP)
Current account balance			−4.9	−0.1	−1.4	0.0	−6.2
Merchandise			−20.6	−23.3	−29.0	−24.4	−32.3
	Exports		33.8	31.3	28.3	31.4	32.6
	Imports		54.4	54.7	57.2	55.8	64.8
Services			7.6	12.4	14.7	11.3	12.2
Transfers			8.1	10.8	12.8	13.1	12.6
Net capital movements			6.2	5.2	4.9	9.7	7.2
Of which: public sector			−0.8	−2.7	−0.9	−3.3	−2.7
Overall balance			1.3	5.1	3.5	9.7	1.1

Source: Bank of Jamaica.

Table 28.

Jamaica: Exports, f.o.b.

Source Statistical Institute of Jamaica.

^{^1/}Derived from Table 27

Table 28.

Jamaica: Exports, f.o.b.

								Prel.
						Prel.	Apr.-Dec.	Apr.-Dec.
		1991/92	1992/93	1993/94	1994/95	1995/96	1994/95	1995/96
				(In millions of U.S. dollars)
Total		1,082	1,051	1,102	1,278	l,441	995	1,077
Of which: re-exports		28	20	18	43	48	31	37
Agricultural products		69	71	74	72	48	53	67
Bananas		44	39	39	45	48	35	38
Pimento		4	4	3	4	…	3	3
Cocoa		3	5	5	4	…	3	4
Coffee		14	18	20	18	…	11	21
Citrus		4	5	4	1	…	2	2
Tobacco		1	1	2	…	…	–	0
Ginger		1	1	1	–	…	–	–
Minerals		646	552	528	631	723	472	545
Bauxite		111	90	81	73	72	55	54
Alumina		535	462	447	558	651	417	491
Manufactures		295	339	375	492	22	343	394
Sugar		80	89	91	75	95	34	55
Rum		16	18	21	23	…	17	17
Liqueurs and cordials		4	5	5	3	…	3	1
Fruit preparations		4	3	3	5	…	4	4
Cigars and cheroots		6	6	6	7	…	5	6
Clothing		106	151	160	261	…	195	217
Mineral fuels & lubricants		15	10	6	6	…	4	S
Other manufactures		63	56	82	113	…	82	89
Other		72	89	124	83	576	57	71
				(In percent of total exports)
Total		100.0	100.0	100.0	100.0	100.0	100.0	100.0
Bauxite/alumina		59.7	52.5	47.9	49.4	50.1	51.0	50.6
Sugar		7.4	8.5	8.3	5.8	6.6	3.6	5.1
Bananas		4.0	3.7	3.6	3.5	3.3	3.7	3.5
Nontraditional		26.4	33.4	38.6	37.8	36.7	38.2	37.3
	CARICOM ^1/	5.7	5.7	5.4	4.7	4.2	4.9	4.2
	Other	20.7	27.7	33.2	33.1	32.5	33.4	33.2
Re-exports		2.6	1.9	1.7	3.4	3.3	3.3	3.5

Source Statistical Institute of Jamaica.

^{^1/}Derived from Table 27

Table 28.

Jamaica: Exports, f.o.b.

								Prel.
						Prel.	Apr.-Dec.	Apr.-Dec.
		1991/92	1992/93	1993/94	1994/95	1995/96	1994/95	1995/96
				(In millions of U.S. dollars)
Total		1,082	1,051	1,102	1,278	l,441	995	1,077
Of which: re-exports		28	20	18	43	48	31	37
Agricultural products		69	71	74	72	48	53	67
Bananas		44	39	39	45	48	35	38
Pimento		4	4	3	4	…	3	3
Cocoa		3	5	5	4	…	3	4
Coffee		14	18	20	18	…	11	21
Citrus		4	5	4	1	…	2	2
Tobacco		1	1	2	…	…	–	0
Ginger		1	1	1	–	…	–	–
Minerals		646	552	528	631	723	472	545
Bauxite		111	90	81	73	72	55	54
Alumina		535	462	447	558	651	417	491
Manufactures		295	339	375	492	22	343	394
Sugar		80	89	91	75	95	34	55
Rum		16	18	21	23	…	17	17
Liqueurs and cordials		4	5	5	3	…	3	1
Fruit preparations		4	3	3	5	…	4	4
Cigars and cheroots		6	6	6	7	…	5	6
Clothing		106	151	160	261	…	195	217
Mineral fuels & lubricants		15	10	6	6	…	4	S
Other manufactures		63	56	82	113	…	82	89
Other		72	89	124	83	576	57	71
				(In percent of total exports)
Total		100.0	100.0	100.0	100.0	100.0	100.0	100.0
Bauxite/alumina		59.7	52.5	47.9	49.4	50.1	51.0	50.6
Sugar		7.4	8.5	8.3	5.8	6.6	3.6	5.1
Bananas		4.0	3.7	3.6	3.5	3.3	3.7	3.5
Nontraditional		26.4	33.4	38.6	37.8	36.7	38.2	37.3
	CARICOM ^1/	5.7	5.7	5.4	4.7	4.2	4.9	4.2
	Other	20.7	27.7	33.2	33.1	32.5	33.4	33.2
Re-exports		2.6	1.9	1.7	3.4	3.3	3.3	3.5

Source Statistical Institute of Jamaica.

^{^1/}Derived from Table 27

Table 29.

Jamaica: Value, Volume, and Unit Price of Principal Exports ^1/

(Value in millions of U.S. dollars: volume in millions of metric tons for alumina and bauxite, thousands of metric tons for sugar and bananas)

Source Statistical Institute of Jamaica.

^{^1/}Value may not be equal to volume multiplied by price because of rounding.

Table 29.

Jamaica: Value, Volume, and Unit Price of Principal Exports ^1/

(Value in millions of U.S. dollars: volume in millions of metric tons for alumina and bauxite, thousands of metric tons for sugar and bananas)

					Prel.
	1991/92	1992/93	1993/94	1994/95	1995/96
Bauxite
Value	110.7	89.5	81.0	73.1	71.9
Volume	4.2	4.2	3.8	3.6	3.6
Unit price	26.4	21.3	21.3	20.3	20.0
Alumina
Value	534.9	462.1	446.8	558.1	650.8
Volume	3.0	2.9	3.0	3.1	3.1
Unit price	178.3	159.3	148.9	179.0	208.7
Sugar
Value	79.9	89.0	91.3	74.7	94.5
Volume	130.3	139.1	156.2	122.9	145.5
Unit price	613.2	639.8	584.5	607.8	649.5
Bananas
Value	43.6	38.5	39.0	45.0	47.9
Volume	74.3	71.3	73.5	76.0	84.7
Unit price	586.8	540.0	530.6	592.1	565.5

Source Statistical Institute of Jamaica.

^{^1/}Value may not be equal to volume multiplied by price because of rounding.

Table 29.

Jamaica: Value, Volume, and Unit Price of Principal Exports ^1/

(Value in millions of U.S. dollars: volume in millions of metric tons for alumina and bauxite, thousands of metric tons for sugar and bananas)

					Prel.
	1991/92	1992/93	1993/94	1994/95	1995/96
Bauxite
Value	110.7	89.5	81.0	73.1	71.9
Volume	4.2	4.2	3.8	3.6	3.6
Unit price	26.4	21.3	21.3	20.3	20.0
Alumina
Value	534.9	462.1	446.8	558.1	650.8
Volume	3.0	2.9	3.0	3.1	3.1
Unit price	178.3	159.3	148.9	179.0	208.7
Sugar
Value	79.9	89.0	91.3	74.7	94.5
Volume	130.3	139.1	156.2	122.9	145.5
Unit price	613.2	639.8	584.5	607.8	649.5
Bananas
Value	43.6	38.5	39.0	45.0	47.9
Volume	74.3	71.3	73.5	76.0	84.7
Unit price	586.8	540.0	530.6	592.1	565.5

Source Statistical Institute of Jamaica.

^{^1/}Value may not be equal to volume multiplied by price because of rounding.

Table 30.

Jamaica: Summary Bauxite Sector Operations ^1/

Sources: Bank of Jamaica; and Statistical Institute of Jamaica.

^{^1/}Does not include operations at the Clarendon Alumina Plant (CAP) by the Government of Jamaica a leasing arrangement that began in 1985/86. Figures based on companies’ income statement and differ from balance of payments data.

^{^2/}The sum of production levy, royalties, and local production costs repieauuts the net foreign exchange earnings arising directly from domestic production.

^{^3/}Total export value less production costs (including levy and royalties) equals imputed profits.

Table 30.

Jamaica: Summary Bauxite Sector Operations ^1/

									Prel.
								Apr.-Dec.	Apr.-Dec.
				1991/92	1992/93	1993/94	1994/95	1994/95	1995/96
				(In millions of U.S. dollars)
Total export value				563	506	548	548	464	464
Total production cost				451	461	527	485	362	403
	Production levy ^2/			82	63	52	69	50	61
	Royalties ^2/			5	4	4	4	4	2
	Local production costs ^2/			89	116	128	143	103	121
	Foreign production costs			276	278	343	269	205	219
		Wages and salaries		3	3	4	3	3	3
		Fuel		99	105	119	102	79	83
		Depreciation		39	42	51	51	38	40
		Interest		6	6	5	6	4	5
		Other goods and services		130	123	165	107	81	88
Imputed profits ^3/				112	45	−64	63	51	61
Memorandum items
Export value: bauxite				102	87	81	74	56	54
			alumina	461	419	382	474	357	409

Sources: Bank of Jamaica; and Statistical Institute of Jamaica.

^{^2/}The sum of production levy, royalties, and local production costs repieauuts the net foreign exchange earnings arising directly from domestic production.

^{^3/}Total export value less production costs (including levy and royalties) equals imputed profits.

Table 30.

Jamaica: Summary Bauxite Sector Operations ^1/

									Prel.
								Apr.-Dec.	Apr.-Dec.
				1991/92	1992/93	1993/94	1994/95	1994/95	1995/96
				(In millions of U.S. dollars)
Total export value				563	506	548	548	464	464
Total production cost				451	461	527	485	362	403
	Production levy ^2/			82	63	52	69	50	61
	Royalties ^2/			5	4	4	4	4	2
	Local production costs ^2/			89	116	128	143	103	121
	Foreign production costs			276	278	343	269	205	219
		Wages and salaries		3	3	4	3	3	3
		Fuel		99	105	119	102	79	83
		Depreciation		39	42	51	51	38	40
		Interest		6	6	5	6	4	5
		Other goods and services		130	123	165	107	81	88
Imputed profits ^3/				112	45	−64	63	51	61
Memorandum items
Export value: bauxite				102	87	81	74	56	54
			alumina	461	419	382	474	357	409

Sources: Bank of Jamaica; and Statistical Institute of Jamaica.

^{^2/}The sum of production levy, royalties, and local production costs repieauuts the net foreign exchange earnings arising directly from domestic production.

^{^3/}Total export value less production costs (including levy and royalties) equals imputed profits.

Table 31.

Jamaica: Imports, c.i.f.

Source Statistical Institute of Jamaica

^{^1/}Classification differs from that shown in Table 27.

Table 31.

Jamaica: Imports, c.i.f.

								Prel
						Prel.	Apr.-Dec.	Apr.-Dec.
		1991/92	1992/93	1993/94	1994/95	1995/96	1994/95	1995/96
		(In millions of U.S. dollars)
Total		1,742	l,832	2,231	2,271	2,868	1,685	2,187
End-use classification ^1/
Consumer goods		252	314	491	489	…	352	549
	Foods	97	118	136	143	…	98	152
	Nondurables	82	117	134	159	…	120	173
	Durables	73	79	221	186	…	133	225
Fuels		300	335	338	341	359	260	270
Raw materials		726	865	1,011	1,045	…	797	949
Capital goods		463	318	391	397	…	276	418
	Construction material	90	86	100	103	…	69	110
	Transport equipment	98	89	123	92	…	63	75
	Other machinery	275	143	168	202	…	144	233
Bauxite/nonbauxite
Bauxite sector		230	181	170	129	202	91	149
	Fuel	73	70	81	86	87	58	61
	Other	157	111	89	43	115	33	88
Nonbauxite sector		1,512	1,651	2,061	2,143	2,666	1,594	2,038
	Fuel	227	265	257	255	272	202	209
	Other	1,285	1,387	1,804	1,888	2,394	1,392	1,829
		(In percent of total)
End-use classification
Consumer goods		14.5	17.2	22.0	21.5	…	20.9	25.1
	Foods	5.6	6.4	6.1	6.3	…	5.8	6.9
	Nondurables	4.7	6.4	6.0	7.0	…	7.1	7.9
	Durables	4.2	4.3	9.9	8.2	…	7.9	10.3
Fuels		17.2	18.3	15.2	15.0	12.5	15.4	12.4
Raw materials		41.7	47.2	45.3	46.0	…	47.3	43.4
Capital goods		26.6	17.4	17.5	17.5	…	16.4	19.1
	Construction material	5.2	4.7	4.5	4.5	…	4.1	5.0
	Transport equipment	5.6	4.9	5.5	4.0	…	3.7	3.4
	Other machinery	15.8	7.8	7.5	8.9	…	8.5	10.7
Bauxite/nonbauxite
Bauxite sector		13.2	9.9	7.6	5.7	7.0	54	68
	Fuel	4.2	3.8	3.6	3.8	3.0	3 4	2.8
	Other	9.0	6.0	4.0	1.9	4.0	2.0	4.0
Nonbauxite sector		86.8	90.1	92.4	94.3	93.0	94.6	93.2
	Fuel	13.0	14.4	11.5	11.2	9.5	12.0	9.6
	Other	73.8	75.7	80.9	83.1	83.5	82.6	83 6

Source Statistical Institute of Jamaica

^{^1/}Classification differs from that shown in Table 27.

Table 31.

Jamaica: Imports, c.i.f.

								Prel
						Prel.	Apr.-Dec.	Apr.-Dec.
		1991/92	1992/93	1993/94	1994/95	1995/96	1994/95	1995/96
		(In millions of U.S. dollars)
Total		1,742	l,832	2,231	2,271	2,868	1,685	2,187
End-use classification ^1/
Consumer goods		252	314	491	489	…	352	549
	Foods	97	118	136	143	…	98	152
	Nondurables	82	117	134	159	…	120	173
	Durables	73	79	221	186	…	133	225
Fuels		300	335	338	341	359	260	270
Raw materials		726	865	1,011	1,045	…	797	949
Capital goods		463	318	391	397	…	276	418
	Construction material	90	86	100	103	…	69	110
	Transport equipment	98	89	123	92	…	63	75
	Other machinery	275	143	168	202	…	144	233
Bauxite/nonbauxite
Bauxite sector		230	181	170	129	202	91	149
	Fuel	73	70	81	86	87	58	61
	Other	157	111	89	43	115	33	88
Nonbauxite sector		1,512	1,651	2,061	2,143	2,666	1,594	2,038
	Fuel	227	265	257	255	272	202	209
	Other	1,285	1,387	1,804	1,888	2,394	1,392	1,829
		(In percent of total)
End-use classification
Consumer goods		14.5	17.2	22.0	21.5	…	20.9	25.1
	Foods	5.6	6.4	6.1	6.3	…	5.8	6.9
	Nondurables	4.7	6.4	6.0	7.0	…	7.1	7.9
	Durables	4.2	4.3	9.9	8.2	…	7.9	10.3
Fuels		17.2	18.3	15.2	15.0	12.5	15.4	12.4
Raw materials		41.7	47.2	45.3	46.0	…	47.3	43.4
Capital goods		26.6	17.4	17.5	17.5	…	16.4	19.1
	Construction material	5.2	4.7	4.5	4.5	…	4.1	5.0
	Transport equipment	5.6	4.9	5.5	4.0	…	3.7	3.4
	Other machinery	15.8	7.8	7.5	8.9	…	8.5	10.7
Bauxite/nonbauxite
Bauxite sector		13.2	9.9	7.6	5.7	7.0	54	68
	Fuel	4.2	3.8	3.6	3.8	3.0	3 4	2.8
	Other	9.0	6.0	4.0	1.9	4.0	2.0	4.0
Nonbauxite sector		86.8	90.1	92.4	94.3	93.0	94.6	93.2
	Fuel	13.0	14.4	11.5	11.2	9.5	12.0	9.6
	Other	73.8	75.7	80.9	83.1	83.5	82.6	83 6

Source Statistical Institute of Jamaica

^{^1/}Classification differs from that shown in Table 27.

Table 32.

Jamaica: Foreing Trade Indices

(Index 1982/83=100)

Sources: Bank of Jamaica; and Fund staff estimates.

Table 32.

Jamaica: Foreing Trade Indices

(Index 1982/83=100)

	Export Indices			Import Indices
							Terms
	Value	Volume 1/	Unit value 2/	Value	Volume 1/	Unit value 2/	of Trade
1983/84	99.6	112.6	88.5	89.4	90.3	99.0	89.3
1984/85	88.8	96.5	92.0	87.8	81.7	107.5	85.6
1985/86	74.3	96.0	77.4	74.3	67.9	109.4	70.7
1986/87	83.4	101.9	81.8	74.0	77.2	95.9	85.4
1987/88	109.2	109.5	99.7	93.0	86.8	107.1	93.1
1988/89	109.3	99.3	110.1	114.5	104.7	109.4	100.6
1989/90	146.4	138.0	106.1	131.6	116.2	113.3	93.7
1990/91	157.2	142.3	110.5	136.6	1132	120.7	91.5
1991/92	147.8	145.8	101.4	125.1	108.6	115.2	88.0
1992/93	143.6	148.7	96.6	131.6	114.9	114.5	84.3
1993/94	150.5	161.6	93.1	160.3	146.6	109.3	85.2
1994/95	174.5	170.5	102.3	163.2	143.0	114.1	89.7
1995/96 (Prel.)	196.8	175.8	111.9	206.0	176.9	116.4	96.1

Sources: Bank of Jamaica; and Fund staff estimates.

Table 32.

Jamaica: Foreing Trade Indices

(Index 1982/83=100)

	Export Indices			Import Indices
							Terms
	Value	Volume 1/	Unit value 2/	Value	Volume 1/	Unit value 2/	of Trade
1983/84	99.6	112.6	88.5	89.4	90.3	99.0	89.3
1984/85	88.8	96.5	92.0	87.8	81.7	107.5	85.6
1985/86	74.3	96.0	77.4	74.3	67.9	109.4	70.7
1986/87	83.4	101.9	81.8	74.0	77.2	95.9	85.4
1987/88	109.2	109.5	99.7	93.0	86.8	107.1	93.1
1988/89	109.3	99.3	110.1	114.5	104.7	109.4	100.6
1989/90	146.4	138.0	106.1	131.6	116.2	113.3	93.7
1990/91	157.2	142.3	110.5	136.6	1132	120.7	91.5
1991/92	147.8	145.8	101.4	125.1	108.6	115.2	88.0
1992/93	143.6	148.7	96.6	131.6	114.9	114.5	84.3
1993/94	150.5	161.6	93.1	160.3	146.6	109.3	85.2
1994/95	174.5	170.5	102.3	163.2	143.0	114.1	89.7
1995/96 (Prel.)	196.8	175.8	111.9	206.0	176.9	116.4	96.1

Sources: Bank of Jamaica; and Fund staff estimates.

Table 33.

Jamaica: Direction of Trade

Source Statistical Institute of Jamaica.

^{^1/}Higher than balance of payments data due to inclusion of payments for freight and insurance.

^{^2/}Predominantly imports of Mexican oil refined in Curacao.

Table 33.

Jamaica: Direction of Trade

		1991	1992	1993	1994	1995
		(In millions of U.S. dollars)
Total exports, f.o.b.		1,151	1,053	1,075	1,220	1,430
Canada		119	120	107	148	154
CARICOM		63	60	60	58	60
	Guyana	2	5	6	7	7
	Trinidad and Tobago	31	26	22	21	21
	Other	30	29	32	31	32
EEC		360	246	274	287	411
	United Kingdom	186	180	148	164	192
	Other	173	66	126	122	219
Norway		83	114	97	102	109
Japan		9	15	19	16	27
United States		342	336	419	440	522
Venezuela		0	–	–	0	0
Other		175	162	99	170	146
Total imports.c.i.f.^1/		1,829	1,693	2,189	2,177	2,773
Canada		76	70	89	83	99
CARICOM		68	66	115	149	240
	Guyana	4	18	8	6	7
	Trinidad and Tobago	44	33	80	121	203
	Other	20	16	28	22	30
EEC		246	249	286	293	297
	United Kingdom	102	84	95	96	113
	Other	144	165	191	197	184
Netherlands Antilles ^2/		53	40	50	29	19
Japan		120	85	182	133	185
United States		934	833	1,093	1,145	1,399
Venezuela		91	70	91	70	57
Other		240	281	284	274	478
		(In percent of total)
Exports		100.0	100.0	100.0	100.0	100.0
Canada		10.4	11.4	10.0	12.1	10.8
CARICOM		5.5	5.7	5.6	4.8	4.2
	Guyana	0.2	0.5	0.6	0.6	03
	Trinidad and Tobago	2.7	2.5	2.0	1.7	1.5
	Other	2.6	2.7	3.0	2.5	2.3
EEC		31.2	233	25.5	23.5	28.7
	United Kingdom	16.2	17.1	13.8	13.5	13.4
	Other	15.1	6.2	11.7	10.0	15.3
Norway		7.2	10.8	9.0	8.4	7.6
Japan		0.8	1.4	1.7	1.3	1.9
United States		29.7	31.9	39.0	36.1	36.5
Venezuela		0.0	–	–	0.0	0.0
Other		15.2	15.4	9.2	13.9	10.2
Imports		100.0	100.0	100.0	100.0	100.0
Canada		4.2	4.1	4.1	3.8	3.6
CARJCOM		3.7	3.9	53	6.8	8.7
	Guvana	0.2	1.0	0.4	0.3	0.2
	Tnnidad and Tobago	2.4	1.9	3.6	5.6	7.3
	Otner	1.1	0.9	1.3	1.0	1.1
EEC		13.5	14.7	13.0	13.5	10.7
	United Kingdom	5.6	5.0	4.3	4 4	4.1
	Other	7.9	9.7	8.7	9.1	6.6
Netherlands Antilles 2		2.9	2.4	2.3	1.3	0.7
Japan		6.6	5.0	8.3	6.1	6.7
United States		51.1	49.2	49.9	52.6	50.5
Venezuela		5.0	4 1	4 1	3.2	2.0
Other		13.1	16.6	12.9	12.6	17.2

Source Statistical Institute of Jamaica.

^{^1/}Higher than balance of payments data due to inclusion of payments for freight and insurance.

^{^2/}Predominantly imports of Mexican oil refined in Curacao.

Table 33.

Jamaica: Direction of Trade

		1991	1992	1993	1994	1995
		(In millions of U.S. dollars)
Total exports, f.o.b.		1,151	1,053	1,075	1,220	1,430
Canada		119	120	107	148	154
CARICOM		63	60	60	58	60
	Guyana	2	5	6	7	7
	Trinidad and Tobago	31	26	22	21	21
	Other	30	29	32	31	32
EEC		360	246	274	287	411
	United Kingdom	186	180	148	164	192
	Other	173	66	126	122	219
Norway		83	114	97	102	109
Japan		9	15	19	16	27
United States		342	336	419	440	522
Venezuela		0	–	–	0	0
Other		175	162	99	170	146
Total imports.c.i.f.^1/		1,829	1,693	2,189	2,177	2,773
Canada		76	70	89	83	99
CARICOM		68	66	115	149	240
	Guyana	4	18	8	6	7
	Trinidad and Tobago	44	33	80	121	203
	Other	20	16	28	22	30
EEC		246	249	286	293	297
	United Kingdom	102	84	95	96	113
	Other	144	165	191	197	184
Netherlands Antilles ^2/		53	40	50	29	19
Japan		120	85	182	133	185
United States		934	833	1,093	1,145	1,399
Venezuela		91	70	91	70	57
Other		240	281	284	274	478
		(In percent of total)
Exports		100.0	100.0	100.0	100.0	100.0
Canada		10.4	11.4	10.0	12.1	10.8
CARICOM		5.5	5.7	5.6	4.8	4.2
	Guyana	0.2	0.5	0.6	0.6	03
	Trinidad and Tobago	2.7	2.5	2.0	1.7	1.5
	Other	2.6	2.7	3.0	2.5	2.3
EEC		31.2	233	25.5	23.5	28.7
	United Kingdom	16.2	17.1	13.8	13.5	13.4
	Other	15.1	6.2	11.7	10.0	15.3
Norway		7.2	10.8	9.0	8.4	7.6
Japan		0.8	1.4	1.7	1.3	1.9
United States		29.7	31.9	39.0	36.1	36.5
Venezuela		0.0	–	–	0.0	0.0
Other		15.2	15.4	9.2	13.9	10.2
Imports		100.0	100.0	100.0	100.0	100.0
Canada		4.2	4.1	4.1	3.8	3.6
CARJCOM		3.7	3.9	53	6.8	8.7
	Guvana	0.2	1.0	0.4	0.3	0.2
	Tnnidad and Tobago	2.4	1.9	3.6	5.6	7.3
	Otner	1.1	0.9	1.3	1.0	1.1
EEC		13.5	14.7	13.0	13.5	10.7
	United Kingdom	5.6	5.0	4.3	4 4	4.1
	Other	7.9	9.7	8.7	9.1	6.6
Netherlands Antilles 2		2.9	2.4	2.3	1.3	0.7
Japan		6.6	5.0	8.3	6.1	6.7
United States		51.1	49.2	49.9	52.6	50.5
Venezuela		5.0	4 1	4 1	3.2	2.0
Other		13.1	16.6	12.9	12.6	17.2

Source Statistical Institute of Jamaica.

^{^1/}Higher than balance of payments data due to inclusion of payments for freight and insurance.

^{^2/}Predominantly imports of Mexican oil refined in Curacao.

Table 34.

Jamaica: Selected Tourism Data

Sources: Ministry of Tourism; and Fund staff estimates.

^{^1/}Long stay refers to three days or more; short stay refers to less than three days.

Table 34.

Jamaica: Selected Tourism Data

						Prel.
		1991/92	1992/93	1993/94	1994/95	1995/96
Total number of visitors
	(in thousands)	1,415	1,601	1,655	1,541	1,665
Stopovers		859	936	999	973	1,044
	Long stay ^1/	831	907	961	931	…
	Short stay ^1/	28	29	38	42	…
Cruise-ship passengers and
	armed forces	556	666	656	568	621
Average length of stay for
	stopovers visitors (in davs)	11	11	11	U	11
Total visitor days (in thousands)		10,005	10,863	11,542	10,882	11,793
Stopovers		9,449	10,197	10,886	10,314	11,173
Cruise-ship passengers and
	armed forces	556	666	656	568	621
Total expenditure in millions
	of U.S. dollars	791	896	962	911	999
Average daily expenditure (in
	U.S. dollars)
Stopovers		79	84	85	84	85
Cruise passengers		73	52	65	78	79

Sources: Ministry of Tourism; and Fund staff estimates.

^{^1/}Long stay refers to three days or more; short stay refers to less than three days.

Table 34.

Jamaica: Selected Tourism Data

						Prel.
		1991/92	1992/93	1993/94	1994/95	1995/96
Total number of visitors
	(in thousands)	1,415	1,601	1,655	1,541	1,665
Stopovers		859	936	999	973	1,044
	Long stay ^1/	831	907	961	931	…
	Short stay ^1/	28	29	38	42	…
Cruise-ship passengers and
	armed forces	556	666	656	568	621
Average length of stay for
	stopovers visitors (in davs)	11	11	11	U	11
Total visitor days (in thousands)		10,005	10,863	11,542	10,882	11,793
Stopovers		9,449	10,197	10,886	10,314	11,173
Cruise-ship passengers and
	armed forces	556	666	656	568	621
Total expenditure in millions
	of U.S. dollars	791	896	962	911	999
Average daily expenditure (in
	U.S. dollars)
Stopovers		79	84	85	84	85
Cruise passengers		73	52	65	78	79

Sources: Ministry of Tourism; and Fund staff estimates.

^{^1/}Long stay refers to three days or more; short stay refers to less than three days.

Table 35.

Jamaica: Capital Account of the Balance of Payments

Source: Bank of Jamaica.

Table 35.

Jamaica: Capital Account of the Balance of Payments

						Prel.
		1991/92	1992/93	1993/94	1994/95	1995/96
		(In millions of US. dollars)
Capital balance		198	175	192	393	320
Official capital inflows, new funds		310	158	261	172	147
Bilateral		70	23	81	8	11
	United States (excluding Eximbank)	51	12	15	7	11
	Canada	10	8	4	—	—
	United Kingdom	5	2	0	—	—
	Japan	—	—	4	—	—
	Germany	4	1	4	—	0
	France	—	1	—	—	—
	Italy	1	1	1	—	—
	Otder	—	—	54	0	—
Multilateral		95	0	60	—	35
	World Bank	15	—	40	—	35
	IDB	80	0	20	—	—
	Otders	0	—	1	—	—
Government project financing		26	52	45	65	60
Government guaranteed project
	financing	26	18	46	64	27
Other		92	66	28	35	14
	Venezuela/Mexico oil facility	38	10	28	—	14
	Bauxite — Alcan	—	—	—	—	—
	Bauxite — Marc Rich	—	—	—	—	—
	Car credit	15	—	—	—	—
	Otder	40	56	—	35	—
Official capital inflows (rescheduling)		131	125	117	106	50
Venezuela		15	15	30	28	14
Commercial banks		22	10	9	9	—
OECD countries		94	100	78	69	36
Official capital outflow		−379	−388	−405	−402	−333
Short-term public sector
	borrowing (net)	−86	15	−8	−10	17
Private capital		222	264	228	526	440
Direct investment (net)		79	114	100	87	145
Other, including errors
	and omissions	143	150	129	440	295
Memorandum items
Current account		−156	−5	−56	1	−274
Overall balance		42	170	136	394	47

Source: Bank of Jamaica.

Table 35.

Jamaica: Capital Account of the Balance of Payments

						Prel.
		1991/92	1992/93	1993/94	1994/95	1995/96
		(In millions of US. dollars)
Capital balance		198	175	192	393	320
Official capital inflows, new funds		310	158	261	172	147
Bilateral		70	23	81	8	11
	United States (excluding Eximbank)	51	12	15	7	11
	Canada	10	8	4	—	—
	United Kingdom	5	2	0	—	—
	Japan	—	—	4	—	—
	Germany	4	1	4	—	0
	France	—	1	—	—	—
	Italy	1	1	1	—	—
	Otder	—	—	54	0	—
Multilateral		95	0	60	—	35
	World Bank	15	—	40	—	35
	IDB	80	0	20	—	—
	Otders	0	—	1	—	—
Government project financing		26	52	45	65	60
Government guaranteed project
	financing	26	18	46	64	27
Other		92	66	28	35	14
	Venezuela/Mexico oil facility	38	10	28	—	14
	Bauxite — Alcan	—	—	—	—	—
	Bauxite — Marc Rich	—	—	—	—	—
	Car credit	15	—	—	—	—
	Otder	40	56	—	35	—
Official capital inflows (rescheduling)		131	125	117	106	50
Venezuela		15	15	30	28	14
Commercial banks		22	10	9	9	—
OECD countries		94	100	78	69	36
Official capital outflow		−379	−388	−405	−402	−333
Short-term public sector
	borrowing (net)	−86	15	−8	−10	17
Private capital		222	264	228	526	440
Direct investment (net)		79	114	100	87	145
Other, including errors
	and omissions	143	150	129	440	295
Memorandum items
Current account		−156	−5	−56	1	−274
Overall balance		42	170	136	394	47

Source: Bank of Jamaica.

Table 36.

Jamaica: Net Official International Reserves

Source: Bank of Jamaica.

^{^1/}Change from the same date a year ago. A minus sign indicates increase in net reserves.

Table 36.

Jamaica: Net Official International Reserves

		1991	1992	1993	1994	1995	1996
Net reserves		−260	−251	−80	56	450	496
Gross reserves		177	170	295	428	780	730
Holdings of SDRs		0	—	3	8	11	3
Other assets		177	170	291	419	769	727
Liabilities		−437	−421	−375	−371	−330	−234
IMF		−368	−381	−362	−355	−310	−213
Norway Consultancy Fund		−0	−0	−0	−0	—	—
Libya		−4	−1	—	—	—	—
Iraq		−9	−11	−12	−17	−20	−20
CARICOM bilateral clearing facility		−49	−22	—	—	—	—
Marubeni		—	—	—	—	—	—
Short-term liability		−7	−5	—	—	—	—
Arrears		—	—	−0	—	—	—
Memorandum items
Change in net reserves ^1/		−110	−42	−170	−137	−394	−47
Gross official reserves
	(in weeks of nonbauxite imports)	6	6	9	11	19	14

Source: Bank of Jamaica.

^{^1/}Change from the same date a year ago. A minus sign indicates increase in net reserves.

Table 36.

Jamaica: Net Official International Reserves

		1991	1992	1993	1994	1995	1996
Net reserves		−260	−251	−80	56	450	496
Gross reserves		177	170	295	428	780	730
Holdings of SDRs		0	—	3	8	11	3
Other assets		177	170	291	419	769	727
Liabilities		−437	−421	−375	−371	−330	−234
IMF		−368	−381	−362	−355	−310	−213
Norway Consultancy Fund		−0	−0	−0	−0	—	—
Libya		−4	−1	—	—	—	—
Iraq		−9	−11	−12	−17	−20	−20
CARICOM bilateral clearing facility		−49	−22	—	—	—	—
Marubeni		—	—	—	—	—	—
Short-term liability		−7	−5	—	—	—	—
Arrears		—	—	−0	—	—	—
Memorandum items
Change in net reserves ^1/		−110	−42	−170	−137	−394	−47
Gross official reserves
	(in weeks of nonbauxite imports)	6	6	9	11	19	14

Source: Bank of Jamaica.

^{^1/}Change from the same date a year ago. A minus sign indicates increase in net reserves.

Table 37

Jamaica: Medium and Long-term External Public Debt Outstanding ^1/

Source: Bank of Jamaica, External Debt Management Department

^{^1/}Includes suppliers’ credits.

Table 37

Jamaica: Medium and Long-term External Public Debt Outstanding ^1/

		March 31
								Prel.
		1990	1991	1992	1993	1994	1995	1996
			(In millions of U.S. dollars. end of period)
Total		4,036	3,942	3,787	3,598	3,654	3,678	3,231
Official creditors		3,412	3,323	3,239	3,018	3,136	3,264	2,844
Bilateral		1,893	1,992	1,894	1,770	1,809	1,900	1,626
	OECD	1,588	1,699	1,577	1,534	1,569	1,692	1,444
	Non-OECD	305	293	317	236	241	208	182
Multilateral		1,519	1,331	1,345	1,248	1,327	1,365	1,218
	IBRD	516	495	484	445	463	400	386
	IMF	405	367	354	342	339	328	215
	Others	599	469	507	461	525	637	618
Private creditors		624	619	548	580	518	414	387
Commercial bank		397	360	342	330	394	308	296
Other ^1/		227	260	206	250	123	106	92
Memorandum items
Total debt, percent of exports of
	goods and nonfactor services	187	166	170	154	148	138	111
Total debt, percent of GDP		99.4	91.1	118.3	107.3	93.7	90.4	73.1
IMF. percent of GDP		10.0	8.5	11.0	10.2	8.7	8.1	4.9

Source: Bank of Jamaica, External Debt Management Department

^{^1/}Includes suppliers’ credits.

Table 37

Jamaica: Medium and Long-term External Public Debt Outstanding ^1/

		March 31
								Prel.
		1990	1991	1992	1993	1994	1995	1996
			(In millions of U.S. dollars. end of period)
Total		4,036	3,942	3,787	3,598	3,654	3,678	3,231
Official creditors		3,412	3,323	3,239	3,018	3,136	3,264	2,844
Bilateral		1,893	1,992	1,894	1,770	1,809	1,900	1,626
	OECD	1,588	1,699	1,577	1,534	1,569	1,692	1,444
	Non-OECD	305	293	317	236	241	208	182
Multilateral		1,519	1,331	1,345	1,248	1,327	1,365	1,218
	IBRD	516	495	484	445	463	400	386
	IMF	405	367	354	342	339	328	215
	Others	599	469	507	461	525	637	618
Private creditors		624	619	548	580	518	414	387
Commercial bank		397	360	342	330	394	308	296
Other ^1/		227	260	206	250	123	106	92
Memorandum items
Total debt, percent of exports of
	goods and nonfactor services	187	166	170	154	148	138	111
Total debt, percent of GDP		99.4	91.1	118.3	107.3	93.7	90.4	73.1
IMF. percent of GDP		10.0	8.5	11.0	10.2	8.7	8.1	4.9

Source: Bank of Jamaica, External Debt Management Department

^{^1/}Includes suppliers’ credits.

Table 38.

Jamaica: External Public Debt Service

Sources Bank of Jamaica, and Ministry of Finance and Planning.

^{^1/}Based on scheduled payments, includes changes in Bank of Jamaica reserve liabilities (other than those to the Fund).

^{^2/}Includes interest payments on short-term public sector debt.

^{^3/}Includes amortization of a 1982 advance out of bauxite levy receipts.

Table 38.

Jamaica: External Public Debt Service

						Prel.
		1991/92	1992/93	1993/94	1994/95	1995/96
		(in millions of U.S. dollars)
Debt service payments
	(before rescheduling) ^1/	768	746	703	698	624
Interest ^2/		276	250	213	205	194
	Total, excluding IMF	248	221	191	185	178
	IMF	28	29	22	20	16
Amortization ^3/		492	496	490	493	430
	Total, excluding IMF	409	416	415	400	333
	IMF	83	81	75	93	96
Debt service payments
	(after rescheduling)	636	621	586	592	574
Average interest rate
	on public debt	7.2	6.8	5.9.	5.6	5.5
		(In percent of exports of goods and nonfactor services)
Debt service
	(before rescheduling)	34.4	32.0	28.4	26.1	21.4
Debt service (after rescheduling)		28.5	26.6	23.7	22.1	19.7
Debt relief		5.9	5.4	4.7	4.0	1.7
IMF payments		5.0	4.7	3.9	4.2	3.9
Interest payments
	(accrual basis)	12.4	10.7	8.6	7.7	6.7

Sources Bank of Jamaica, and Ministry of Finance and Planning.

^{^1/}Based on scheduled payments, includes changes in Bank of Jamaica reserve liabilities (other than those to the Fund).

^{^2/}Includes interest payments on short-term public sector debt.

^{^3/}Includes amortization of a 1982 advance out of bauxite levy receipts.

Table 38.

Jamaica: External Public Debt Service

						Prel.
		1991/92	1992/93	1993/94	1994/95	1995/96
		(in millions of U.S. dollars)
Debt service payments
	(before rescheduling) ^1/	768	746	703	698	624
Interest ^2/		276	250	213	205	194
	Total, excluding IMF	248	221	191	185	178
	IMF	28	29	22	20	16
Amortization ^3/		492	496	490	493	430
	Total, excluding IMF	409	416	415	400	333
	IMF	83	81	75	93	96
Debt service payments
	(after rescheduling)	636	621	586	592	574
Average interest rate
	on public debt	7.2	6.8	5.9.	5.6	5.5
		(In percent of exports of goods and nonfactor services)
Debt service
	(before rescheduling)	34.4	32.0	28.4	26.1	21.4
Debt service (after rescheduling)		28.5	26.6	23.7	22.1	19.7
Debt relief		5.9	5.4	4.7	4.0	1.7
IMF payments		5.0	4.7	3.9	4.2	3.9
Interest payments
	(accrual basis)	12.4	10.7	8.6	7.7	6.7

Sources Bank of Jamaica, and Ministry of Finance and Planning.

^{^1/}Based on scheduled payments, includes changes in Bank of Jamaica reserve liabilities (other than those to the Fund).

^{^2/}Includes interest payments on short-term public sector debt.

^{^3/}Includes amortization of a 1982 advance out of bauxite levy receipts.

Table 39.

Jamaica: Exchange Rate

Source IMF. Information Notice System.

^{^1/}Monthly data are for the end of the month. Jamaica dollar per US dollar.

^{^2/}1980 – 100, increase in index represents appreciation of Jamaica dollar.

Table 39.

Jamaica: Exchange Rate

		Nominal	Real
		Effective	Effective
	Official	Exchange Rate	Exchange Rate
	Market ^1/	Index ^2/	Index ^2/
		(Period averages)
1980	1.781	100.0	100.0
1981	1.781	107.0	106.6
1982	1.781	113.7	110.5
1983	2.018	104.0	104.4
1984	4.055	61.5	73.1
1985	5.554	45.5	63.9
1986	5.476	44.4	68.7
1987	5.487	433	67.8
1988	5.490	44.3	68.5
1989	5.763	46.3	73.5
1990	7.291	38.6	65.5
1991	12.716	26.3	59.0
1992	22.969	13.2	52.3
1993	24.951	13.6	58.4
1994	33.190	10.8	57.7
1995	35.293	10.1	61.3
1993
January	22.184	14.5	58.8
February	22.186	14.7	59.4
March	22.185	14.7	60.0
April	22.185	14.6	60.2
May	22.183	14.8	61.1
June	22.594	14.7	61.7
July	25.999	13.7	58.6
August	27.322	13.1	57.7
September	27 517	12.6	57.1
October	28.282	12.3	56.6
November	30.875	11.8	55.3
December	32.475	11.2	53.6
1994
January	32.798	10.9	53.2
February	33.082	10.9	54.4
March	33.100	10.8	54.8
April	33.010	10.9	55.9
May	33 470	10.9	56.9
June	33.384	10.9	58.0
July	33.342	10.8	58.6
August	33.265	10.8	59.7
September	33.285	10.8	59.6
October	33.160	10.7	59.8
November	33.187	10.8	60.2
December	33.202	10.9	60.9
1995
January	33.140	10.9	61.6
February	33.090	10.8	61.9
March	32.253	10.7	61.6
April	33.452	10.5	61.3
May	33.665	10.5	61.7
June	33.738	10.4	62.3
July	34.118	10.4	62.2
August	35.443	10.3	62.2
September	36.792	9.9	61.3
October	38.656	9.4	59.5
November	39.551	9.0	58.7
December	39.616	9.1	61.6
1996
January	39.631	9.1	63 4
February	39.786	9.1	65.0
March	38.845	9.1	66.7
April	39.809	—	—

Source IMF. Information Notice System.

^{^1/}Monthly data are for the end of the month. Jamaica dollar per US dollar.

^{^2/}1980 – 100, increase in index represents appreciation of Jamaica dollar.

Table 39.

Jamaica: Exchange Rate

		Nominal	Real
		Effective	Effective
	Official	Exchange Rate	Exchange Rate
	Market ^1/	Index ^2/	Index ^2/
		(Period averages)
1980	1.781	100.0	100.0
1981	1.781	107.0	106.6
1982	1.781	113.7	110.5
1983	2.018	104.0	104.4
1984	4.055	61.5	73.1
1985	5.554	45.5	63.9
1986	5.476	44.4	68.7
1987	5.487	433	67.8
1988	5.490	44.3	68.5
1989	5.763	46.3	73.5
1990	7.291	38.6	65.5
1991	12.716	26.3	59.0
1992	22.969	13.2	52.3
1993	24.951	13.6	58.4
1994	33.190	10.8	57.7
1995	35.293	10.1	61.3
1993
January	22.184	14.5	58.8
February	22.186	14.7	59.4
March	22.185	14.7	60.0
April	22.185	14.6	60.2
May	22.183	14.8	61.1
June	22.594	14.7	61.7
July	25.999	13.7	58.6
August	27.322	13.1	57.7
September	27 517	12.6	57.1
October	28.282	12.3	56.6
November	30.875	11.8	55.3
December	32.475	11.2	53.6
1994
January	32.798	10.9	53.2
February	33.082	10.9	54.4
March	33.100	10.8	54.8
April	33.010	10.9	55.9
May	33 470	10.9	56.9
June	33.384	10.9	58.0
July	33.342	10.8	58.6
August	33.265	10.8	59.7
September	33.285	10.8	59.6
October	33.160	10.7	59.8
November	33.187	10.8	60.2
December	33.202	10.9	60.9
1995
January	33.140	10.9	61.6
February	33.090	10.8	61.9
March	32.253	10.7	61.6
April	33.452	10.5	61.3
May	33.665	10.5	61.7
June	33.738	10.4	62.3
July	34.118	10.4	62.2
August	35.443	10.3	62.2
September	36.792	9.9	61.3
October	38.656	9.4	59.5
November	39.551	9.0	58.7
December	39.616	9.1	61.6
1996
January	39.631	9.1	63 4
February	39.786	9.1	65.0
March	38.845	9.1	66.7
April	39.809	—	—

Source IMF. Information Notice System.

^{^1/}Monthly data are for the end of the month. Jamaica dollar per US dollar.

^{^2/}1980 – 100, increase in index represents appreciation of Jamaica dollar.

Jamaica: Summary of the Tax System as of June 1996

Tax	Mature of Tax	Exemptions and Deductions	Rates
1. Tax on net Income and profite
1.1 Taxes on companies, corporations, and enterprises (The Income Tax Act 1954, as comended up to 1995).	Annual tax on rasident company income which accruad in or was derived from Jamaica or elsewhere irraspective of whether the income is remitted to Jamaica. For nonresident companies, on income which accruad in or was derived from Jamaica. The year of assessment is the period from January 1 to December 31 in each year. Bauxite mining income assessment on assumed net profit per ton of bauxite. To avoid tha transfer pricing problem, profits are calculated on a transparent set of price indicators.	Exemptions: charitable, religious, scientific and educational organisations are exempt under the Income Tax Act. Other enterprises are exempt under the Industrial Incentives Act, the Export Industry Encoursgement Act, the Hotel Incentives Act, the Shipping Incentives Act, the Motion Picture Industry Encouragement Act, the Jamaica Export Free Zones Act, the Foreign Sales Corporations Act, the Income Tax Act in respect of prescribed agricultural activity, the Cooperative Societies Act, and the Resort Cottages Act. For example: approved enterprises may be granted a tax holiday of up to ten years depending on local value-added content.	(1) Company Profit Tax: 33.3 percent; building society 30.0 percent; life assurance company 7.3 percent. (2) Distributions: Withholding tax (resident shareholder), 33.3 percent. On nonresident shsreholder, approprlate Jamaican or treaty rate. Withholding tax on specified distributions to resident shereholders (other then capital dividends), security holders, and principal members (loans, residence), 33.3 percent.
		Income from qualifying actlvities in the Export Free Zone is exempt from tax indefinitely. Income derived from hotels may ba exempt up to 15 years. Deductions: (1) Expenses wholly and exclusively incurred by corporations in earning income in tha year of assessment are fully daduetibla. (2) Bad debts are daductible in tha year of assessment in which they become bad. (3) Losses are deductible in the year of assessment and can be carried forward indefinitely until set off in full. Thara is no loss carry back. (4) For industrial and provident aocieties, any payment to members on account of their transactions is tax deductible. For building societies, share interest and profits allocated to genarel resarvea up to 5 percent of assets are daductible items. (5) National insurance contribution: employers-paid contributions are daductible.	(3) Premium Income: (a) Regionalized insurence companiea - 1.5 percent of premium Income; (b) Others - 2 percent of premium income.
		Tax Credit: From 1994 tax credit is given on issue of bonus shares of nominal value not excaading 50 percent of after tax profits.	25 percent of nominal value of sheres issued.
		Capital allowances: wear and tear for the write-off of fixed assets are permitted as below:
		(1) Industrial buildings: Initial allowance: Daclining balance:	20 percent Rate approved by Commissioner
		(2) Nonresidential buildings: annual allowance (only), proscribed rates. Basis: straight line or (flxed line) unlese the allowance is being claimed under Section 13 (N).	2.5 or 5 percent
		(3) Plant and machinery: Initial allowance: Annual allowence:	20 percent Various rates as stipulated.
		(a) Reducing balance
		(b) Straight-line according to tha formula: 5/4x(9/10x 1) anticipated normal working line	Rate as calculated using tha straight-line formula.
			12.5 parcant.
		(4) Motor vehicles.
		(a) Trade vehicles: annual allowance, (straight line):
		(b) Private vehicles: (annual allowanca in respect of private vehicles is limited to a yearly maximum per vehicle of J$400 and an aggragate maximum of J$3,200); annual allowance, (straight line).	12.5 percent.
		(5) Basic industry. Manufacturing (including canning and preserving), construction, electricity, store warehouses, cold storage, and docks. Investment allowance (in lieu of any initial allowance but not applicable in determining unallowed residue).	20 percent.
		Special allowance for plant or machlnery used on two shifts or more per day in specified canning and preserving, agricultural processing and manufacturing industries.	Not explicitly specified but not exceeding those applicable to plant and machinery.
		(6) From 1994 Special Capital Allowances on new machinery.	50 percent write off for each of 2 years.
		(7) Sugar lnduetry lnveatment allowance.	40 percent.
		Special investment allowance: not applicable in determining unallowed reel due. The 40 percent may by election be apread forward up to eix yeara. Any portion atlll remaining unallowed at the end of the period above may be carried forward to another 11 yeara. Total period for allowing the SIA la therefore 17 yeara.
		Annual allowance:	Various preecribed ratea.
		(g) Agricultural investment allowance on expenditure in farming. As above for augar induetry except that the total period for write-off is 11 yeara.	Aa per sugar lnduetry.
		(9) Mines and oil walla: Initial allowance: Annual allowance: Output of the year Output of the yeer + total potential output x reaidue of expenditure	20 percent
			According to greater of formula or ½0 of residue of expenditure.
		(10) Plent and machinery (uaed for mines and oil we 11a but treated aa plant and machinery for year). Annuel allowance (aa for ordinary plant and machinery).	Prescribed rstes determined by Commissioner.
		(11) Scientific reaeerch: Annual allowance.	20 percent of cepital expenditure snd ¼ of other relevant expenditure.
			¼ of capital expenditure annually.
		(12) Patenta allowance: annual.
		Rote: companlea enjoying exempt atatua are not eligible for special lnveatment allowances.
1.2 Taxes on individuals (The Income Tax Act 195*. aa amended 1992).	A tax on "world income" accruing to or darlvad by realdenta from any trade, buaineae, rental, profession, employment, or vocation. Ronresidente are taxed on all Income accruing in or derived from Jamaica. Although there la no apeciflc proviaion, capital recelpte and gelna ere not coneidereel income.	Income derived by nonresidents on investment or deposits in building society, housing schemes, approved public utllltlea, and hotel enterpriaea are tax exempt.	Taxable income: all taxable income is taxed at the flat rate of 25 percent. Nonresldents slso pay at the rate of 25 percent, or et a rate under Double Texetion Treety.
		Residents snd nonresidents enjoy the following exemptions:
	Income from employment during tha current fiscal year is subject to pay-as-you-earn (PAYE) assessment. As ragards other sources of income, the current fiscal year also forms the base for assessment purposes.	(1) Capital gains on shares, stocks, and securities (if these do not exceed one half of income from other sources).	Withholding taxes
			(1) Residents Interest payments, 25 percent; Dividends 23 percent.
		(2) Dividends from approved investments, including from firms receiving tax holidays.
			(2) Nonresidents 23 percent or at treaty rate.
	Employment income includes estimated ennuel velues of perquisites or other benefits provided in kind, end pensions, annuities, etc., for past services. Annuel velue of housing accommodation provided by the employer (maximum limit IS percent of total emoluments) is Included in chargeeble income. Paymenta by the employer of services at the employee’s residence, for example, electricity, gee, telephone, domestic helpers, etc., are elso considered perquisites and are taxable in tha hands of the employee but upkeep allowances for motorcars paid to public servants are excluded.	(3) Interest on government securities paid out of Consolidated Fund.	Exemptiona from withholding tax:
		(4) Proceeds from approved penalon scheme or a statutory pension scheme up to J$15,000.	(a) Interest paid to an approved overseas orgenitetion;
			(b) Interest from investment by nonresident (other than a resident in a tax treaty country) in a building society; end improved housing scheme or an approved public utility.
		(5) Lump sum payments from public funds.
		(6) Income from prescribed agricultural activity.
		(7) Total income not in excess of J$50,3U or J$95,544 for persons other then pensioners 63 years and over or J$140,544 for pensioners (3 yeara and over.	(3)Mining companies registered in Jemaica
			Interest peid overseas on mining related debt: nil.
	Income of a married woman living with her husband shall be essessed and cherged to tex es if she were unmarried, but joint essessment may be elected.	(S) All expenaaa incurred wholly or exclusively in acquiring Income are deducted. Contributions to National Insurance Scheme are fully deductible but limits have been placed on allowable deductlona for pensions contributions (up to 10 percent of total emoluments).
		(9) Payments for telephone, the employee’s residence, used for the purpose of the employment is not taxed. Other peyments exempt from tax are:
		(a) meals provided outside of normal working hours; and	Limited to J$5,739 for uniform and J$3,395 for laundry.
		(b) uniforms or laundry where the employee is required to wear a uniform.
		(10) Interest on foreign currency deposit accounts.
		(11) The taxpayer enjoys a full and complete offset of losses incurred in the course of earning income.
		(12) Employer’s contributions to an approved superannuation fund or retirement scheme.
		(13) Texable income from dividend is the gross amount of dividend but tax withheld la credited against shareholder’s income tax liability.
		(14) Interest-bearing deposits of life insurance companies held for three or more years are tax exempt.
		(15) Income for scholarship and bursary received by an individual attending full-time school is tax exempt.
		(16) Income from approved gratuity scheme in the tourist industry is exempt.
		(17) Income from approved productivity scheme is exempt.
2. Contributions for sociel security
2.1 Social security contributions (National Insurance Act No.38 of 1965. as amended).	Social security contributions, initiatad in April 1966, finance the Rational Insurance Scheme, an autonomous body administered by the Ministry of Pensions and Social Security. Benefits provided by the scheme are old age, widows, widowers, children, end invalids’ pensions, lump sum and funeral grants, and payments for certain employment-related	Persons below 16, men over 70 years of age, and women over 65 years of age are exempt.	Employed persons pay 2.5 percent of emoluments not exceeding J$20,833 per annum or J$4,808 per week, and employers pay 2.5 percent. Self-employed persons pay 5 percent of annual earnings not exceeding J$250,000. Domestic workers, members of Jamaica Defence Force, and their employers pay JS10 eech per week. Voluntary contributors pey J$20 per week.
3. Payroll contributions
3.1 National Housing Trust Contributions (National Housing Trust Act. No 32 of 1979)	Compulsory in nature, these contrlbutions are made by employers and employees. They are refundeble and earn interest, at present 7 percent a year. Refund is to be made to employees in the eighth year after the contribution is collected or at the time of retirement, whichever comes earliar; and to employers in the 26th year after the contribution is collected.	Man over 65 and women over 60 years of age are exempt.	Contributions are based on gross wages (including overtime but excluding allowances)
			Employers: 2 percent
			Employers: 3 percent
			Self-employed persons pay 3 percent.
	Employees receive interest along with rapayment of their contribution after seven years.	Employers’ contributions are deductible in arriving at taxebla income.
	These contributions accrue to National Housing Trust, an autonomous body, which finences low-cost housing and which begen operation on January 1. 1976. Employers are charged a penalty rate of 20 percent on contributions not paid on due dates.
3.2 Human Emplyment and Rasource Training Contributions (HEART) (Act 13 of 1982)	Contributions to tha HEART. Truat Fund are used to finance the development of employment opportunities for trainees.	The following are exempt:	3 percent of emoluments peyable by employer.
		(1) a Ministry or Department of Govarnment;
		(2) a statutory body or authority;
		(3) a company ragistered under the Companies Act, being a company in which the Government or an agancy of Govarnment holds not less than 51 percent of the ordinary shares;
		(4) any Parish Council;
		(5) the Kingston and St. Andrew Corporation;
		(6) any employer whose average monthly payments of emoluments to employees during the period of 12 months imedietely preceding the appointed day and during any subsequent contribution year, does not exceed the prescribed amount.
3.3 Education Tax (Education Tax Act 1987)	Tax on earnings of individuals. Total emoluments are those subject to PAYE for income tax purposes.	Persons below 18 and over 65 years of age.	In respect of employed persons:
			(a) self-employed persons: 2 percent;
			(b) other employed persons: 2 percent by employee, 3 percent by employer;
			(c) domestic workers: 20 cents a weak payable by employees and 20 cents a week payable by employers.
4 Taxes on property
4.1 Real Proparty Tax
4.1 1 Proparty tax
(Land Valuation Act No.15 of 1974; Proparty Tax Act No 35 of 1973; Provisional Collection of Tax (Property Tax) (No.2) Order. 1974; Property Tax (Amendment of First Schedule) Order. 1976; Land Taxation (Rellef) Act No 36 of 1973, Garette No 42A. 1987. The Provisional Collection of Tax (Property Tax) Order. 1993	Levied in all perishes since 1974. on the site valua of property (excluding buildings and crops). Valuations are based on market value of land at the valuation data—once every five years—and are based on its location and present use, land prices in the area, toning, type of land, devalopment potential of land or “highest and best use of land” as ageinst existing use of land. Proparty tax does not include water rates or sewerage rates. Panalty for late payment: 10 percent of tax due, plus interest of 15 percent per annum.	Property belonging to Central Government, municipal corporations, and parish councils are exempt from property tax. Churches, hospitals, educational institutions, and approved social, cultural, and charitable organisations are exempt from property tax.	The following rates are effective April 1993:
			Unimproved values	Rate of tax
			(jamaica dollars)
			Up to 20,000		$50
			20,001 -	50,000	0.10%
			50,001 -	100,000	0.30%
			100,001 -	500,000	0.75%

			500,001 -	1,000,000	1.50%
		Reliefe from property tax are statutorily granted under the Land Taxation (Rellef) Act in respect of land used substantially for egricultural production. The dersting rellef is granted on a case-by-case basis and only three years at a time. Agricultural lands enjoy a rellef of 50 percent of thair tax due. In no case can the tax payable be reduced below J$50.	1,000,001 -	2,500,000	2.00%
			2,500,001 -	5,000,000	2.50%
			Ovar 5,000,000		3.00%


		Relief from property tax can alao be granted in the following catagorles of “hardship casea”:
		(1) valuation baaad on potantiailtiaa of land far axcaad valuationa undar ita praaant uaa, particularly in caaa of ownar-occupiad dwallinga and agricultural lands on tha frlngaa of commarcial and industrial xonaa;
		(2) intandad improvamanta on land nacaaaltata aubatantial capital axpandltur?; and
		(3) sports and othar organitationa with approvad purposas. Tha Mlniatar can raduca or wrlta off proparty taxaa in caaa of naady individuals, pansionara, ate.
4.2 Urban Renual (Tax Rellef) Act	Tax incentives designed to encourage and facilitate the re-devolopment and restoration or derelict urban areas for social and economic rejuvenstion. Tbese incentives will attract the private capital necessary to achieve this objective.	Tax credit of 25 percent to an approved developer in respect of lmprovement works in any year of assessment.
		lnterest income on urban renuual bonds issued by an approved organisation is exempt from income tax.
		Reneual Bonds exempt from the payment of Stemp Duty.
		Where approved developer leases improved proparty in a special development area during the incentive period. tax relief on the income obtained from the lease.
4 3 Death and Gift Taxes	None, except transfer tax (see 4.4 and 4.5 below).
4 4 Transfer tax Inter vivos transfers (Transfer Tax Act No 7 of 1971. 50 of 1973, 44 of 1974. 12 of 1975) P R R No 35 of April 4. 1984	Tax payable since 1970 for the transfer on the market value of property at the time of its transfer, including gifts. Proparty includes land (laese of land, lnterest in land), and shares (dabentures, other securities and annuities).	Property transfers by Government of Jamaica, municipal corporations, and parish councils are exempt. Gifts to approved institutions, charitable, rellgious, etc, and for approved purposes are also exempt.	For all property transfers 7.5 percent of market value (except in case of death) or 37.5 parcent of the national capital gain realisad on the transfer whichever is loss.
Mortis cause transfer	Since 1975, transfers on death have also been subjected to this tax and all land, shares, and other proparty of the decessed persons, including immovable proparty outside Jamaica, but excluding life insurence policies. is subject to tax.	Distributions by corporations of income, gaina, and benefits, which are not in the nature of capital distributions, are exempt.	Aggregate of proparty transfers by the decessed:
			Jamaica dollars	Percent
			Firat 10,000	Nill
			10,001 - 40,000	10.0
			40,001 - 100,000	12.5
			Remainder	15.0
	False return, or faliure to file a return is an offense liable to a JS2.000 fine and/or imprisonment.	First J$10,000 for transfer of real estete is tax exempt if the value of the property does not exceed J$150,000, and so are government securities. Other examptions include:
		(1) principal place of residence value which does not exceed J$150,000;
		(2) shares and securities sold in the Jamaica Stock Exchange through a broker.
4.5 Transfer tax Mortie cause transfer		Full reliefe are arented from tax in case of:
		(1) properties on whose transfer capital gain is not more than 12.5 percent of the value in 1970: and
		(2) value of crops, trees. etc, on an agricultural property,
		Daductions are made from deceased person’s taxable property of mortgages, debt, funeral expenses, etc, before tax is charged.
5. Tax on goods and services
5.1 Ganaral Consumption Tax (Acts Nos.16 and 21 of 1991 amended June 10. 1993).	Goods and services supplied in or imported into Jamaica.	Deduction Input tax credit being tax chargad on the supply or on the importation of goods and services required wholly or mainly for the purpose of making taxeble supplies.	All taxable goods and services are taxed at 15 percent with effect from April 24, 1995 except:
	Taxeble activity includes activity carried on in the form of a business, trade, profession, vocation, association or club.
Garette No 25. June 18. 1993.			1) Portland Cement	12.5 percent
Garette No 12A, February 10. 1994.			2) Pra-mixed Concrete	12.5 percent
			3) Comant Blocks	12.5 percent
			4) Steel rainforcing bars	12.5 percent
			For datails of zero rated items see Annex I SM/93/203.
3.2 Special Consumption Tax (Act No. 16 of 1991 emended June 18. 1993) and April 24. 1995	Tax imposed on tha menufacture in or importation into Jamaica of prescrlbed goods including alcoholic beverages, tobacco products and petroleum products.		(1) Petroleum Products
			(i) Automotive Diesel Oil: 92.83 cents per liter plus 56.28 percent of price above $1.6497.
			(ii) Fuel Oil: Free
	N.B. Spfrits, bear, wines, cordlals and tobacco products are chargeable with Ganarel Consumption Tax.		(iii) Petroleum Asphalt: Free and cutbacks.
			(iv) Manufactured liquid Propane and Butane: 0.6005 cents per liter plus 0.395 percent of prlce above $1,519.


			(2) Alcoholic beverages:
			(1) Spirlts:
				(a) of a strength exceeding 57.1 percent of alcohol volume: 24.3 percent of velue.
				(b) of a strength 31.5 percent to 57.1 percent of alcohol by volume: 16.1 percent of value.
				(c) of a strength not exceeding 31.5 percent of alcohol by volume: 7.5 percent of value.
			(11) Beer:
				(a) of a strength not exceeding 6 percent of alcohol by volume: 15.9 percent of value.
				(b) other: 10 percent of velue.
				(c) Wines: 12 percent of velue
				(d) Cordials snd liqueurs:
			12 percent of value
3.3 Selective Taxes on Services
5.3.1 Travel tax (Amended June 9, 1989) The Travel Tax (Amendment) Regulations 1994.	Payabla by all travallers to deatinations outside Jamaica and collected by carriers carrying such travellers. Also payable by cruise pasengers who land in Jamaica and ramain ashore for any period of time.	The following are exampt:	(1) J$400 per traveller other than a cruise pasenger effective June 1, 1994.
		(1) craws of ships, aircraft leaving Jamaica;
			(2) A cruise passenger who departs from:
		(2) any person recruited with the approval of the Minister responsible for labor of agricultural work in any place outside Jamaica;	(i) Ocho Rios on or after January 1, 1994 but before October 1, 1993, US$13 or an aquivalent amount in Jamaican currency at the current rate of exchange in relation to the currency of the Unitad Statas of America. On or after October 1, 1995, US$13 or an equivalent amount in Jamaican currency at tha current rate of exchange in relation to the currancy of the Unitad States of America.
		(3) such catagories of travallers as may be prescribed.
			(11) Any other port on or after January 1, 1994 but before January 1, 1996, US$12 or an equivalent amount in Jamaican currency at the current rate of exchange in relation to the currency of the Unitad States of Amarica. On or after January 1, 1996 but before January 1, 1997, US$13.50 or an equivalent amount in Jamaican currency at the current rate of exchange in relation to the currency of the Unitad Statet of America. On or aftar January 1, 1997, US$15 or an equivalent amount in Jamaican currency at the current rate of exchange in relation to the currency of the Unitad States of America.
			(3) “Cruise passenger” means a passenger from a cruise ship who lends in Jamaica and remains ashore for any period of tlme.
			(4) “Current rate of exchange” means the spot market weighted average buying rate as datermined by the Bank of Jamaica, in the currency of the Unitad States of Amarica on tha day on which the travaller leaves Jamaica.
6. Taxes on international trede and transactions
6.1 Import Taxes
6.1.1 Customs duties. Customs Tariff Resolution. 1972 Amendment, 1993 Garette 16. 19/3/93 Garette 27. 25/3/94.	Tax on imported goods (excluding CARICOM Origin) goods.	Corn, most fertiliters, certain pharmaceuticals, books snd educational goods, commercial fishing gear, goods for central snd locsl governments snd for hospitals; raw materials (including component parts) excluding goods listed under the Fourth Schedule to the Customs Tsriff. Incentives granted under the Industrial Incentive Act snd the Export Industry Encouragement Act exempt firms from customs duties.	0 percent - 40 percent
6.1.2 other import taxes
6.1.2.1 Additional Stamp Duties on Customs warrents inward.	Duty paid on e.i.f. value including any customs duties entered on the document.	Raw matsrlsls, cspitsl goods, government imports, baaic foods, petroleum products, imports from CARICOM countries, drugs, fertilisers, school, snd hospitsl equipment.	1. On primary aluminum products rates of additional stamp duty are 20–25 percent, 35 percent on corn, soys besns, condensed milk.
			2. Aggregate rates of customs duty and additional stamp duty ranging from 65 percent to 90 percent are chargeable on specified agricultural and agro-industrial products.
6.1.2.2 stamp Duty on travel tickets.	Tax on international travel.		Domestic air travel J$30.00. On travel tickets issued in Jamaica below J$3,000, J$300; from J$3,000 -J$10,000, J$400; above J$10,000, J3600.
	None.		For travellers under 12 years old:
			Not exceeding J$3,000	J$150
			J$3,000 - 10,000	J$200
			Ovsr J$10.000	J$300
6.2 Export Taxes
7. Other taxes
7.1 Stamp Duties (The Stump Duty Art 1937, as amended. November 1992).	Stamp duty at the time of exacution of any instrument creating a security, conveyence, lease, settlement, transfer, assignment, contract, travel tickets.	Surcharge on tickets purchased by traveller leaving Jamaica.	For example:
			(1) Foreign bills of exchange and promissory note drawn abroed payable on demand: J$8 per JS200.
			(2) Agreement:	Hand J$10	Seal J$20
			(3) Inland bills of exchange and promissory notes: J$4 per J$200, maximum J$1,000.
			(4) Bills of lading: J$S0.
			(5) Bonds: J$30 per J$2,000.
			(6) Mortgages on land: J$l per J$200 plus surchsrge of 25 percent.
			(7) Mortgages on other property: J$3 per J$300 plus surcharge of 25 percent.
			(8) Stocks and shsres: 1 percent of value of transaction.
			(9) Unit trusts: 1 percent of value of transection.
7.2 production Levies Bauxite production levy and royalty (The Quarries Control Act 1983). The Quarries Control (Quarry Tax) Resolution 1990.	Levy and royalty on bauxite production. They are not credited against income tax liability, but trested as a production cost item for determining taxable lncome.		Levy: provisional rate of US$5.25 per ton of bauxite subject to escalation clause which cennot reduce the rate below US$5.00 per ton.
			Royalty: US$0.50 per ton.
7.3 Other
7.3.1 Betting Tax (Betting. Gaming, and Lotteries Act of 1965)	Tax on batting, gaming, and lottary winning.	Lottaries conducted for charitabla purposes or incldentel to bazaars, fairs, dances, etc, sweepstakes on race meeting, private lotteries.	Bat winnings tax; tax in relatlon to betting on horse racing only abolished on January 25, 1994.
			Bookmakers’ Levy on Horaa Racing; Local Horse Races: incressed from 10 percent of gross sales to 11 percent of gross sales from January 25, 1994. J$80 for each race day by each bookmaker remains unchenged. Oversess Horse Races: incressed from 7.5 percent on the first J$2M of sales and 5 percent on remainder to 11 percent of sales from March 8, 1994. Pool Betting Duty: a duty of 7 percent of sales imposed from January 25, 1994 on betting with the promotor of racing. The rate of 15 percent on bets taken with the racing pool remains unchangad.
			Fees for Bookmakers’ Permit: incressed from J$1,000 a year to J$100,000 a year from November 22, 1993.

Tax	Mature of Tax	Exemptions and Deductions	Rates
1. Tax on net Income and profite
1.1 Taxes on companies, corporations, and enterprises (The Income Tax Act 1954, as comended up to 1995).	Annual tax on rasident company income which accruad in or was derived from Jamaica or elsewhere irraspective of whether the income is remitted to Jamaica. For nonresident companies, on income which accruad in or was derived from Jamaica. The year of assessment is the period from January 1 to December 31 in each year. Bauxite mining income assessment on assumed net profit per ton of bauxite. To avoid tha transfer pricing problem, profits are calculated on a transparent set of price indicators.	Exemptions: charitable, religious, scientific and educational organisations are exempt under the Income Tax Act. Other enterprises are exempt under the Industrial Incentives Act, the Export Industry Encoursgement Act, the Hotel Incentives Act, the Shipping Incentives Act, the Motion Picture Industry Encouragement Act, the Jamaica Export Free Zones Act, the Foreign Sales Corporations Act, the Income Tax Act in respect of prescribed agricultural activity, the Cooperative Societies Act, and the Resort Cottages Act. For example: approved enterprises may be granted a tax holiday of up to ten years depending on local value-added content.	(1) Company Profit Tax: 33.3 percent; building society 30.0 percent; life assurance company 7.3 percent. (2) Distributions: Withholding tax (resident shareholder), 33.3 percent. On nonresident shsreholder, approprlate Jamaican or treaty rate. Withholding tax on specified distributions to resident shereholders (other then capital dividends), security holders, and principal members (loans, residence), 33.3 percent.
		Income from qualifying actlvities in the Export Free Zone is exempt from tax indefinitely. Income derived from hotels may ba exempt up to 15 years. Deductions: (1) Expenses wholly and exclusively incurred by corporations in earning income in tha year of assessment are fully daduetibla. (2) Bad debts are daductible in tha year of assessment in which they become bad. (3) Losses are deductible in the year of assessment and can be carried forward indefinitely until set off in full. Thara is no loss carry back. (4) For industrial and provident aocieties, any payment to members on account of their transactions is tax deductible. For building societies, share interest and profits allocated to genarel resarvea up to 5 percent of assets are daductible items. (5) National insurance contribution: employers-paid contributions are daductible.	(3) Premium Income: (a) Regionalized insurence companiea - 1.5 percent of premium Income; (b) Others - 2 percent of premium income.
		Tax Credit: From 1994 tax credit is given on issue of bonus shares of nominal value not excaading 50 percent of after tax profits.	25 percent of nominal value of sheres issued.
		Capital allowances: wear and tear for the write-off of fixed assets are permitted as below:
		(1) Industrial buildings: Initial allowance: Daclining balance:	20 percent Rate approved by Commissioner
		(2) Nonresidential buildings: annual allowance (only), proscribed rates. Basis: straight line or (flxed line) unlese the allowance is being claimed under Section 13 (N).	2.5 or 5 percent
		(3) Plant and machinery: Initial allowance: Annual allowence:	20 percent Various rates as stipulated.
		(a) Reducing balance
		(b) Straight-line according to tha formula: 5/4x(9/10x 1) anticipated normal working line	Rate as calculated using tha straight-line formula.
			12.5 parcant.
		(4) Motor vehicles.
		(a) Trade vehicles: annual allowance, (straight line):
		(b) Private vehicles: (annual allowanca in respect of private vehicles is limited to a yearly maximum per vehicle of J$400 and an aggragate maximum of J$3,200); annual allowance, (straight line).	12.5 percent.
		(5) Basic industry. Manufacturing (including canning and preserving), construction, electricity, store warehouses, cold storage, and docks. Investment allowance (in lieu of any initial allowance but not applicable in determining unallowed residue).	20 percent.
		Special allowance for plant or machlnery used on two shifts or more per day in specified canning and preserving, agricultural processing and manufacturing industries.	Not explicitly specified but not exceeding those applicable to plant and machinery.
		(6) From 1994 Special Capital Allowances on new machinery.	50 percent write off for each of 2 years.
		(7) Sugar lnduetry lnveatment allowance.	40 percent.
		Special investment allowance: not applicable in determining unallowed reel due. The 40 percent may by election be apread forward up to eix yeara. Any portion atlll remaining unallowed at the end of the period above may be carried forward to another 11 yeara. Total period for allowing the SIA la therefore 17 yeara.
		Annual allowance:	Various preecribed ratea.
		(g) Agricultural investment allowance on expenditure in farming. As above for augar induetry except that the total period for write-off is 11 yeara.	Aa per sugar lnduetry.
		(9) Mines and oil walla: Initial allowance: Annual allowance: Output of the year Output of the yeer + total potential output x reaidue of expenditure	20 percent
			According to greater of formula or ½0 of residue of expenditure.
		(10) Plent and machinery (uaed for mines and oil we 11a but treated aa plant and machinery for year). Annuel allowance (aa for ordinary plant and machinery).	Prescribed rstes determined by Commissioner.
		(11) Scientific reaeerch: Annual allowance.	20 percent of cepital expenditure snd ¼ of other relevant expenditure.
			¼ of capital expenditure annually.
		(12) Patenta allowance: annual.
		Rote: companlea enjoying exempt atatua are not eligible for special lnveatment allowances.
1.2 Taxes on individuals (The Income Tax Act 195*. aa amended 1992).	A tax on "world income" accruing to or darlvad by realdenta from any trade, buaineae, rental, profession, employment, or vocation. Ronresidente are taxed on all Income accruing in or derived from Jamaica. Although there la no apeciflc proviaion, capital recelpte and gelna ere not coneidereel income.	Income derived by nonresidents on investment or deposits in building society, housing schemes, approved public utllltlea, and hotel enterpriaea are tax exempt.	Taxable income: all taxable income is taxed at the flat rate of 25 percent. Nonresldents slso pay at the rate of 25 percent, or et a rate under Double Texetion Treety.
		Residents snd nonresidents enjoy the following exemptions:
	Income from employment during tha current fiscal year is subject to pay-as-you-earn (PAYE) assessment. As ragards other sources of income, the current fiscal year also forms the base for assessment purposes.	(1) Capital gains on shares, stocks, and securities (if these do not exceed one half of income from other sources).	Withholding taxes
			(1) Residents Interest payments, 25 percent; Dividends 23 percent.
		(2) Dividends from approved investments, including from firms receiving tax holidays.
			(2) Nonresidents 23 percent or at treaty rate.
	Employment income includes estimated ennuel velues of perquisites or other benefits provided in kind, end pensions, annuities, etc., for past services. Annuel velue of housing accommodation provided by the employer (maximum limit IS percent of total emoluments) is Included in chargeeble income. Paymenta by the employer of services at the employee’s residence, for example, electricity, gee, telephone, domestic helpers, etc., are elso considered perquisites and are taxable in tha hands of the employee but upkeep allowances for motorcars paid to public servants are excluded.	(3) Interest on government securities paid out of Consolidated Fund.	Exemptiona from withholding tax:
		(4) Proceeds from approved penalon scheme or a statutory pension scheme up to J$15,000.	(a) Interest paid to an approved overseas orgenitetion;
			(b) Interest from investment by nonresident (other than a resident in a tax treaty country) in a building society; end improved housing scheme or an approved public utility.
		(5) Lump sum payments from public funds.
		(6) Income from prescribed agricultural activity.
		(7) Total income not in excess of J$50,3U or J$95,544 for persons other then pensioners 63 years and over or J$140,544 for pensioners (3 yeara and over.	(3)Mining companies registered in Jemaica
			Interest peid overseas on mining related debt: nil.
	Income of a married woman living with her husband shall be essessed and cherged to tex es if she were unmarried, but joint essessment may be elected.	(S) All expenaaa incurred wholly or exclusively in acquiring Income are deducted. Contributions to National Insurance Scheme are fully deductible but limits have been placed on allowable deductlona for pensions contributions (up to 10 percent of total emoluments).
		(9) Payments for telephone, the employee’s residence, used for the purpose of the employment is not taxed. Other peyments exempt from tax are:
		(a) meals provided outside of normal working hours; and	Limited to J$5,739 for uniform and J$3,395 for laundry.
		(b) uniforms or laundry where the employee is required to wear a uniform.
		(10) Interest on foreign currency deposit accounts.
		(11) The taxpayer enjoys a full and complete offset of losses incurred in the course of earning income.
		(12) Employer’s contributions to an approved superannuation fund or retirement scheme.
		(13) Texable income from dividend is the gross amount of dividend but tax withheld la credited against shareholder’s income tax liability.
		(14) Interest-bearing deposits of life insurance companies held for three or more years are tax exempt.
		(15) Income for scholarship and bursary received by an individual attending full-time school is tax exempt.
		(16) Income from approved gratuity scheme in the tourist industry is exempt.
		(17) Income from approved productivity scheme is exempt.
2. Contributions for sociel security
2.1 Social security contributions (National Insurance Act No.38 of 1965. as amended).	Social security contributions, initiatad in April 1966, finance the Rational Insurance Scheme, an autonomous body administered by the Ministry of Pensions and Social Security. Benefits provided by the scheme are old age, widows, widowers, children, end invalids’ pensions, lump sum and funeral grants, and payments for certain employment-related	Persons below 16, men over 70 years of age, and women over 65 years of age are exempt.	Employed persons pay 2.5 percent of emoluments not exceeding J$20,833 per annum or J$4,808 per week, and employers pay 2.5 percent. Self-employed persons pay 5 percent of annual earnings not exceeding J$250,000. Domestic workers, members of Jamaica Defence Force, and their employers pay JS10 eech per week. Voluntary contributors pey J$20 per week.
3. Payroll contributions
3.1 National Housing Trust Contributions (National Housing Trust Act. No 32 of 1979)	Compulsory in nature, these contrlbutions are made by employers and employees. They are refundeble and earn interest, at present 7 percent a year. Refund is to be made to employees in the eighth year after the contribution is collected or at the time of retirement, whichever comes earliar; and to employers in the 26th year after the contribution is collected.	Man over 65 and women over 60 years of age are exempt.	Contributions are based on gross wages (including overtime but excluding allowances)
			Employers: 2 percent
			Employers: 3 percent
			Self-employed persons pay 3 percent.
	Employees receive interest along with rapayment of their contribution after seven years.	Employers’ contributions are deductible in arriving at taxebla income.
	These contributions accrue to National Housing Trust, an autonomous body, which finences low-cost housing and which begen operation on January 1. 1976. Employers are charged a penalty rate of 20 percent on contributions not paid on due dates.
3.2 Human Emplyment and Rasource Training Contributions (HEART) (Act 13 of 1982)	Contributions to tha HEART. Truat Fund are used to finance the development of employment opportunities for trainees.	The following are exempt:	3 percent of emoluments peyable by employer.
		(1) a Ministry or Department of Govarnment;
		(2) a statutory body or authority;
		(3) a company ragistered under the Companies Act, being a company in which the Government or an agancy of Govarnment holds not less than 51 percent of the ordinary shares;
		(4) any Parish Council;
		(5) the Kingston and St. Andrew Corporation;
		(6) any employer whose average monthly payments of emoluments to employees during the period of 12 months imedietely preceding the appointed day and during any subsequent contribution year, does not exceed the prescribed amount.
3.3 Education Tax (Education Tax Act 1987)	Tax on earnings of individuals. Total emoluments are those subject to PAYE for income tax purposes.	Persons below 18 and over 65 years of age.	In respect of employed persons:
			(a) self-employed persons: 2 percent;
			(b) other employed persons: 2 percent by employee, 3 percent by employer;
			(c) domestic workers: 20 cents a weak payable by employees and 20 cents a week payable by employers.
4 Taxes on property
4.1 Real Proparty Tax
4.1 1 Proparty tax
(Land Valuation Act No.15 of 1974; Proparty Tax Act No 35 of 1973; Provisional Collection of Tax (Property Tax) (No.2) Order. 1974; Property Tax (Amendment of First Schedule) Order. 1976; Land Taxation (Rellef) Act No 36 of 1973, Garette No 42A. 1987. The Provisional Collection of Tax (Property Tax) Order. 1993	Levied in all perishes since 1974. on the site valua of property (excluding buildings and crops). Valuations are based on market value of land at the valuation data—once every five years—and are based on its location and present use, land prices in the area, toning, type of land, devalopment potential of land or “highest and best use of land” as ageinst existing use of land. Proparty tax does not include water rates or sewerage rates. Panalty for late payment: 10 percent of tax due, plus interest of 15 percent per annum.	Property belonging to Central Government, municipal corporations, and parish councils are exempt from property tax. Churches, hospitals, educational institutions, and approved social, cultural, and charitable organisations are exempt from property tax.	The following rates are effective April 1993:
			Unimproved values	Rate of tax
			(jamaica dollars)
			Up to 20,000		$50
			20,001 -	50,000	0.10%
			50,001 -	100,000	0.30%
			100,001 -	500,000	0.75%

			500,001 -	1,000,000	1.50%
		Reliefe from property tax are statutorily granted under the Land Taxation (Rellef) Act in respect of land used substantially for egricultural production. The dersting rellef is granted on a case-by-case basis and only three years at a time. Agricultural lands enjoy a rellef of 50 percent of thair tax due. In no case can the tax payable be reduced below J$50.	1,000,001 -	2,500,000	2.00%
			2,500,001 -	5,000,000	2.50%
			Ovar 5,000,000		3.00%


		Relief from property tax can alao be granted in the following catagorles of “hardship casea”:
		(1) valuation baaad on potantiailtiaa of land far axcaad valuationa undar ita praaant uaa, particularly in caaa of ownar-occupiad dwallinga and agricultural lands on tha frlngaa of commarcial and industrial xonaa;
		(2) intandad improvamanta on land nacaaaltata aubatantial capital axpandltur?; and
		(3) sports and othar organitationa with approvad purposas. Tha Mlniatar can raduca or wrlta off proparty taxaa in caaa of naady individuals, pansionara, ate.
4.2 Urban Renual (Tax Rellef) Act	Tax incentives designed to encourage and facilitate the re-devolopment and restoration or derelict urban areas for social and economic rejuvenstion. Tbese incentives will attract the private capital necessary to achieve this objective.	Tax credit of 25 percent to an approved developer in respect of lmprovement works in any year of assessment.
		lnterest income on urban renuual bonds issued by an approved organisation is exempt from income tax.
		Reneual Bonds exempt from the payment of Stemp Duty.
		Where approved developer leases improved proparty in a special development area during the incentive period. tax relief on the income obtained from the lease.
4 3 Death and Gift Taxes	None, except transfer tax (see 4.4 and 4.5 below).
4 4 Transfer tax Inter vivos transfers (Transfer Tax Act No 7 of 1971. 50 of 1973, 44 of 1974. 12 of 1975) P R R No 35 of April 4. 1984	Tax payable since 1970 for the transfer on the market value of property at the time of its transfer, including gifts. Proparty includes land (laese of land, lnterest in land), and shares (dabentures, other securities and annuities).	Property transfers by Government of Jamaica, municipal corporations, and parish councils are exempt. Gifts to approved institutions, charitable, rellgious, etc, and for approved purposes are also exempt.	For all property transfers 7.5 percent of market value (except in case of death) or 37.5 parcent of the national capital gain realisad on the transfer whichever is loss.
Mortis cause transfer	Since 1975, transfers on death have also been subjected to this tax and all land, shares, and other proparty of the decessed persons, including immovable proparty outside Jamaica, but excluding life insurence policies. is subject to tax.	Distributions by corporations of income, gaina, and benefits, which are not in the nature of capital distributions, are exempt.	Aggregate of proparty transfers by the decessed:
			Jamaica dollars	Percent
			Firat 10,000	Nill
			10,001 - 40,000	10.0
			40,001 - 100,000	12.5
			Remainder	15.0
	False return, or faliure to file a return is an offense liable to a JS2.000 fine and/or imprisonment.	First J$10,000 for transfer of real estete is tax exempt if the value of the property does not exceed J$150,000, and so are government securities. Other examptions include:
		(1) principal place of residence value which does not exceed J$150,000;
		(2) shares and securities sold in the Jamaica Stock Exchange through a broker.
4.5 Transfer tax Mortie cause transfer		Full reliefe are arented from tax in case of:
		(1) properties on whose transfer capital gain is not more than 12.5 percent of the value in 1970: and
		(2) value of crops, trees. etc, on an agricultural property,
		Daductions are made from deceased person’s taxable property of mortgages, debt, funeral expenses, etc, before tax is charged.
5. Tax on goods and services
5.1 Ganaral Consumption Tax (Acts Nos.16 and 21 of 1991 amended June 10. 1993).	Goods and services supplied in or imported into Jamaica.	Deduction Input tax credit being tax chargad on the supply or on the importation of goods and services required wholly or mainly for the purpose of making taxeble supplies.	All taxable goods and services are taxed at 15 percent with effect from April 24, 1995 except:
	Taxeble activity includes activity carried on in the form of a business, trade, profession, vocation, association or club.
Garette No 25. June 18. 1993.			1) Portland Cement	12.5 percent
Garette No 12A, February 10. 1994.			2) Pra-mixed Concrete	12.5 percent
			3) Comant Blocks	12.5 percent
			4) Steel rainforcing bars	12.5 percent
			For datails of zero rated items see Annex I SM/93/203.
3.2 Special Consumption Tax (Act No. 16 of 1991 emended June 18. 1993) and April 24. 1995	Tax imposed on tha menufacture in or importation into Jamaica of prescrlbed goods including alcoholic beverages, tobacco products and petroleum products.		(1) Petroleum Products
			(i) Automotive Diesel Oil: 92.83 cents per liter plus 56.28 percent of price above $1.6497.
			(ii) Fuel Oil: Free
	N.B. Spfrits, bear, wines, cordlals and tobacco products are chargeable with Ganarel Consumption Tax.		(iii) Petroleum Asphalt: Free and cutbacks.
			(iv) Manufactured liquid Propane and Butane: 0.6005 cents per liter plus 0.395 percent of prlce above $1,519.


			(2) Alcoholic beverages:
			(1) Spirlts:
				(a) of a strength exceeding 57.1 percent of alcohol volume: 24.3 percent of velue.
				(b) of a strength 31.5 percent to 57.1 percent of alcohol by volume: 16.1 percent of value.
				(c) of a strength not exceeding 31.5 percent of alcohol by volume: 7.5 percent of value.
			(11) Beer:
				(a) of a strength not exceeding 6 percent of alcohol by volume: 15.9 percent of value.
				(b) other: 10 percent of velue.
				(c) Wines: 12 percent of velue
				(d) Cordials snd liqueurs:
			12 percent of value
3.3 Selective Taxes on Services
5.3.1 Travel tax (Amended June 9, 1989) The Travel Tax (Amendment) Regulations 1994.	Payabla by all travallers to deatinations outside Jamaica and collected by carriers carrying such travellers. Also payable by cruise pasengers who land in Jamaica and ramain ashore for any period of time.	The following are exampt:	(1) J$400 per traveller other than a cruise pasenger effective June 1, 1994.
		(1) craws of ships, aircraft leaving Jamaica;
			(2) A cruise passenger who departs from:
		(2) any person recruited with the approval of the Minister responsible for labor of agricultural work in any place outside Jamaica;	(i) Ocho Rios on or after January 1, 1994 but before October 1, 1993, US$13 or an aquivalent amount in Jamaican currency at the current rate of exchange in relation to the currency of the Unitad Statas of America. On or after October 1, 1995, US$13 or an equivalent amount in Jamaican currency at tha current rate of exchange in relation to the currancy of the Unitad States of America.
		(3) such catagories of travallers as may be prescribed.
			(11) Any other port on or after January 1, 1994 but before January 1, 1996, US$12 or an equivalent amount in Jamaican currency at the current rate of exchange in relation to the currency of the Unitad States of Amarica. On or after January 1, 1996 but before January 1, 1997, US$13.50 or an equivalent amount in Jamaican currency at the current rate of exchange in relation to the currency of the Unitad Statet of America. On or aftar January 1, 1997, US$15 or an equivalent amount in Jamaican currency at the current rate of exchange in relation to the currency of the Unitad States of America.
			(3) “Cruise passenger” means a passenger from a cruise ship who lends in Jamaica and remains ashore for any period of tlme.
			(4) “Current rate of exchange” means the spot market weighted average buying rate as datermined by the Bank of Jamaica, in the currency of the Unitad States of Amarica on tha day on which the travaller leaves Jamaica.
6. Taxes on international trede and transactions
6.1 Import Taxes
6.1.1 Customs duties. Customs Tariff Resolution. 1972 Amendment, 1993 Garette 16. 19/3/93 Garette 27. 25/3/94.	Tax on imported goods (excluding CARICOM Origin) goods.	Corn, most fertiliters, certain pharmaceuticals, books snd educational goods, commercial fishing gear, goods for central snd locsl governments snd for hospitals; raw materials (including component parts) excluding goods listed under the Fourth Schedule to the Customs Tsriff. Incentives granted under the Industrial Incentive Act snd the Export Industry Encouragement Act exempt firms from customs duties.	0 percent - 40 percent
6.1.2 other import taxes
6.1.2.1 Additional Stamp Duties on Customs warrents inward.	Duty paid on e.i.f. value including any customs duties entered on the document.	Raw matsrlsls, cspitsl goods, government imports, baaic foods, petroleum products, imports from CARICOM countries, drugs, fertilisers, school, snd hospitsl equipment.	1. On primary aluminum products rates of additional stamp duty are 20–25 percent, 35 percent on corn, soys besns, condensed milk.
			2. Aggregate rates of customs duty and additional stamp duty ranging from 65 percent to 90 percent are chargeable on specified agricultural and agro-industrial products.
6.1.2.2 stamp Duty on travel tickets.	Tax on international travel.		Domestic air travel J$30.00. On travel tickets issued in Jamaica below J$3,000, J$300; from J$3,000 -J$10,000, J$400; above J$10,000, J3600.
	None.		For travellers under 12 years old:
			Not exceeding J$3,000	J$150
			J$3,000 - 10,000	J$200
			Ovsr J$10.000	J$300
6.2 Export Taxes
7. Other taxes
7.1 Stamp Duties (The Stump Duty Art 1937, as amended. November 1992).	Stamp duty at the time of exacution of any instrument creating a security, conveyence, lease, settlement, transfer, assignment, contract, travel tickets.	Surcharge on tickets purchased by traveller leaving Jamaica.	For example:
			(1) Foreign bills of exchange and promissory note drawn abroed payable on demand: J$8 per JS200.
			(2) Agreement:	Hand J$10	Seal J$20
			(3) Inland bills of exchange and promissory notes: J$4 per J$200, maximum J$1,000.
			(4) Bills of lading: J$S0.
			(5) Bonds: J$30 per J$2,000.
			(6) Mortgages on land: J$l per J$200 plus surchsrge of 25 percent.
			(7) Mortgages on other property: J$3 per J$300 plus surcharge of 25 percent.
			(8) Stocks and shsres: 1 percent of value of transaction.
			(9) Unit trusts: 1 percent of value of transection.
7.2 production Levies Bauxite production levy and royalty (The Quarries Control Act 1983). The Quarries Control (Quarry Tax) Resolution 1990.	Levy and royalty on bauxite production. They are not credited against income tax liability, but trested as a production cost item for determining taxable lncome.		Levy: provisional rate of US$5.25 per ton of bauxite subject to escalation clause which cennot reduce the rate below US$5.00 per ton.
			Royalty: US$0.50 per ton.
7.3 Other
7.3.1 Betting Tax (Betting. Gaming, and Lotteries Act of 1965)	Tax on batting, gaming, and lottary winning.	Lottaries conducted for charitabla purposes or incldentel to bazaars, fairs, dances, etc, sweepstakes on race meeting, private lotteries.	Bat winnings tax; tax in relatlon to betting on horse racing only abolished on January 25, 1994.
			Bookmakers’ Levy on Horaa Racing; Local Horse Races: incressed from 10 percent of gross sales to 11 percent of gross sales from January 25, 1994. J$80 for each race day by each bookmaker remains unchenged. Oversess Horse Races: incressed from 7.5 percent on the first J$2M of sales and 5 percent on remainder to 11 percent of sales from March 8, 1994. Pool Betting Duty: a duty of 7 percent of sales imposed from January 25, 1994 on betting with the promotor of racing. The rate of 15 percent on bets taken with the racing pool remains unchangad.
			Fees for Bookmakers’ Permit: incressed from J$1,000 a year to J$100,000 a year from November 22, 1993.

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Jamaica: Recent Economic Developments

Author:

International Monetary Fund

Volume/Issue:: Volume 1996: Issue 097

Publisher:: International Monetary Fund

ISBN:: 9781451820041

ISSN:: 1934-7685

Pages:: 119

DOI:: https://doi.org/10.5089/9781451820041.002

Keywords
- Jamaica: Summary of the Tax System as of June 1996

Tax	Mature of Tax	Exemptions and Deductions	Rates
1. Tax on net Income and profite
1.1 Taxes on companies, corporations, and enterprises (The Income Tax Act 1954, as comended up to 1995).	Annual tax on rasident company income which accruad in or was derived from Jamaica or elsewhere irraspective of whether the income is remitted to Jamaica. For nonresident companies, on income which accruad in or was derived from Jamaica. The year of assessment is the period from January 1 to December 31 in each year. Bauxite mining income assessment on assumed net profit per ton of bauxite. To avoid tha transfer pricing problem, profits are calculated on a transparent set of price indicators.	Exemptions: charitable, religious, scientific and educational organisations are exempt under the Income Tax Act. Other enterprises are exempt under the Industrial Incentives Act, the Export Industry Encoursgement Act, the Hotel Incentives Act, the Shipping Incentives Act, the Motion Picture Industry Encouragement Act, the Jamaica Export Free Zones Act, the Foreign Sales Corporations Act, the Income Tax Act in respect of prescribed agricultural activity, the Cooperative Societies Act, and the Resort Cottages Act. For example: approved enterprises may be granted a tax holiday of up to ten years depending on local value-added content.	(1) Company Profit Tax: 33.3 percent; building society 30.0 percent; life assurance company 7.3 percent. (2) Distributions: Withholding tax (resident shareholder), 33.3 percent. On nonresident shsreholder, approprlate Jamaican or treaty rate. Withholding tax on specified distributions to resident shereholders (other then capital dividends), security holders, and principal members (loans, residence), 33.3 percent.
		Income from qualifying actlvities in the Export Free Zone is exempt from tax indefinitely. Income derived from hotels may ba exempt up to 15 years. Deductions: (1) Expenses wholly and exclusively incurred by corporations in earning income in tha year of assessment are fully daduetibla. (2) Bad debts are daductible in tha year of assessment in which they become bad. (3) Losses are deductible in the year of assessment and can be carried forward indefinitely until set off in full. Thara is no loss carry back. (4) For industrial and provident aocieties, any payment to members on account of their transactions is tax deductible. For building societies, share interest and profits allocated to genarel resarvea up to 5 percent of assets are daductible items. (5) National insurance contribution: employers-paid contributions are daductible.	(3) Premium Income: (a) Regionalized insurence companiea - 1.5 percent of premium Income; (b) Others - 2 percent of premium income.
		Tax Credit: From 1994 tax credit is given on issue of bonus shares of nominal value not excaading 50 percent of after tax profits.	25 percent of nominal value of sheres issued.
		Capital allowances: wear and tear for the write-off of fixed assets are permitted as below:
		(1) Industrial buildings: Initial allowance: Daclining balance:	20 percent Rate approved by Commissioner
		(2) Nonresidential buildings: annual allowance (only), proscribed rates. Basis: straight line or (flxed line) unlese the allowance is being claimed under Section 13 (N).	2.5 or 5 percent
		(3) Plant and machinery: Initial allowance: Annual allowence:	20 percent Various rates as stipulated.
		(a) Reducing balance
		(b) Straight-line according to tha formula: 5/4x(9/10x 1) anticipated normal working line	Rate as calculated using tha straight-line formula.
			12.5 parcant.
		(4) Motor vehicles.
		(a) Trade vehicles: annual allowance, (straight line):
		(b) Private vehicles: (annual allowanca in respect of private vehicles is limited to a yearly maximum per vehicle of J$400 and an aggragate maximum of J$3,200); annual allowance, (straight line).	12.5 percent.
		(5) Basic industry. Manufacturing (including canning and preserving), construction, electricity, store warehouses, cold storage, and docks. Investment allowance (in lieu of any initial allowance but not applicable in determining unallowed residue).	20 percent.
		Special allowance for plant or machlnery used on two shifts or more per day in specified canning and preserving, agricultural processing and manufacturing industries.	Not explicitly specified but not exceeding those applicable to plant and machinery.
		(6) From 1994 Special Capital Allowances on new machinery.	50 percent write off for each of 2 years.
		(7) Sugar lnduetry lnveatment allowance.	40 percent.
		Special investment allowance: not applicable in determining unallowed reel due. The 40 percent may by election be apread forward up to eix yeara. Any portion atlll remaining unallowed at the end of the period above may be carried forward to another 11 yeara. Total period for allowing the SIA la therefore 17 yeara.
		Annual allowance:	Various preecribed ratea.
		(g) Agricultural investment allowance on expenditure in farming. As above for augar induetry except that the total period for write-off is 11 yeara.	Aa per sugar lnduetry.
		(9) Mines and oil walla: Initial allowance: Annual allowance: Output of the year Output of the yeer + total potential output x reaidue of expenditure	20 percent
			According to greater of formula or ½0 of residue of expenditure.
		(10) Plent and machinery (uaed for mines and oil we 11a but treated aa plant and machinery for year). Annuel allowance (aa for ordinary plant and machinery).	Prescribed rstes determined by Commissioner.
		(11) Scientific reaeerch: Annual allowance.	20 percent of cepital expenditure snd ¼ of other relevant expenditure.
			¼ of capital expenditure annually.
		(12) Patenta allowance: annual.
		Rote: companlea enjoying exempt atatua are not eligible for special lnveatment allowances.
1.2 Taxes on individuals (The Income Tax Act 195*. aa amended 1992).	A tax on "world income" accruing to or darlvad by realdenta from any trade, buaineae, rental, profession, employment, or vocation. Ronresidente are taxed on all Income accruing in or derived from Jamaica. Although there la no apeciflc proviaion, capital recelpte and gelna ere not coneidereel income.	Income derived by nonresidents on investment or deposits in building society, housing schemes, approved public utllltlea, and hotel enterpriaea are tax exempt.	Taxable income: all taxable income is taxed at the flat rate of 25 percent. Nonresldents slso pay at the rate of 25 percent, or et a rate under Double Texetion Treety.
		Residents snd nonresidents enjoy the following exemptions:
	Income from employment during tha current fiscal year is subject to pay-as-you-earn (PAYE) assessment. As ragards other sources of income, the current fiscal year also forms the base for assessment purposes.	(1) Capital gains on shares, stocks, and securities (if these do not exceed one half of income from other sources).	Withholding taxes
			(1) Residents Interest payments, 25 percent; Dividends 23 percent.
		(2) Dividends from approved investments, including from firms receiving tax holidays.
			(2) Nonresidents 23 percent or at treaty rate.
	Employment income includes estimated ennuel velues of perquisites or other benefits provided in kind, end pensions, annuities, etc., for past services. Annuel velue of housing accommodation provided by the employer (maximum limit IS percent of total emoluments) is Included in chargeeble income. Paymenta by the employer of services at the employee’s residence, for example, electricity, gee, telephone, domestic helpers, etc., are elso considered perquisites and are taxable in tha hands of the employee but upkeep allowances for motorcars paid to public servants are excluded.	(3) Interest on government securities paid out of Consolidated Fund.	Exemptiona from withholding tax:
		(4) Proceeds from approved penalon scheme or a statutory pension scheme up to J$15,000.	(a) Interest paid to an approved overseas orgenitetion;
			(b) Interest from investment by nonresident (other than a resident in a tax treaty country) in a building society; end improved housing scheme or an approved public utility.
		(5) Lump sum payments from public funds.
		(6) Income from prescribed agricultural activity.
		(7) Total income not in excess of J$50,3U or J$95,544 for persons other then pensioners 63 years and over or J$140,544 for pensioners (3 yeara and over.	(3)Mining companies registered in Jemaica
			Interest peid overseas on mining related debt: nil.
	Income of a married woman living with her husband shall be essessed and cherged to tex es if she were unmarried, but joint essessment may be elected.	(S) All expenaaa incurred wholly or exclusively in acquiring Income are deducted. Contributions to National Insurance Scheme are fully deductible but limits have been placed on allowable deductlona for pensions contributions (up to 10 percent of total emoluments).
		(9) Payments for telephone, the employee’s residence, used for the purpose of the employment is not taxed. Other peyments exempt from tax are:
		(a) meals provided outside of normal working hours; and	Limited to J$5,739 for uniform and J$3,395 for laundry.
		(b) uniforms or laundry where the employee is required to wear a uniform.
		(10) Interest on foreign currency deposit accounts.
		(11) The taxpayer enjoys a full and complete offset of losses incurred in the course of earning income.
		(12) Employer’s contributions to an approved superannuation fund or retirement scheme.
		(13) Texable income from dividend is the gross amount of dividend but tax withheld la credited against shareholder’s income tax liability.
		(14) Interest-bearing deposits of life insurance companies held for three or more years are tax exempt.
		(15) Income for scholarship and bursary received by an individual attending full-time school is tax exempt.
		(16) Income from approved gratuity scheme in the tourist industry is exempt.
		(17) Income from approved productivity scheme is exempt.
2. Contributions for sociel security
2.1 Social security contributions (National Insurance Act No.38 of 1965. as amended).	Social security contributions, initiatad in April 1966, finance the Rational Insurance Scheme, an autonomous body administered by the Ministry of Pensions and Social Security. Benefits provided by the scheme are old age, widows, widowers, children, end invalids’ pensions, lump sum and funeral grants, and payments for certain employment-related	Persons below 16, men over 70 years of age, and women over 65 years of age are exempt.	Employed persons pay 2.5 percent of emoluments not exceeding J$20,833 per annum or J$4,808 per week, and employers pay 2.5 percent. Self-employed persons pay 5 percent of annual earnings not exceeding J$250,000. Domestic workers, members of Jamaica Defence Force, and their employers pay JS10 eech per week. Voluntary contributors pey J$20 per week.
3. Payroll contributions
3.1 National Housing Trust Contributions (National Housing Trust Act. No 32 of 1979)	Compulsory in nature, these contrlbutions are made by employers and employees. They are refundeble and earn interest, at present 7 percent a year. Refund is to be made to employees in the eighth year after the contribution is collected or at the time of retirement, whichever comes earliar; and to employers in the 26th year after the contribution is collected.	Man over 65 and women over 60 years of age are exempt.	Contributions are based on gross wages (including overtime but excluding allowances)
			Employers: 2 percent
			Employers: 3 percent
			Self-employed persons pay 3 percent.
	Employees receive interest along with rapayment of their contribution after seven years.	Employers’ contributions are deductible in arriving at taxebla income.
	These contributions accrue to National Housing Trust, an autonomous body, which finences low-cost housing and which begen operation on January 1. 1976. Employers are charged a penalty rate of 20 percent on contributions not paid on due dates.
3.2 Human Emplyment and Rasource Training Contributions (HEART) (Act 13 of 1982)	Contributions to tha HEART. Truat Fund are used to finance the development of employment opportunities for trainees.	The following are exempt:	3 percent of emoluments peyable by employer.
		(1) a Ministry or Department of Govarnment;
		(2) a statutory body or authority;
		(3) a company ragistered under the Companies Act, being a company in which the Government or an agancy of Govarnment holds not less than 51 percent of the ordinary shares;
		(4) any Parish Council;
		(5) the Kingston and St. Andrew Corporation;
		(6) any employer whose average monthly payments of emoluments to employees during the period of 12 months imedietely preceding the appointed day and during any subsequent contribution year, does not exceed the prescribed amount.
3.3 Education Tax (Education Tax Act 1987)	Tax on earnings of individuals. Total emoluments are those subject to PAYE for income tax purposes.	Persons below 18 and over 65 years of age.	In respect of employed persons:
			(a) self-employed persons: 2 percent;
			(b) other employed persons: 2 percent by employee, 3 percent by employer;
			(c) domestic workers: 20 cents a weak payable by employees and 20 cents a week payable by employers.
4 Taxes on property
4.1 Real Proparty Tax
4.1 1 Proparty tax
(Land Valuation Act No.15 of 1974; Proparty Tax Act No 35 of 1973; Provisional Collection of Tax (Property Tax) (No.2) Order. 1974; Property Tax (Amendment of First Schedule) Order. 1976; Land Taxation (Rellef) Act No 36 of 1973, Garette No 42A. 1987. The Provisional Collection of Tax (Property Tax) Order. 1993	Levied in all perishes since 1974. on the site valua of property (excluding buildings and crops). Valuations are based on market value of land at the valuation data—once every five years—and are based on its location and present use, land prices in the area, toning, type of land, devalopment potential of land or “highest and best use of land” as ageinst existing use of land. Proparty tax does not include water rates or sewerage rates. Panalty for late payment: 10 percent of tax due, plus interest of 15 percent per annum.	Property belonging to Central Government, municipal corporations, and parish councils are exempt from property tax. Churches, hospitals, educational institutions, and approved social, cultural, and charitable organisations are exempt from property tax.	The following rates are effective April 1993:
			Unimproved values	Rate of tax
			(jamaica dollars)
			Up to 20,000		$50
			20,001 -	50,000	0.10%
			50,001 -	100,000	0.30%
			100,001 -	500,000	0.75%

			500,001 -	1,000,000	1.50%
		Reliefe from property tax are statutorily granted under the Land Taxation (Rellef) Act in respect of land used substantially for egricultural production. The dersting rellef is granted on a case-by-case basis and only three years at a time. Agricultural lands enjoy a rellef of 50 percent of thair tax due. In no case can the tax payable be reduced below J$50.	1,000,001 -	2,500,000	2.00%
			2,500,001 -	5,000,000	2.50%
			Ovar 5,000,000		3.00%


		Relief from property tax can alao be granted in the following catagorles of “hardship casea”:
		(1) valuation baaad on potantiailtiaa of land far axcaad valuationa undar ita praaant uaa, particularly in caaa of ownar-occupiad dwallinga and agricultural lands on tha frlngaa of commarcial and industrial xonaa;
		(2) intandad improvamanta on land nacaaaltata aubatantial capital axpandltur?; and
		(3) sports and othar organitationa with approvad purposas. Tha Mlniatar can raduca or wrlta off proparty taxaa in caaa of naady individuals, pansionara, ate.
4.2 Urban Renual (Tax Rellef) Act	Tax incentives designed to encourage and facilitate the re-devolopment and restoration or derelict urban areas for social and economic rejuvenstion. Tbese incentives will attract the private capital necessary to achieve this objective.	Tax credit of 25 percent to an approved developer in respect of lmprovement works in any year of assessment.
		lnterest income on urban renuual bonds issued by an approved organisation is exempt from income tax.
		Reneual Bonds exempt from the payment of Stemp Duty.
		Where approved developer leases improved proparty in a special development area during the incentive period. tax relief on the income obtained from the lease.
4 3 Death and Gift Taxes	None, except transfer tax (see 4.4 and 4.5 below).
4 4 Transfer tax Inter vivos transfers (Transfer Tax Act No 7 of 1971. 50 of 1973, 44 of 1974. 12 of 1975) P R R No 35 of April 4. 1984	Tax payable since 1970 for the transfer on the market value of property at the time of its transfer, including gifts. Proparty includes land (laese of land, lnterest in land), and shares (dabentures, other securities and annuities).	Property transfers by Government of Jamaica, municipal corporations, and parish councils are exempt. Gifts to approved institutions, charitable, rellgious, etc, and for approved purposes are also exempt.	For all property transfers 7.5 percent of market value (except in case of death) or 37.5 parcent of the national capital gain realisad on the transfer whichever is loss.
Mortis cause transfer	Since 1975, transfers on death have also been subjected to this tax and all land, shares, and other proparty of the decessed persons, including immovable proparty outside Jamaica, but excluding life insurence policies. is subject to tax.	Distributions by corporations of income, gaina, and benefits, which are not in the nature of capital distributions, are exempt.	Aggregate of proparty transfers by the decessed:
			Jamaica dollars	Percent
			Firat 10,000	Nill
			10,001 - 40,000	10.0
			40,001 - 100,000	12.5
			Remainder	15.0
	False return, or faliure to file a return is an offense liable to a JS2.000 fine and/or imprisonment.	First J$10,000 for transfer of real estete is tax exempt if the value of the property does not exceed J$150,000, and so are government securities. Other examptions include:
		(1) principal place of residence value which does not exceed J$150,000;
		(2) shares and securities sold in the Jamaica Stock Exchange through a broker.
4.5 Transfer tax Mortie cause transfer		Full reliefe are arented from tax in case of:
		(1) properties on whose transfer capital gain is not more than 12.5 percent of the value in 1970: and
		(2) value of crops, trees. etc, on an agricultural property,
		Daductions are made from deceased person’s taxable property of mortgages, debt, funeral expenses, etc, before tax is charged.
5. Tax on goods and services
5.1 Ganaral Consumption Tax (Acts Nos.16 and 21 of 1991 amended June 10. 1993).	Goods and services supplied in or imported into Jamaica.	Deduction Input tax credit being tax chargad on the supply or on the importation of goods and services required wholly or mainly for the purpose of making taxeble supplies.	All taxable goods and services are taxed at 15 percent with effect from April 24, 1995 except:
	Taxeble activity includes activity carried on in the form of a business, trade, profession, vocation, association or club.
Garette No 25. June 18. 1993.			1) Portland Cement	12.5 percent
Garette No 12A, February 10. 1994.			2) Pra-mixed Concrete	12.5 percent
			3) Comant Blocks	12.5 percent
			4) Steel rainforcing bars	12.5 percent
			For datails of zero rated items see Annex I SM/93/203.
3.2 Special Consumption Tax (Act No. 16 of 1991 emended June 18. 1993) and April 24. 1995	Tax imposed on tha menufacture in or importation into Jamaica of prescrlbed goods including alcoholic beverages, tobacco products and petroleum products.		(1) Petroleum Products
			(i) Automotive Diesel Oil: 92.83 cents per liter plus 56.28 percent of price above $1.6497.
			(ii) Fuel Oil: Free
	N.B. Spfrits, bear, wines, cordlals and tobacco products are chargeable with Ganarel Consumption Tax.		(iii) Petroleum Asphalt: Free and cutbacks.
			(iv) Manufactured liquid Propane and Butane: 0.6005 cents per liter plus 0.395 percent of prlce above $1,519.


			(2) Alcoholic beverages:
			(1) Spirlts:
				(a) of a strength exceeding 57.1 percent of alcohol volume: 24.3 percent of velue.
				(b) of a strength 31.5 percent to 57.1 percent of alcohol by volume: 16.1 percent of value.
				(c) of a strength not exceeding 31.5 percent of alcohol by volume: 7.5 percent of value.
			(11) Beer:
				(a) of a strength not exceeding 6 percent of alcohol by volume: 15.9 percent of value.
				(b) other: 10 percent of velue.
				(c) Wines: 12 percent of velue
				(d) Cordials snd liqueurs:
			12 percent of value
3.3 Selective Taxes on Services
5.3.1 Travel tax (Amended June 9, 1989) The Travel Tax (Amendment) Regulations 1994.	Payabla by all travallers to deatinations outside Jamaica and collected by carriers carrying such travellers. Also payable by cruise pasengers who land in Jamaica and ramain ashore for any period of time.	The following are exampt:	(1) J$400 per traveller other than a cruise pasenger effective June 1, 1994.
		(1) craws of ships, aircraft leaving Jamaica;
			(2) A cruise passenger who departs from:
		(2) any person recruited with the approval of the Minister responsible for labor of agricultural work in any place outside Jamaica;	(i) Ocho Rios on or after January 1, 1994 but before October 1, 1993, US$13 or an aquivalent amount in Jamaican currency at the current rate of exchange in relation to the currency of the Unitad Statas of America. On or after October 1, 1995, US$13 or an equivalent amount in Jamaican currency at tha current rate of exchange in relation to the currancy of the Unitad States of America.
		(3) such catagories of travallers as may be prescribed.
			(11) Any other port on or after January 1, 1994 but before January 1, 1996, US$12 or an equivalent amount in Jamaican currency at the current rate of exchange in relation to the currency of the Unitad States of Amarica. On or after January 1, 1996 but before January 1, 1997, US$13.50 or an equivalent amount in Jamaican currency at the current rate of exchange in relation to the currency of the Unitad Statet of America. On or aftar January 1, 1997, US$15 or an equivalent amount in Jamaican currency at the current rate of exchange in relation to the currency of the Unitad States of America.
			(3) “Cruise passenger” means a passenger from a cruise ship who lends in Jamaica and remains ashore for any period of tlme.
			(4) “Current rate of exchange” means the spot market weighted average buying rate as datermined by the Bank of Jamaica, in the currency of the Unitad States of Amarica on tha day on which the travaller leaves Jamaica.
6. Taxes on international trede and transactions
6.1 Import Taxes
6.1.1 Customs duties. Customs Tariff Resolution. 1972 Amendment, 1993 Garette 16. 19/3/93 Garette 27. 25/3/94.	Tax on imported goods (excluding CARICOM Origin) goods.	Corn, most fertiliters, certain pharmaceuticals, books snd educational goods, commercial fishing gear, goods for central snd locsl governments snd for hospitals; raw materials (including component parts) excluding goods listed under the Fourth Schedule to the Customs Tsriff. Incentives granted under the Industrial Incentive Act snd the Export Industry Encouragement Act exempt firms from customs duties.	0 percent - 40 percent
6.1.2 other import taxes
6.1.2.1 Additional Stamp Duties on Customs warrents inward.	Duty paid on e.i.f. value including any customs duties entered on the document.	Raw matsrlsls, cspitsl goods, government imports, baaic foods, petroleum products, imports from CARICOM countries, drugs, fertilisers, school, snd hospitsl equipment.	1. On primary aluminum products rates of additional stamp duty are 20–25 percent, 35 percent on corn, soys besns, condensed milk.
			2. Aggregate rates of customs duty and additional stamp duty ranging from 65 percent to 90 percent are chargeable on specified agricultural and agro-industrial products.
6.1.2.2 stamp Duty on travel tickets.	Tax on international travel.		Domestic air travel J$30.00. On travel tickets issued in Jamaica below J$3,000, J$300; from J$3,000 -J$10,000, J$400; above J$10,000, J3600.
	None.		For travellers under 12 years old:
			Not exceeding J$3,000	J$150
			J$3,000 - 10,000	J$200
			Ovsr J$10.000	J$300
6.2 Export Taxes
7. Other taxes
7.1 Stamp Duties (The Stump Duty Art 1937, as amended. November 1992).	Stamp duty at the time of exacution of any instrument creating a security, conveyence, lease, settlement, transfer, assignment, contract, travel tickets.	Surcharge on tickets purchased by traveller leaving Jamaica.	For example:
			(1) Foreign bills of exchange and promissory note drawn abroed payable on demand: J$8 per JS200.
			(2) Agreement:	Hand J$10	Seal J$20
			(3) Inland bills of exchange and promissory notes: J$4 per J$200, maximum J$1,000.
			(4) Bills of lading: J$S0.
			(5) Bonds: J$30 per J$2,000.
			(6) Mortgages on land: J$l per J$200 plus surchsrge of 25 percent.
			(7) Mortgages on other property: J$3 per J$300 plus surcharge of 25 percent.
			(8) Stocks and shsres: 1 percent of value of transaction.
			(9) Unit trusts: 1 percent of value of transection.
7.2 production Levies Bauxite production levy and royalty (The Quarries Control Act 1983). The Quarries Control (Quarry Tax) Resolution 1990.	Levy and royalty on bauxite production. They are not credited against income tax liability, but trested as a production cost item for determining taxable lncome.		Levy: provisional rate of US$5.25 per ton of bauxite subject to escalation clause which cennot reduce the rate below US$5.00 per ton.
			Royalty: US$0.50 per ton.
7.3 Other
7.3.1 Betting Tax (Betting. Gaming, and Lotteries Act of 1965)	Tax on batting, gaming, and lottary winning.	Lottaries conducted for charitabla purposes or incldentel to bazaars, fairs, dances, etc, sweepstakes on race meeting, private lotteries.	Bat winnings tax; tax in relatlon to betting on horse racing only abolished on January 25, 1994.
			Bookmakers’ Levy on Horaa Racing; Local Horse Races: incressed from 10 percent of gross sales to 11 percent of gross sales from January 25, 1994. J$80 for each race day by each bookmaker remains unchenged. Oversess Horse Races: incressed from 7.5 percent on the first J$2M of sales and 5 percent on remainder to 11 percent of sales from March 8, 1994. Pool Betting Duty: a duty of 7 percent of sales imposed from January 25, 1994 on betting with the promotor of racing. The rate of 15 percent on bets taken with the racing pool remains unchangad.
			Fees for Bookmakers’ Permit: incressed from J$1,000 a year to J$100,000 a year from November 22, 1993.

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Jamaica: Summary of the Tax System as of June 1996

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