Jamaica - Imports of goods and services (% of GDP)

Imports of goods and services (% of GDP) in Jamaica was 52.07 as of 2020. Its highest value over the past 60 years was 71.63 in 2008, while its lowest value was 28.38 in 1977.

Definition: Imports of goods and services represent the value of all goods and other market services received from the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.

Source: World Bank national accounts data, and OECD National Accounts data files.

See also:

Year Value
1960 38.05
1961 35.00
1962 34.92
1963 34.04
1964 38.98
1965 36.87
1966 35.87
1967 36.81
1968 42.07
1969 43.46
1970 37.42
1971 40.94
1972 41.07
1973 41.13
1974 45.91
1975 45.61
1976 37.89
1977 28.38
1978 37.33
1979 50.63
1980 51.04
1981 55.81
1982 48.64
1983 43.03
1984 61.61
1985 65.69
1986 45.89
1987 46.27
1988 47.79
1989 52.40
1990 51.88
1991 51.39
1992 63.22
1993 38.76
1994 55.85
1995 56.38
1996 52.47
1997 48.40
1998 46.04
1999 45.20
2000 50.72
2001 49.26
2002 49.08
2003 51.54
2004 51.77
2005 55.21
2006 60.61
2007 61.52
2008 71.63
2009 52.41
2010 49.59
2011 53.45
2012 51.86
2013 52.68
2014 53.49
2015 46.20
2016 44.64
2017 48.87
2018 51.41
2019 52.07
2020 52.07

Limitations and Exceptions: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on exports and imports are compiled from customs reports and balance of payments data. Although the data from the payments side provide reasonably reliable records of cross-border transactions, they may not adhere strictly to the appropriate definitions of valuation and timing used in the balance of payments or corresponds to the change-of ownership criterion. This issue has assumed greater significance with the increasing globalization of international business. Neither customs nor balance of payments data usually capture the illegal transactions that occur in many countries. Goods carried by travelers across borders in legal but unreported shuttle trade may further distort trade statistics.

Statistical Concept and Methodology: Gross domestic product (GDP) from the expenditure side is made up of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories, and net acquisitions of valuables), and net exports (exports minus imports) of goods and services. Such expenditures are recorded in purchaser prices and include net taxes on products.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts