The main economic activities in Jamaica are tourism and bauxite mining. The Jamaican economy is highly service based, has few exports and has an agricultural sector that employs a limited portion of the population. Remittances also make up a significant percentage of Jamaica's GDP.Know More
Tourism and remittances are tied as the two most important factors of the Jamaican economy. According to Wikipedia, most tourism is concentrated on the island's northern coast in the communities of Port Antonio, Ocho Rios and Montego Bay. Tourists are attracted to the beaches and favorable climate.
Throughout the latter half of the 20th Century, bauxite mining has been a very important economic activity. However, Countrystudies.us reports that bauxite extraction declined dramatically in the 1980s and has not completely recovered. Revenue related to the mining and distribution of bauxite and alumina comprise approximately five percent of GDP.
According to the CIA World Factbook, about 17 percent of Jamaicans engage in agriculture. The agriculture sector makes up 6 percent of GDP. Common crops include sugarcane, bananas, coffee, citrus and yams. Jamaican industry constitutes 30 percent of GDP and employs 19 percent of the national work force. Some of the country's key industries are metal, cement, paper, chemical products, agro-processing and telecommunications.Learn more about Economics
Increased opportunities for business income and employment are primary economic advantages gained from tourism. Visitors often come with the intent of spending money on food and lodging, entertainment and souvenirs. Companies providing products and services that appeal to tourists see greater income than they would without the tourists.Full Answer >
Some advantages of tourism are job creation, expansion of local infrastructure, such as roads, public transportation and sanitation facilities, and education of tourists. Meanwhile, many advantages are also disadvantages. For example, job creation does occur, but many of these jobs tend to be menial and offer little chance of advancement; the jobs that do offer upward movement are often filled from outside.Full Answer >
Tourism is an important industry in the Philippines because it provides a direct source of income to the country. It is a significant contributor to the economy, adding 5.8 percent of direct gross value to the GDP from 2000 to 2010, and generates earnings from foreign exchange, revenue and employment.Full Answer >
Economic stability is a common term used to describe the financial system of a country that shows a consistently low rate of inflation and minor variations in the output growth. It is normally believed to be a desirable condition for any developed state, and the central bank is often seen encouraging the process through various plans, policies and actions.Full Answer >