Remittances in Jamaica
Remittances to Jamaica are primarily used for household expenses by the poorest quintile of the Jamaican population [1] . The World Bank states that Jamaica received over US $2.4 billion in personal remittances in 2017, which represents an average of 3% growth over the past ten (10) years (removing any outliers). Figure 1 below shows the trend in Jamaica’s personal remittances in today’s US Dollars from 1990 - 2017. Additionally, although the growth in personal remittances is small, it remains a significant contributing factor to Jamaica’s economy, as remittances represented 16.6% of Gross Domestic Product (GDP) in 2017 , as seen in Figure 2. Figure 1: Value of Remittances to Jamaica Source: https://www.gapminder.org/data/ [World Bank staff estimates based on IMF balance of payments data and World Bank OECD GDP estimates] Figure 2 : Remittances to Jamaica as a % of GDP Source: https://www.gapminder.org/data/ [World Bank staff est...
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