Jamaica’s economy sure has had its share of peaks and valleys from the beginning. Of course, the popularity of the island today means that Jamaica will certainly never be going bankrupt! In fact, Jamaica is voted as one of the smartest places to invest. One out of every four Jamaicans who are employed work in some branch of tourism! The island’s billion dollar economy cannot be accredited to the millions of visitors who travel there every year but rather to the island’s natural beauty and the warmth of the people that keep tourists coming back for more!
Sugar
Sugar is essentially responsible for putting Jamaica on the world trade map. Sugar cultivation began here as far back as 1520 when the Spanish first settled. After the British took over the island in 1655, they made sugar even more profitable through slave labor, which hit an all time high in 1690. By the 18th century, Jamaica was exporting at least 22 percent of the entire world’s sugar supply.
1846 was a significant year in the sugar industry as the British government began taxing the export of their product under the Sugar Duties Act. Revolts and wars occurred over and over again as slaves outnumbered their masters 20 to 1 and the sugar industry began to fail.
Agriculture
21 percent of Jamaicans are employed by the agriculture industry. Sugarcane remains the primary crop on the island but bananas and allspice follow closely behind. Of course, one cannot speak of Jamaican agriculture without almost being able to smell the distinct aroma of the world’s best coffee. Blue Mountain Coffee is grown here, the most expensive and finest coffee sold in the world. Naturally, it’s grown in the gorgeous Blue Mountains on the island and responsible for more than $35 million in export revenue. Ever wonder what stocks to buy? There’s a hint for you!
Other significant agricultural crops include cacao, arrowroot, corn, ginger, citrus, potatoes, mango and tobacco. Lastly, as with all Caribbean islands, rum cannot be overlooked, made from locally-grown distilled sugarcane .
Mining
Mining employes roughly 6,000 people on the island as a high percentage of Jamaica is made of limestone. Bauxite is the result of this, making Jamaica the third largest supplier in this market. Other deposits on the island worthy of mining are silica, sand, clay, marble and gypsum. While bauxite and silica have fell a bit, the export of gypsum and limestone has skyrocketed.
The Future Looks Bright
While Hurricane Gilbert devastated almost every industry on this island in 1988, Jamaica cannot be held down! In a short amount of time, Jamaicans fought with passion to rebuild their island to what it is today. Despite the tragic events of September 11th in the United States and tourism coming to a sudden halt, affecting Jamaica and other areas of the world, Westerners couldn’t stay away from the island long.
While political trouble has dampened Jamaica’s tourist industry many times in the past and it may happen again, the island’s beauty and the love of the people will always keep tourists coming back for more!