Comparative Analysis of Select Economic Indicators

1989/90 – 2010/11

Historical US$/J$ Exchange Rate1989 - 2007

Compounded annual rate of devaluation for the 18.55 years between February 10, 1989and August 31, 2007 was 14.67% per annum !

Source: Bank of Jamaica

DATE RATEFebruary 10, 1989 5.51December 29, 1989 6.50December 31, 1990 8.81December 31, 1991 21.57December 30, 1992 22.20December 31, 1993 32.70December 30, 1994 33.37December 29, 1995 39.80December 31, 1996 35.03December 31, 1997 36.59December 31, 1998 37.16December 30, 1999 41.42December 29, 2000 45.53December 31, 2001 47.40December 31, 2002 50.97December 31, 2003 60.62December 31, 2004 61.63December 30, 2005 64.58December 29, 2006 67.15August 31, 2007 69.83

Historical US$/J$ Exchange Rate2007 - 2011

Compounded annual rate of devaluation for the 4.24 years between September 4, 2007and December 2, 2011 was 5.2% per annum !

Source: Bank of Jamaica

DATE RATESeptember 04, 2007 69.87

December 31, 2007 70.62

December 31, 2008 80.47

December 31, 2009 89.60

December 31, 2010 85.86

December 02, 2011 86.71

Historical Annual Inflation Rate1989 - 2007

YEAR INFLATION1989 17.20%1990 29.80%1991 80.20%1992 40.20%1993 30.10%1994 26.80%1995 25.60%1996 15.80%1997 9.20%1998 7.90%1999 6.80%2000 6.10%2001 8.50%2002 7.20%2003 13.80%2004 13.70%2005 12.60%2006 5.70%2007 16.80%

Source: STATIN, Bank of Jamaica andThe Economic and Social Survey of Jamaica 1992

Average annual inflation rate between 1989 and 2007 was 19.68% per annum !

Annual Inflation in 1986,87 and 88 was 10.4%, 8.4% and 8.5% respectively.

Source: The Economic and Social Survey of Jamaica 1992

Historical Annual Inflation Rate2008 - 2011

Source: STATIN

YEAR INFLATION2008 16.82009 10.22010 11.7

2011* 8.0

* Data for 2011 represents point-to-point inflation to Sep 30

2008 2009 2010 2011*0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

Annual Inflation Rate2008 - 2011

Axis Title

Average annual inflation rate between 2008 and 2011 was 11.68% per annum

Average Annual Treasury Bill Rates1990 - 2007

Source: Bank of Jamaica (1993 – 2007) Economic and Social Survey of Jamaica (1990 - 1992)

YEAR AVG RATE1990 26.76%1991 25.40%1992 37.08%1993 48.90%1994 33.97%1995 25.43%1996 31.08%1997 18.80%1998 22.68%1999 18.76%2000 16.72%2001 15.42%2002 14.41%2003 22.54%2004 14.20%2005 12.60%2006 12.02%2007 11.86%

19901991

19921993

19941995

19961997

19981999

20002001

20022003

20042005

20062007

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

Average Annual Treasury Bill Rates1990 - 2007

Aver

age

Annu

al T

'Bill

Rat

e

Average Treasury Bill Rate was 22.7% between 1990 and 2007!

YEAR AVG RATE

2008 14.69%2009 18.12%2010 8.84%2011 6.47%

2008 2009 2010 20110.00%2.00%4.00%6.00%8.00%

10.00%12.00%14.00%16.00%18.00%20.00%

Average Annual Treasury Bill Rates2008 - 2011

Series1

Average Annual Treasury Bill Rates2008 - 2011

Source: Bank of Jamaica

Average Treasury Bill Rate was 12.03% between 2008 and 2011 and the lowest in 30 years!

1990/91

1991/92

1992/93

1993/94

1994/95

1995/96

1996/97

1997/98

1998/99

1999/00

2000/01

2001/02

2002/03

2003/04

2004/05

2005/06

2006/07

-

100,000

200,000

300,000

400,000

500,000

600,000

GOJ Domestic Debt1990/91 - 2006/07

J$ M

illio

ns

Fiscal Year Domestic Debt  J$ Millions1990/91 11,869 1991/92 12,078 1992/93 20,462 1993/94 31,699 1994/95 50,138 1995/96 57,675 1996/97 85,181 1997/98 101,540 1998/99 139,204 1999/00 175,323 2000/01 215,084 2001/02 300,202 2002/03 366,158 2003/04 417,531 2004/05 449,248 2005/06 482,713 2006/07 513,931

GOJ Domestic Debt1990/91 – 2010/11

Source: Debt Management Unit, Ministry of Finance

During the period 1990/91 – 2010/11, GOJ domestic debt increased by 4,200% in aggregate or at a compounded annual rate of 26.6% per annum

GOJ Domestic Debt2007/08 – 2010/11

Fiscal Year Domestic Debt  J$ Millions2007/08 562,108 2008/09 651,657 2009/10 758,700 2010/11 809,370

2007/08 2008/09 2009/10 2010/11 -

300,000

600,000

900,000

1,200,000

GOJ Domestc Debt2007/08 - 2010/11

J$ M

illio

ns

During the period 2007/08 – 2010/11, GOJ domestic debt increased by 43% or at a compounded annual rate of 12.9% per annum

Source: Debt Management Unit, Ministry of Finance

GOJ External Debt1990/91 – 2006/07

Fiscal Year External Debt  J$ Million Equivalent

1990/91 33,903 1991/92 103,757 1992/93 79,875 1993/94 120,577 1994/95 120,632 1995/96 136,168 1996/97 113,121 1997/98 117,643 1998/99 123,099 1999/00 133,365 2000/01 165,557 2001/02 196,881 2002/03 235,083 2003/04 276,316 2004/05 310,450 2005/06 364,639 2006/07 409,193

1990/91

1991/92

1992/93

1993/94

1994/95

1995/96

1996/97

1997/98

1998/99

1999/00

2000/01

2001/02

2002/03

2003/04

2004/05

2005/06

2006/07

- 50,000

100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000

GOJ External Debt (J$ Equivalent) 1990/91 - 2006/07

J$ M

illio

ns

During the period 1990/91 – 2010/11, GOJ external debt (measured in J$) increased by 1,100% in aggregate or at a compounded annual rate of 16.8% per annum

Source: Debt Management Unit, Ministry of Finance

GOJ External Debt2007/08 – 2010/11

Fiscal Year External Debt  J$ Million Equivalent2007/08 438,567 2008/09 548,665 2009/10 676,055 2010/11 760,990

2007/08 2008/09 2009/10 2010/11 -

200,000

400,000

600,000

800,000

GOJ External Debt (J$ Equivalent) 2007/08 – 2010/11

J$ M

illio

ns

During the period 2007/08 – 2010/11, GOJ external debt (measured in J$) increased by 73% in aggregate or at a compounded annual rate of 20% per annum

Source: Debt Management Unit, Ministry of Finance

Fiscal Year Total Debt  J$ Million1990/91 45,772 1991/92 115,835 1992/93 100,337 1993/94 152,276 1994/95 170,770 1995/96 193,843 1996/97 198,302 1997/98 219,183 1998/99 262,303 1999/00 308,688 2000/01 380,641 2001/02 497,083 2002/03 601,241 2003/04 693,847 2004/05 759,697 2005/06 847,351 2006/07 923,124

1990/91

1991/92

1992/93

1993/94

1994/95

1995/96

1996/97

1997/98

1998/99

1999/00

2000/01

2001/02

2002/03

2003/04

2004/05

2005/06

2006/07

- 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000

1,000,000

GOJ Total Debt1990/91 - 2006/07

J$ M

illio

ns

During the period 1990/91 – 2006/07, GOJ Total Debt increased by 1,900% in aggregate or at a compounded annual rate of 20.7% per annum

GOJ Total Debt1990/91 – 2006/07

Source: Debt Management Unit, Ministry of Finance

GOJ Total Debt2007/08 – 2010/11

Fiscal Year Total Debt  J$ Millions2007/08 1,000,676 2008/09 1,200,322 2009/10 1,434,756 2010/11 1,570,360

During the period 2007/08 – 2010/11, GOJ total debt (measured in J$) increased by 57% in aggregate or at a compounded annual rate of 16.2% per annum

2007/08 2008/09 2009/10 2010/11 -

500,000

1,000,000

1,500,000

GOJ Total Debt 2007/08 - 2010/11

Axis Title

Source: Debt Management Unit, Ministry of Finance

Debt/GDP1990/91 – 2006/07

1990/91

1992/93

1994/95

1996/97

1998/99

2000/01

2002/03

2004/05

2006/07

2008/09

2010/11

0.00%20.00%40.00%60.00%80.00%

100.00%120.00%140.00%160.00%180.00%200.00%

Debt/GDP Ratio1990/91 - 2010/11

Debt

/GDP

Rati

o

Fiscal Year Debt/GDP   1990/91 120.63%1991/92 193.53%1992/93 105.64%1993/94 116.52%1994/95 99.45%1995/96 91.10%1996/97 71.35%1997/98 72.33%1998/99 80.84%1999/00 86.56%2000/01 97.05%2001/02 115.66%2002/03 124.69%2003/04 122.02%2004/05 119.42%2005/06 118.73%2006/07 113.23%2007/08 108.45%2008/09 115.69%2009/10 129.35%2010/11 128.30%

Source: Debt Management Unit, Ministry of Finance

Between 1991 and 2007, average GDP growth in Jamaica was 0.82% per annum