How Much Debt Do You Owe?

Everybody has heard that the Government is working hard to bring down the debt. This is very true and great strides have been made.

So how much debt, does each man, woman and child on this fair island owe? To find out we first checked STATIN to get our latest population figures – 2,728,864 at the end of 2017.

Next, we visited the Debt Management Unit at the Ministry of Finance to obtain our External Debt at the end of March 2018, and then our Domestic Debt for the same period.

Voila! Our External Debt was US$10.09Billion (or J$1.27Trillion) while our Domestic Debt was J$757Billion, for a total debt of J$2.03Trillion. 

Simple mathematics yielded US$3,697.82 per person (or J$465,740.07 at May 14, 2018 exchange rates) for External Debt and US$2,202.11 per person (or J$277,355.15) for Domestic Debt.

In total, each and every person in Jamaica, owes US$5,899.92 (or J$743,095.22).

Sounds like a lot, because it is. However, this is how the government, acting on behalf of we, the people gets things done.

For comparative purposes let’s look at a few other countries Debt Per Person:

  1. Estonia US$3,900
  2. Russia US$4,300
  3. Chile US$5,700
  4. South Africa US6,700
  5. China US$7,100
  6. Costa Rica US$7,200
  7. Brazil US$13,200
  8. Israel US$28,500
  9. Iceland US$34,800
  10. Canada US$44,700
  11. Greece US$49,600
  12. United Kingdom US$52,800
  13. United States US$61,500
  14. Ireland US$62,700
  15. Japan US$90,300

Tomorrow, we will look at to whom we owe this money.

 

Post by MoonStoneBlue

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