Total Public Debt Increases 8.1% for 2012

Total Public Debt in 2012 rose by 8.1% to J$1.76 Trillion. That amounts to J$650,000 for each of Jamaica’s 2.7 Million citizens, including every single baby and school age youngster. That 8.1% represents an increase of almost $50,000 per person over 2011.

Even more troubling is that the structure of the debt has changed ever so slightly, but just enough to put the burden on the ever-sliding value of the local currency. In 2011, the value of foreign denominated debt as a percentage of total debt was 1.7%. In 2012, that value is now 5.7%. This has made total domestic debt a smaller portion of total debt. In 2011, it was 52.5%. In 2012, that portion is now 50.8%.

This subtle, but significant change is reflected in the chart below:

Source: Debt Management Unit