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The Economy of Dominica

Dominican Economy

Dominica's map

Economy - overview: The Dominican economy depends on agriculture, primarily bananas, and remains highly vulnerable to climatic conditions and international economic developments. Tourism has increased as the government seeks to promote Dominica as an "ecotourism" destination and has developed a new tourism development plan with assistance from the EU. Hurricane Dean struck the island in August 2007 causing damages equivalent to 20 % of GDP. In 2003, the government began a comprehensive restructuring of the economy - including elimination of price controls, privatization of the state banana company, and tax increases - to address Dominica's economic and financial crisis of 2001-02 and to meet IMF targets. This restructuring paved the way for the current economic recovery - real growth for 2006 reached a two-decade high - and will help to reduce the debt burden, which remains at about 100% of GDP. In order to diversify the island's production base, the government is attempting to develop an offshore financial sector and has signed an agreement with the EU to develop geothermal energy resources.

GDP:

GDP - real growth rate: 2.6% (2008 est.) 1.5% (2007 est.) 4% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 17.7% industry: 32.8% services: 49.5% (2004 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 25,000 (2000 est.)

Labor force - by occupation: agriculture: 40% industry: 32% services: 28% (2000 est.)

Unemployment rate: 23% (2000 est.)

Budget: revenues: $73.9 million expenditures: $84.4 million (2001)

Industries: soap, coconut oil, tourism, copra, furniture, cement blocks, shoes

Industrial production growth rate:

Electricity - production: 90 million kWh (2006 est.)

Electricity - production by source:

Electricity - consumption: 83.7 million kWh (2006 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 0 bbl/day (2007 est.)

Oil - consumption: 850.5 bbl/day (2006 est.)

Oil - exports: 0 bbl/day (2005)

Oil - imports: 669.6 bbl/day (2005)

Oil - proved reserves: 0 bbl (1 January 2006 est.)

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 0 cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 0 cu m (1 January 2006 est.)

Agriculture - products: bananas, citrus, mangoes, root crops, coconuts, cocoa; forest and fishery potential not exploited

Exports: $94 million f.o.b. (2006)

Exports - commodities: bananas, soap, bay oil, vegetables, grapefruit, oranges

Exports - partners: China 24.4%, Jamaica 10.3%, Antigua and Barbuda 10.1%, Guyana 8.5%, UK 8.2%, Trinidad and Tobago 5.5%, Saint Lucia 4.6%, Saint Kitts & Nevis 4% (2007)

Imports: $296 million f.o.b. (2006)

Imports - commodities: manufactured goods, machinery and equipment, food, chemicals

Imports - partners: US 24.1%, China 21.2%, Trinidad and Tobago 13.2%, Japan 11.1% (2007)

Debt - external: $213 million (2004)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: East Caribbean dollars (XCD) per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003)

Fiscal year: