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World > North America > Dominica > Economy (Facts)

Dominica - Economy (Facts)
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. Development of the tourism industry remains difficult, however, because of the rugged coastline, lack of beaches, and the absence of an international airport. The government began a comprehensive restructuring of the economy in 2003 - including elimination of price controls, privatization of the state banana company, and tax increases - to address Dominica's economic crisis and to meet IMF targets. In order to diversify the island's production base, the government is attempting to develop an offshore financial sector and is planning to construct an oil refinery on the eastern part of the island.
GDP - real growth rate: 3.1% (2005 est.)
GDP (purchasing power parity): $485 million (2006 est.)
GDP (official exchange rate): $279 million (2005)
GDP - per capita (PPP): $3,800 (2005 est.)
GDP - composition by sector: agriculture: 17.7%
industry: 32.8%
services: 49.5% (2004 est.)
Population below poverty line: 30% (2002 est.)
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices): -0.1% (2005 est.)
Labor force: 25,000 (1999 est.)
Labor force - by occupation: agriculture: 40%
industry: 32%
services: 28%
Unemployment rate: 23% (2000 est.)
Budget: revenues: $73.9 million
expenditures: $84.4 million; including capital expenditures of NA (2001)
Industries: soap, coconut oil, tourism, copra, furniture, cement blocks, shoes
Industrial production growth rate: -10% (1997 est.)
Electricity - production: 83.88 million kWh (2004)
Electricity - consumption: 78.01 million kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 0 bbl/day (2004)
Oil - consumption: 900 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: bananas, citrus, mangoes, root crops, coconuts, cocoa; forest and fishery potential not exploited
Exports: $74 million f.o.b. (2004 est.)
Exports - commodities: bananas, soap, bay oil, vegetables, grapefruit, oranges
Exports - partners: UK 22.7%, Jamaica 10.3%, South Korea 9.1%, Antigua and Barbuda 9%, Guyana 7.6%, China 7.2%, Trinidad and Tobago 4.9%, Saint Lucia 4.1% (2006)
Imports: $234 million f.o.b. (2004 est.)
Imports - commodities: manufactured goods, machinery and equipment, food, chemicals
Imports - partners: US 24.3%, China 21.8%, Trinidad and Tobago 13.2%, South Korea 7.6% (2006)
Debt - external: $213 million (2004)
Economic aid - recipient: $29.2 million (2004 est.)
Currency: East Caribbean Dollar (XCD)

Current East Caribbean Dollar Exchange Rates
Historical East Caribbean Dollar Exchange Rates
Chart East Caribbean Dollar Exchange Rates
Currency code: XCD
Exchange rates: East Caribbean dollars per US dollar - 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003), 2.7 (2002)
Fiscal year: 1 July - 30 June


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - East Caribbean Dollar Exchange Rates
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
East Caribbean Dollar Exchange Rates


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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