Economy - overview:
The Dominican economy has been dependent on agriculture - primarily bananas - in years past, but increasingly has been driven by tourism as the government seeks to promote Dominica as an "ecotourism" destination. In order to diversify the island's production base, the government also is attempting to develop an offshore financial sector and has signed an agreement with the EU to develop geothermal energy resources. 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 an economic and financial crisis and to meet IMF requirements. This restructuring paved the way for an economic recovery - real growth for 2006 reached a two-decade high - and helped to reduce the debt burden, which remains at about 85% of GDP. Hurricane Dean struck the island in August 2007 causing damages equivalent to 20% of GDP. In 2009, growth slowed as a result of the global recession and is projected to pick up only slightly in 2010.
GDP (purchasing power parity):
$743.1 million (2009 est.)
note: data are in 2009 US dollars
GDP (official exchange rate):
$376 million (2009 est.)
GDP - real growth rate:
1.1% (2009 est.)
GDP - per capita (PPP):
$10,200 (2009 est.)
note: data are in 2009 US dollars
GDP - composition by sector:
agriculture: 17.7%
industry:
32.8%
services:
49.5% (2004 est.)
Labor force:
25,000 (2000 est.)
Labor force - by occupation:
agriculture: 40%
industry:
32%
services:
28% (2000 est.)
Unemployment rate:
23% (2000 est.)
Population below poverty line:
30% (2002 est.)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%:
NA%
Budget:
revenues: $73.9 million
expenditures:
$84.4 million (2001)
Inflation rate (consumer prices):
2.7% (2007 est.)
Central bank discount rate:
6.5% (31 December 2008)
Commercial bank prime lending rate:
9.06% (31 December 2008)
Stock of money:
$72.1 million (31 December 2008)
Stock of quasi money:
$289.9 million (31 December 2008)
Stock of domestic credit:
$213.6 million (31 December 2008)
Agriculture - products:
bananas, citrus, mangoes, root crops, coconuts, cocoa; forest and fishery potential not exploited
Industries:
soap, coconut oil, tourism, copra, furniture, cement blocks, shoes
Industrial production growth rate:
NA
Electricity - production:
85 million kWh (2007 est.)
Electricity - consumption:
79.05 million kWh (2007 est.)
Electricity - exports:
0 kWh (2008 est.)
Electricity - imports:
0 kWh (2008 est.)
Oil - production:
0 bbl/day (2008 est.)
Oil - consumption:
1,000 bbl/day (2008 est.)
Oil - exports:
0 bbl/day (2007 est.)
Oil - imports:
838 bbl/day (2007 est.)
Oil - proved reserves:
0 bbl (1 January 2009 est.)
Natural gas - production:
0 cu m (2008 est.)
Natural gas - consumption:
0 cu m (2008 est.)
Natural gas - exports:
0 cu m (2008 est.)
Natural gas - imports:
0 cu m (2008 est.)
Natural gas - proved reserves:
0 cu m (1 January 2009 est.)
Current account balance:
$-72 million (2007 est.)
Exports:
$94 million (2006 est.)
Exports - commodities:
bananas, soap, bay oil, vegetables, grapefruit, oranges
Exports - partners:
Japan 33.5%, China 17.8%, Antigua and Barbuda 6.7%, Guyana 5.7%, Jamaica 4.7%, UK 4.7% (2008)
Imports:
$296 million (2006 est.)
Imports - commodities:
manufactured goods, machinery and equipment, food, chemicals
Imports - partners:
Japan 43.2%, US 17%, China 12.1%, Trinidad and Tobago 8.4% (2008)
Debt - external:
$213 million (2004 est.)
Exchange rates:
East Caribbean dollars (XCD) per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003)
NOTE: The information regarding Dominica on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Dominica Economy 2010 information contained here. All suggestions for corrections of any errors about Dominica Economy 2010 should be addressed to the CIA.
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This page was last modified 09-Feb-10