| Economy | Dominica |
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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.)
$735 million (2008 est.)
$712.3 million (2007 est.)
note: data are in 2009 US dollars |
GDP - per capita (PPP):
|
$10,200 (2009 est.)
$10,100 (2008 est.)
$9,800 (2007 est.)
note: data are in 2009 US dollars |
GDP (official exchange rate):
|
$376 million (2009 est.) |
GDP - real growth rate:
|
1.1% (2009 est.)
3.2% (2008 est.)
1.8% (2007 est.) |
GDP - composition by sector:
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agriculture: 17.7%
industry: 32.8%
services: 49.5% (2004 est.) |
Investment (gross fixed):
|
void |
Population below poverty line:
|
30% (2002 est.) |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
2.7% (2007 est.) |
Central bank discount rate:
|
6.5% (31 December 2008)
6.5% (31 December 2007) |
Commercial bank prime lending rate:
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9.06% (31 December 2008)
9.17% (31 December 2007) |
Stock of money:
|
$72.1 million (31 December 2008)
$73.71 million (31 December 2007) |
Stock of money - per capita:
|
993 USD per capita |
Stock of quasi money:
|
$289.9 million (31 December 2008)
$269.1 million (31 December 2007) |
Stock of quasi money - per capita:
|
3,990 USD per capita |
Stock of domestic credit:
|
$213.6 million (31 December 2008)
$193.1 million (31 December 2007) |
Stock of domestic credit - per capita:
|
2,940 USD per capita |
Labor force:
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25,000 (2000 est.) |
Labor force participation rate:
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34.41 % of population |
Labor force - by occupation:
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agriculture: 40%
industry: 32%
services: 28% (2000 est.) |
Unemployment rate:
|
23% (2000 est.) |
Budget:
|
revenues: $73.9 million
expenditures: $84.4 million (2001) |
Budget revenues per capita:
|
1,018 USD per capita |
Public debt:
|
void |
Industries:
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soap, coconut oil, tourism, copra, furniture, cement blocks, shoes |
Industrial production growth rate:
|
NA |
Electricity - production:
|
85 million kWh (2007 est.) |
Electricity - production per capita:
|
1,170 kWh per capita |
Electricity - consumption:
|
79.05 million kWh (2007 est.) |
Electricity - consumption - per capita:
|
1,088 kWh per capita |
Electricity - exports:
|
0 kWh (2008 est.) |
Electricity - imports:
|
0 kWh (2008 est.) |
Oil - production:
|
0 bbl/day (2008 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
1,000 bbl/day (2008 est.) |
Oil - consumption - per capita:
|
5.02 bbl/year per capita |
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 - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2008 est.) |
Natural gas - consumption - per capita:
|
void |
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.) |
Agriculture - products:
|
bananas, citrus, mangoes, root crops, coconuts, cocoa; forest and fishery potential not exploited |
Current account balance:
|
$-72 million (2007 est.) |
Current account balance - per capita:
|
-990 USD per capita |
Exports:
|
$94 million (2006 est.) |
Exports per capita:
|
1,294 USD per capita |
Exports - commodities:
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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 per capita:
|
4,074 USD per capita |
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) |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$213 million (2004 est.) |
Debt - external - per capita:
|
2,932 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
void |
Market value of publicly traded shares - per capita:
|
void |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$15.17 million |
Economic aid - recipient per capita:
|
209 USD per capita |
Currency (code):
|
East Caribbean dollar (XCD) |
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:
|
1 July - 30 June |
|
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