| Economy | Dominica |
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Economy - overview:
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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 (purchasing power parity):
|
$719.8 million (2008 est.)
$701.5 million (2007)
$691.2 million (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$9,900 (2008 est.)
$9,700 (2007 est.)
$9,600 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$365 million (2008 est.) |
GDP - real growth rate:
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2.6% (2008 est.)
1.5% (2007 est.)
4% (2006 est.) |
GDP - composition by sector:
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agriculture: 17.7%
industry: 32.8%
services: 49.5% (2004 est.) |
Investment (gross fixed):
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void |
Population below poverty line:
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30% (2002 est.) |
Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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2.7% (2007 est.) |
Central bank discount rate:
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6.5% (31 December 2007) |
Commercial bank prime lending rate:
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9.17% (31 December 2007) |
Stock of money:
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$73.71 million (31 December 2007) |
Stock of money - per capita:
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1,015 USD per capita |
Stock of quasi money:
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$269.1 million (31 December 2007) |
Stock of quasi money - per capita:
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3,704 USD per capita |
Stock of domestic credit:
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$193.1 million (31 December 2007) |
Stock of domestic credit - per capita:
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2,658 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:
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23% (2000 est.) |
Budget:
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revenues: $73.9 million
expenditures: $84.4 million (2001) |
Budget revenues per capita:
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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:
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void |
Electricity - production:
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90 million kWh (2006 est.) |
Electricity - production per capita:
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1,239 kWh per capita |
Electricity - consumption:
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83.7 million kWh (2006 est.) |
Electricity - consumption - per capita:
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1,152 kWh per capita |
Electricity - exports:
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0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
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0 bbl/day (2007 est.) |
Oil - production per capita:
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void |
Oil - consumption:
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850.5 bbl/day (2006 est.) |
Oil - consumption - per capita:
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4.27 bbl/year per capita |
Oil - exports:
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0 bbl/day (2005) |
Oil - imports:
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669.6 bbl/day (2005) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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0 cu m (2007 est.) |
Natural gas - consumption - per capita:
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void |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
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0 cu m (2007 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2006 est.) |
Agriculture - products:
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bananas, citrus, mangoes, root crops, coconuts, cocoa; forest and fishery potential not exploited |
Current account balance:
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-$72 million (2007 est.) |
Current account balance - per capita:
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-990 USD per capita |
Exports:
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$94 million f.o.b. (2006) |
Exports per capita:
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1,294 USD per capita |
Exports - commodities:
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bananas, soap, bay oil, vegetables, grapefruit, oranges |
Exports - partners:
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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:
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$296 million f.o.b. (2006) |
Imports per capita:
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4,074 USD per capita |
Imports - commodities:
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manufactured goods, machinery and equipment, food, chemicals |
Imports - partners:
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US 24.1%, China 21.2%, Trinidad and Tobago 13.2%, Japan 11.1% (2007) |
Reserves of foreign exchange and gold:
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void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
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$213 million (2004) |
Debt - external - per capita:
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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:
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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:
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void |
Economic aid - recipient:
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$15.17 million (2005 est.) |
Economic aid - recipient per capita:
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209 USD per capita |
Currency (code):
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East Caribbean dollar (XCD) |
Exchange rates:
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East Caribbean dollars (XCD) per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003) |
Fiscal year:
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1 July - 30 June |
|
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