Dominica Economy Profile 2008

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. 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 is researching Dominica's capability to export geothermal energy.

GDP (purchasing power parity)

$485 million (2006 est.)

GDP (official exchange rate)

$268 million (2007 est.)

GDP - real growth rate

3.2% (2007 est.)

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.)

Investment (gross fixed)

17.2% of GDP (2007 est.)

Labor force

25,000 (2000 est.)

Labor force - by occupation

agriculture: 40%
industry: 32%
services: 28% (2000 est.)

Unemployment rate

23% (2000 est.)

Distribution of family income - Gini index

51.6 (2004)

Budget

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

Public debt

40.4% of GDP (2007 est.)

Industries

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

Industrial production growth rate

-10% (1997 est.)

Electricity - production

80 million kWh (2005)

Electricity - consumption

74.4 million kWh (2005)

Electricity - exports

0 kWh (2005)

Electricity - imports

0 kWh (2005)

Oil - production

0 bbl/day (2005)

Oil - consumption

800 bbl/day (2005 est.)

Oil - imports

771.8 bbl/day (2004)

Oil - exports

0 bbl/day (2004)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2005 est.)

Natural gas - consumption

0 cu m (2005 est.)

Natural gas - exports

0 cu m (2005 est.)

Natural gas - imports

0 cu m (2005)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Current Account Balance

-$1.993 billion (2007 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

UK 24.8%, Jamaica 12.3%, Antigua and Barbuda 9.8%, Guyana 8.3%, China 7.9%, Trinidad and Tobago 5.4%, Saint Lucia 4.5% (2006)

Imports

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

Imports - commodities

manufactured goods, machinery and equipment, food, chemicals

Imports - partners

US 25.3%, China 22.7%, Trinidad and Tobago 13.8%, South Korea 4.8% (2006)

Reserves of foreign exchange and gold

$2.525 billion (31 December 2007 est.)

Debt - external

$213 million (2004)

Stock of direct foreign investment - at home

$10.67 billion (2006 est.)

Stock of direct foreign investment - abroad

$59 million (2006 est.)

Market value of publicly traded shares

$NA

Economic aid - recipient

$15.17 million (2005 est.)

Currency (code)

East Caribbean dollar (XCD)

Exchange rates

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

Fiscal year

1 July - 30 June