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Dominica Economy Profile 2018

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Economy - overviewThe 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. Moreover, Dominica has an offshore medical education sector. In order to diversify the island's economy, the government is also attempting to foster an offshore financial industry and plans to sign agreements with the private sector to develop geothermal energy resources. In 2003, the government began a comprehensive restructuring of the economy - including the 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. In 2009 and 2013, the economy contracted as a result of the global recession; growth remains anemic. Although public debt levels continue to exceed pre-recession levels, the debt burden declined from 78% of GDP in 2011 to approximately 70% in 2012.
GDP (purchasing power parity)$851 million (2017 est.)
$818.8 million (2016 est.)
$797.7 million (2015 est.)
note: data are in 2017 dollars
GDP (official exchange rate)$608 million (2016 est.)
GDP - real growth rate3.9% (2017 est.)
2.6% (2016 est.)
-2.5% (2015 est.)
GDP - per capita (PPP)$12,000 (2017 est.)
$11,500 (2016 est.)
$11,200 (2015 est.)
note: data are in 2017 dollars
Gross national saving16.7% of GDP (2017 est.)
20.4% of GDP (2016 est.)
14.6% of GDP (2015 est.)
GDP - composition, by end usehousehold consumption: 72.7%
government consumption: 23%
investment in fixed capital: 12.7%
investment in inventories: 0%
exports of goods and services: 40.9%
imports of goods and services: -49.4% (2017 est.)
GDP - composition by sectoragriculture: 15.3%
industry: 13.6%
services: 71.1% (2017 est.)
Population below poverty line29% (2009 est.)
Labor force25,000 (2000 est.)
Labor force - by occupationagriculture: 40%
industry: 32%
services: 28% (2002 est.)
Unemployment rate23% (2000 est.)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $148.1 million
expenditures: $148.1 million (2017 est.)
Taxes and other revenues24.4% of GDP (2017 est.)
Budget surplus (+) or deficit (-)0% of GDP (2017 est.)
Public debt81% of GDP (2016 est.)
83% of GDP (2015 est.)
Inflation rate (consumer prices)0.6% (2017 est.)
0% (2016 est.)
Central bank discount rate6.5% (31 December 2010)
6.5% (31 December 2009)
Commercial bank prime lending rate8.1% (31 December 2017 est.)
8.33% (31 December 2016 est.)
Stock of narrow money$116.2 million (31 December 2017 est.)
$112 million (31 December 2016 est.)
Stock of broad money$535.2 million (31 December 2017 est.)
$509.7 million (31 December 2016 est.)
Stock of domestic credit$222.2 million (31 December 2017 est.)
$195.9 million (31 December 2016 est.)
Agriculture - productsbananas, citrus, mangos, root crops, coconuts, cocoa
note: forest and fishery potential not exploited
Industriessoap, coconut oil, tourism, copra, furniture, cement blocks, shoes
Industrial production growth rate3% (2017 est.)
Current Account Balance-$38 million (2017 est.)
$5 million (2016 est.)
Exports$47.4 million (2017 est.)
$43.7 million (2016 est.)
Exports - commoditiesbananas, soap, bay oil, vegetables, grapefruit, oranges
Exports - partnersTrinidad and Tobago 15.4%, Jamaica 13.3%, Saudi Arabia 13%, St. Kitts and Nevis 11.8%, Guyana 9.3%, Barbados 5.1%, US 5.1%, Antigua and Barbuda 4.5%, Egypt 4.1% (2016)
Imports$198 million (2017 est.)
$186.4 million (2016 est.)
Imports - commoditiesmanufactured goods, machinery and equipment, food, chemicals
Imports - partnersUS 23.4%, Trinidad and Tobago 18.1%, Italy 8.7%, UK 5.4% (2016)
Reserves of foreign exchange and gold$150 million (31 December 2017 est.)
$221.9 million (31 December 2016 est.)
Debt - external$288.6 million (31 December 2016 est.)
$314.2 million (31 December 2015 est.)
Exchange ratesEast Caribbean dollars (XCD) per US dollar -
2.7 (2017 est.)
2.7 (2016 est.)
2.7 (2015 est.)
2.7 (2014 est.)
2.7 (2013 est.)
Fiscal year1 July - 30 June

Source: CIA World Factbook
This page was last updated on January 20, 2018