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 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 (official exchange rate):
$365 million (2008 est.)
GDP - real growth rate:
2.6% (2008 est.)
1.5% (2007 est.)
4% (2006 est.)
GDP - per capita (PPP):
$9,900 (2008 est.)
$9,700 (2007 est.)
$9,600 (2006 est.)
note: data are in 2008 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.)
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 2007)
Commercial bank prime lending rate:
9.17% (31 December 2007)
Stock of money:
$73.71 million (31 December 2007)
Stock of quasi money:
$269.1 million (31 December 2007)
Stock of domestic credit:
$193.1 million (31 December 2007)
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
Electricity - production:
90 million kWh (2006 est.)
Electricity - consumption:
83.7 million kWh (2006 est.)
Electricity - exports:
0 kWh (2007 est.)
Electricity - imports:
0 kWh (2007 est.)
Oil - production:
0 bbl/day (2007 est.)
Oil - consumption:
850.5 bbl/day (2006 est.)
Oil - exports:
0 bbl/day (2005)
Oil - imports:
669.6 bbl/day (2005)
Oil - proved reserves:
0 bbl (1 January 2006 est.)
Natural gas - production:
0 cu m (2007 est.)
Natural gas - consumption:
0 cu m (2007 est.)
Natural gas - exports:
0 cu m (2007 est.)
Natural gas - imports:
0 cu m (2007 est.)
Natural gas - proved reserves:
0 cu m (1 January 2006 est.)
Current account balance:
-$72 million (2007 est.)
Exports:
$94 million f.o.b. (2006)
Exports - commodities:
bananas, soap, bay oil, vegetables, grapefruit, oranges
Exports - partners:
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:
$296 million f.o.b. (2006)
Imports - commodities:
manufactured goods, machinery and equipment, food, chemicals
Imports - partners:
US 24.1%, China 21.2%, Trinidad and Tobago 13.2%, Japan 11.1% (2007)
Debt - external:
$213 million (2004)
Exchange rates:
East Caribbean dollars (XCD) per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003)
