Dominica Economy
Economy - overviewThe Dominican economy depends on agriculture, primarily bananas, and remains highly vulnerable to climatic conditions and international economic developments. Production of bananas dropped precipitously in 2003, a major reason for the 1% decline in GDP. Tourism increased in 2003 as the government sought to promote Dominica as an ''ecotourism'' destination. Development of the tourism industry remains difficult, however, because of the rugged coastline, lack of beaches, and the absence of an international airport. The government began a comprehensive restructuring of the economy in 2003 - including elimination of price controls, privatization of the state banana company, and tax increases - to address Dominica's economic crisis and to meet IMF targets. In order to diversify the island's production base the government is attempting to develop an offshore financial sector and is planning to construct an oil refinery on the eastern part of the island.
GDP
purchasing power parity - $380 million (2002 est.)
GDP - real growth rate
-1% (2003 est.)
GDP - per capita
purchasing power parity - $5,400 (2002 est.)
GDP - composition by sector
agriculture: 18%
industry: 24%
services: 58% (2002 est.)
Population below poverty line
30% (2002 est.)
Household income or consumption by percentage share
lowest 10%: NA
highest 10%: NA
Inflation rate
1% (2001 est.)
Labor force
25,000 (1999 est.)
Labor force - by occupation
agriculture 40%, industry and commerce 32%, services 28%
Unemployment rate
23% (2000 est.)
Budget
revenues: $73.9 million
expenditures: $84.4 million, including capital expenditures of NA (2001)
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
Industrial production growth rate
-10% (1997 est.)
Electricity - production
72.41 million kWh (2001)
Electricity - consumption
67.35 million kWh (2001)
Electricity - exports
0 kWh (2001)
Electricity - imports
0 kWh (2001)
Oil - production
0 bbl/day (2001 est.)
Oil - consumption
600 bbl/day (2001 est.)
Oil - exports
NA (2001)
Oil - imports
NA (2001)
Exports
$39 million f.o.b. (2003 est.)
Exports - commodities
bananas, soap, bay oil, vegetables, grapefruit, oranges
Exports - partners
UK 20%, Jamaica 18.5%, Antigua and Barbuda 7.7%, US 7.7%, Guyana 6.2%, Japan 6.2%, Trinidad and Tobago 4.6% (2003)
Imports
$98.2 million f.o.b. (2003 est.)
Imports - commodities
manufactured goods, machinery and equipment, food, chemicals
Imports - partners
US 18.5%, China 18%, Trinidad and Tobago 14.6%, Japan 6.3%, South Korea 5.4%, UK 5.4% (2003)
Debt - external
$161.5 million (2001)
Currency
East Caribbean dollar (XCD)
Currency code
XCD
Exchange rates
East Caribbean dollars per US dollar - 2.7 (2003), 2.7 (2002), 2.7 (2001), 2.7 (2000), 2.7 (1999)
