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):
$726.3 million (2008 est.)
country comparison to the world: 209
$703.8 million (2007 est.)
$691.4 million (2006 est.)
note: data are in 2008 US dollars
GDP (official exchange rate):
$364 million (2008 est.)
GDP - real growth rate:
3.2% (2008 est.)
country comparison to the world: 120
1.8% (2007 est.)
3.8% (2006 est.)
GDP - per capita (PPP):
$10,000 (2008 est.)
country comparison to the world: 106
$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.)
country comparison to the world: 198
Labor force - by occupation:
agriculture: 40%
industry: 32%
services: 28% (2000 est.)
Unemployment rate:
23% (2000 est.)
country comparison to the world: 172
Population below poverty line:
30% (2002 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.)
country comparison to the world: 29
Central bank discount rate:
6.5% (31 December 2008)
country comparison to the world: 68
6.5% (31 December 2007)
Commercial bank prime lending rate:
9.06% (31 December 2008)
country comparison to the world: 91
9.17% (31 December 2007)
Stock of money:
$72.1 million (31 December 2008)
country comparison to the world: 115
$73.71 million (31 December 2007)
Stock of quasi money:
$289.9 million (31 December 2008)
country comparison to the world: 114
$269.1 million (31 December 2007)
Stock of domestic credit:
$213.6 million (31 December 2008)
country comparison to the world: 122
$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:
85 million kWh (2007 est.)
country comparison to the world: 193
Electricity - consumption:
79.05 million kWh (2007 est.)
country comparison to the world: 193
Oil - consumption:
1,000 bbl/day (2008 est.)
country comparison to the world: 198
Oil - exports:
0 bbl/day (2007 est.)
country comparison to the world: 191
Oil - imports:
838.2 bbl/day (2007 est.)
country comparison to the world: 191
Current account balance:
-$72 million (2007 est.)
country comparison to the world: 76
Exports:
$94 million (2006)
country comparison to the world: 194
Exports - commodities:
bananas, soap, bay oil, vegetables, grapefruit, oranges
Exports - partners:
Japan 33.5%, China 17.8%, Antigua and Barbuda 6.7%, Guyana 5.7%, Jamaica 4.7%, UK 4.7% (2008)
Imports:
$296 million (2006)
country comparison to the world: 195
Imports - commodities:
manufactured goods, machinery and equipment, food, chemicals
Imports - partners:
Japan 43.2%, US 17%, China 12.1%, Trinidad and Tobago 8.4% (2008)
Debt - external:
$213 million (2004)
country comparison to the world: 179
Exchange rates:
East Caribbean dollars (XCD) per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003).
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