Dominica



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Dominica Economy 2006


Economy - overview: The 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): $384 million (2003 est.)
GDP (official exchange rate): $279 million
GDP - real growth rate: 3.1% (2005 est.)
GDP - per capita (PPP): $3,800 (2005 est.)
GDP - composition by sector: agriculture: 17.7% industry: 32.8% services: 49.5% (2002 est.)
Labor force: 25,000 (1999 est.)
Labor force - by occupation: agriculture: 40% industry: 32% services: 28%
Unemployment rate: 23% (2000 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.)
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: 69.98 million kWh (2003)
Electricity - consumption: 65.09 million kWh (2003)
Electricity - exports: 0 kWh (2003)
Electricity - imports: 0 kWh (2003)
Oil - production: 0 bbl/day (2003)
Oil - consumption: 800 bbl/day (2003 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Natural gas - production: 0 cu m (2003 est.)
Natural gas - consumption: 0 cu m (2003 est.)
Exports: $74 million f.o.b. (2004 est.)
Exports - commodities: bananas, soap, bay oil, vegetables, grapefruit, oranges
Exports - partners: UK 26.2%, Jamaica 9.8%, South Korea 8.7%, Antigua and Barbuda 8.6%, Guyana 7.2%, Trinidad and Tobago 4.7% (2005)
Imports: $234 million f.o.b. (2004 est.)
Imports - commodities: manufactured goods, machinery and equipment, food, chemicals
Imports - partners: US 25.3%, China 20.3%, Trinidad and Tobago 12.3%, South Korea 7.1%, Japan 4.6%, UK 4.4% (2005)
Debt - external: $213 million (2004)
Economic aid - recipient: $29.2 million (2004 est.)
Currency (code): East Caribbean dollar (XCD)
Exchange rates: East Caribbean dollars per US dollar - 2.7 (2005), 2.7 (2004), 2.7 (2003), 2.7 (2002), 2.7 (2001)
Fiscal year: 1 July - 30 June

NOTE: The economy information regarding Dominica on this page is re-published from the 2006 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Dominica Economy 2006 information contained here. All suggestions for corrections of any errors about Dominica Economy 2006 should be addressed to the CIA.