Economy Of Dominica
|
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 - $380 million (2003 est.)
|
|
GDP - real growth rate
|
-1% (2003 est.)
|
|
GDP - per capita
|
purchasing power parity - $5,400 (2003 est.)
|
|
GDP - composition by sector
|
agriculture: 18%
industry: 24%
services: 58% (2002 est.)
|
|
Investment gross fixed
|
|
|
Population below poverty line
|
30% (2002 est.)
|
|
Household income or consumption by percentage share
|
lowest 10%: NA
highest 10%: NA
|
|
Distribution of family income - Gini index
|
|
|
Inflation rate consumer prices
|
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)
|
|
Public debt
|
|
|
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 production by source
|
fossil fuel: 47.1%
hydro: 52.9%
other: 0% (2001)
nuclear: 0%
|
|
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)
|
|
Oil proved reserves
|
|
|
Natural gas production
|
|
|
Natural gas consumption
|
|
|
Natural gas exports
|
|
|
Natural gas imports
|
|
|
Natural gas proved reserves
|
|
|
Current account balance
|
|
|
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)
|
|
Reserves of foreign exchange gold
|
|
|
Debt external
|
$161.5 million (2001)
|
|
Economic aid recipient
|
$22.8 million (2003 est.)
|
|
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)
|
|
Fiscal year
|
1 July - 30 June
|
Applied Language Solutions offer English Translation .
This information was reproduced in part from the CIA World Fact book.
Flags
If you would like to use this flag of Dominica or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.
Map
If you would like to use this map of Dominica or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.
Country Information
If you would like to use this information for Dominica or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.