Dominica Economy - 2005

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 - real growth rate:
-1% (2003 est.)

GDP - per capita:
purchasing power parity - $5,500 (2003 est.)

GDP - composition by sector:
agriculture: 18%
industry: 24%
services: 58% (2002 est.)

Labor force:
25,000 (1999 est.)

Labor force - by occupation:
agriculture 40%, industry and commerce 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):
1% (2001 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:
68.41 million kWh (2002)

Electricity - consumption:
63.62 million kWh (2002)

Electricity - exports:
0 kWh (2002)

Electricity - imports:
0 kWh (2002)

Oil - production:
0 bbl/day (2001 est.)

Oil - consumption:
600 bbl/day (2001 est.)

Oil - exports:
NA

Oil - imports:
NA

Exports:
$39 million f.o.b. (2003 est.)

Exports - commodities:
bananas, soap, bay oil, vegetables, grapefruit, oranges

Exports - partners:
UK 21.5%, Jamaica 20%, Antigua and Barbuda 8.3%, Guyana 7%, Japan 5.3%, US 4.6%, Trinidad and Tobago 4.5%, Poland 4% (2004)

Imports:
$98.2 million f.o.b. (2003 est.)

Imports - commodities:
manufactured goods, machinery and equipment, food, chemicals

Imports - partners:
China 20.1%, US 18.7%, Trinidad and Tobago 10.2%, UK 7.2%, South Korea 5.3%, Japan 4.5% (2004)

Debt - external:
$161.5 million (2001)

Economic aid - recipient:
$22.8 million (2003 est.)

Currency (code):
East Caribbean dollar (XCD)

Exchange rates:
East Caribbean dollars per US dollar - 2.7 (2004), 2.7 (2003), 2.7 (2002), 2.7 (2001), 2.7 (2000)