Dominica Economy 2008

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. Development of the tourism industry remains difficult, however, because of the rugged coastline, lack of beaches, and the absence of an international airport. 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 is planning to construct an oil refinery on the eastern part of the island.

GDP (purchasing power parity):
$485 million (2006 est.)

GDP (official exchange rate):
$279 million (2005)

GDP - real growth rate:
3.2% (2007 est.)

GDP - per capita (PPP):
$3,800 (2005 est.)

GDP - composition by sector:
agriculture: 17.7%
industry: 32.8%
services: 49.5% (2004 est.)

Labor force:
25,000 (2000 est.)

Labor force - by occupation:
agriculture: 40%
industry: 32%
services: 28% (2000 est.)

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 (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:
80 million kWh (2005)

Electricity - consumption:
74.4 million kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
0 bbl/day (2005)

Oil - consumption:
800 bbl/day (2005 est.)

Oil - exports:
0 bbl/day (2004)

Oil - imports:
771.8 bbl/day (2004)

Oil - proved reserves:
0 bbl (1 January 2006 est.)

natural gas - production:
0 cu m (2005 est.)

natural gas - consumption:
0 cu m (2005 est.)

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
0 cu m (2005)

natural gas - proved reserves:
0 cu m (1 January 2006 est.)

Exports:
$94 million f.o.b. (2006)

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

Exports - partners:
UK 24.8%, Jamaica 12.3%, Antigua and Barbuda 9.8%, Guyana 8.3%, China 7.9%, Trinidad and Tobago 5.4%, Saint Lucia 4.5% (2006)

Imports:
$296 million f.o.b. (2006)

Imports - partners:
US 25.2%, China 22.6%, Trinidad and Tobago 13.7%, South Korea 4.8% (2006)

Economic aid - recipient:
$15.17 million (2005 est.)

Debt - external:
$213 million (2004)

Currency (code):
East Caribbean dollar (XCD)

Exchange rates:
East Caribbean dollars per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003)