Dominica: Economy#
The Dominican economy has been dependent on agriculture - primarily bananas - in years past, but increasingly has been driven by tourism as the government seeks to promote Dominica as an "ecotourism" destination. Moreover, Dominica has an offshore medical education sector. In order to diversify the island's economy, the government is also attempting to foster an offshore financial industry and plans to sign agreements with the private sector to develop geothermal energy resources. In 2003, the government began a comprehensive restructuring of the economy - including the elimination of price controls, privatization of the state banana company, and tax increases - to address an economic and financial crisis and to meet IMF requirements. In 2009 and 2013, the economy contracted as a result of the global recession; growth remains anemic. Although public debt levels continue to exceed pre-recession levels, the debt burden declined from 78% of GDP in 2011 to approximately 70% in 2012.Economic Facts#
| GDP (purchasing power parity) | $812 million (2016 est.) $799.6 million (2015 est.) $814 million (2014 est.) note: data are in 2016 dollars |
|---|---|
| GDP (official exchange rate) | $524 million (2015 est.) |
| GDP - real growth rate | 1.5% (2016 est.) -1.8% (2015 est.) 4.2% (2014 est.) |
| GDP - per capita (PPP) | $11,400 (2016 est.) $11,300 (2015 est.) $11,500 (2014 est.) note: data are in 2016 dollars |
| Gross national saving | 4.7% of GDP (2016 est.) 7.4% of GDP (2015 est.) 4.4% of GDP (2014 est.) |
| GDP - composition, by end use | household consumption: 70.5% government consumption: 18.8% investment in fixed capital: 10.8% investment in inventories: 0% exports of goods and services: 28.6% imports of goods and services: -28.7% (2016 est.) |
| GDP - composition, by sector of origin | agriculture: 14.7% industry: 15.5% services: 69.8% (2016 est.) |
| Agriculture - products | bananas, citrus, mangos, root crops, coconuts, cocoa note: forest and fishery potential not exploited |
| Industries | soap, coconut oil, tourism, copra, furniture, cement blocks, shoes |
| Industrial production growth rate | 1.6% (2016 est.) |
| Labor force | 25,000 (2000 est.) |
| Labor force - by occupation | agriculture: 40% industry: 32% services: 28% (2002 est.) |
| Unemployment rate | 23% (2000 est.) |
| Population below poverty line | 29% (2009 est.) |
| Household income or consumption by percentage share | lowest 10%: NA% highest 10%: NA% |
| Budget | revenues: $148.1 million expenditures: $148.1 million (2016 est.) |
| Taxes and other revenues | 28.3% of GDP (2016 est.) |
| Budget surplus (+) or deficit (-) | 0% of GDP (2016 est.) |
| Public debt | 70% of GDP (2012 est.) 78% of GDP (2009 est.) |
| Fiscal year | 1 July - 30 June |
| Inflation rate (consumer prices) | 1.4% (2016 est.) -0.8% (2015 est.) |
| Central bank discount rate | 6.5% (31 December 2010) 6.5% (31 December 2009) |
| Commercial bank prime lending rate | 8.6% (31 December 2016 est.) 8.7% (31 December 2015 est.) |
| Stock of narrow money | $114.6 million (31 December 2016 est.) $96.59 million (31 December 2015 est.) |
| Stock of broad money | $504.8 million (31 December 2016 est.) $480.7 million (31 December 2015 est.) |
| Stock of domestic credit | $296.3 million (31 December 2016 est.) $259.3 million (31 December 2015 est.) |
| Current account balance | -$69 million (2016 est.) -$48 million (2015 est.) |
| Exports | $38.3 million (2016 est.) $35.2 million (2015 est.) |
| Exports - commodities | bananas, soap, bay oil, vegetables, grapefruit, oranges |
| Exports - partners | Japan 38.1%, Jamaica 19%, Antigua and Barbuda 10.4%, Trinidad and Tobago 6.2%, St. Lucia 4.8%, St. Kitts and Nevis 4.2% (2015) |
| Imports | $186.5 million (2016 est.) $182.9 million (2015 est.) |
| Imports - commodities | manufactured goods, machinery and equipment, food, chemicals |
| Imports - partners | Japan 42%, Trinidad and Tobago 17%, US 11.9%, China 6% (2015) |
| Reserves of foreign exchange and gold | $100 million (31 December 2016 est.) $126.2 million (31 December 2015 est.) |
| Debt - external | $288.6 million (31 December 2016 est.) $275.4 million (31 December 2015 est.) |
| Exchange rates | East Caribbean dollars (XCD) per US dollar - 2.7 (2016 est.) 2.7 (2015 est.) 2.7 (2014 est.) 2.7 (2013 est.) 2.7 (2012 est.) |