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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 rate1.5% (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 saving4.7% of GDP (2016 est.)
7.4% of GDP (2015 est.)
4.4% of GDP (2014 est.)
GDP - composition, by end usehousehold 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 originagriculture: 14.7%
industry: 15.5%
services: 69.8% (2016 est.)
Agriculture - productsbananas, citrus, mangos, root crops, coconuts, cocoa
note: forest and fishery potential not exploited
Industriessoap, coconut oil, tourism, copra, furniture, cement blocks, shoes
Industrial production growth rate1.6% (2016 est.)
Labor force25,000 (2000 est.)
Labor force - by occupationagriculture: 40%
industry: 32%
services: 28% (2002 est.)
Unemployment rate23% (2000 est.)
Population below poverty line29% (2009 est.)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $148.1 million
expenditures: $148.1 million (2016 est.)
Taxes and other revenues28.3% of GDP (2016 est.)
Budget surplus (+) or deficit (-)0% of GDP (2016 est.)
Public debt70% of GDP (2012 est.)
78% of GDP (2009 est.)
Fiscal year1 July - 30 June
Inflation rate (consumer prices)1.4% (2016 est.)
-0.8% (2015 est.)
Central bank discount rate6.5% (31 December 2010)
6.5% (31 December 2009)
Commercial bank prime lending rate8.6% (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 - commoditiesbananas, soap, bay oil, vegetables, grapefruit, oranges
Exports - partnersJapan 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 - commoditiesmanufactured goods, machinery and equipment, food, chemicals
Imports - partnersJapan 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 ratesEast 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.)