Economy Of Dominica - Dominica Information

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Economy Of Dominica
Dominica Information - Country Guides

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

Dominican Flag Map Of Dominica

Economy Of DominicaDominica Information - Country Guides

Economy Of Dominica
Dominica Information - Country Guides