Dominica Economy: from the All Country Info reference guide to country facts

Dominica Economy

Dominica Economy: A summary of information about Dominica Economy, from government research data as well as independent research and other sources.

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Dominica: Economy

Economy - overview
The economy depends on agriculture and is highly
vulnerable to climatic conditions, notably tropical storms.
Agriculture, primarily bananas, accounts for 21% of GDP and employs
40% of the labor force. Development of the tourist industry remains
difficult because of the rugged coastline, lack of beaches, and the
lack of an international airport. Hurricane Luis devastated the
country's banana crop in September 1995; tropical storms had wiped out
one-quarter of the crop in 1994 as well. The economy's recovery
continued in 1998, fueled by increases in construction, soap
production, and tourist arrivals. The government is attempting to
develop an offshore financial industry in order to diversify the
island's production base.
GDP
purchasing power parity - $225 million (1998 est.)
GDP - real growth rate
2% (1998 est.)
GDP - per capita
purchasing power parity - $3,400 (1998 est.)
GDP - composition by sector
agriculture: 21%
industry: 16%
services: 63% (1999 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
1.1% (1998)
Labor force
25,000
Labor force - by occupation
agriculture 40%, industry and commerce
32%, services 28%
Unemployment rate
20% (1999 est.)
Budget
revenues: $72 million
expenditures: $79.9 million, including capital expenditures of $11.5
million (FY97/98)
Industries
soap, coconut oil, tourism, copra, furniture, cement
blocks, shoes
Industrial production growth rate
-10% (1997 est.)
Electricity - production
40 million kWh (1998)
Electricity - production by source
fossil fuel: 50%
hydro: 50%
nuclear: 0%
other: 0% (1998)
Electricity - consumption
37 million kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
bananas, citrus, mangoes, root crops,
coconuts, cocoa; forest and fishery potential not exploited
Exports
$60.8 million (1998)
Exports - commodities
bananas 50%, soap, bay oil, vegetables,
grapefruit, oranges
Exports - partners
Caricom countries 47%, UK 36%, US 7% (1996 est.)
Imports
$120.4 million (1998)
Imports - commodities
manufactured goods, machinery and equipment,
food, chemicals
Imports - partners
US 41%, Caricom countries 25%, UK 13%,
Netherlands, Canada (1996 est.)
Debt - external
$90 million (1998 est.)
Economic aid - recipient
$24.4 million (1995)
Currency
1 East Caribbean dollar (EC$) = 100 cents
Exchange rates
East Caribbean dollars (EC$) per US$1 - 2.7000 (fixed
rate since 1976)
Fiscal year
1 July - 30 June
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