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EconomyEconomy - overview
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. In order to diversify the island's production base, the government also is attempting to develop an offshore financial sector and has signed an agreement with the EU to develop geothermal energy resources. 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 an economic and financial crisis and to meet IMF requirements. This restructuring paved the way for an economic recovery and helped to reduce the debt burden, which remains at about 80% of GDP. Hurricane Dean struck the island in August 2007 causing damages equivalent to 20% of GDP. In 2009, growth slowed as a result of the global recession; it picked up only slightly in 2010-11. Gdp (purchasing power parity) World Ranking: 202
$989.5 million (2011 est.)
$984.8 million (2010 est.) $981.5 million (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$489 million (2011 est.)
Gdp - real growth rate World Ranking: 186
0.5% (2011 est.)
0.3% (2010 est.) -0.7% (2009 est.) Gdp - per capita (ppp) World Ranking: 91
$14,000 (2011 est.)
$13,900 (2010 est.) $13,900 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 21.4%
Industry 22.4% Services 56.3% (2011 est.) Labor force World Ranking: 206
25,000 (2000 est.)
Labor force - by occupation
Agriculture 40%
Industry 32% Services 28% (2002 est.) Unemployment rate World Ranking: 170
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 $111.1 million (2011 est.) Taxes and other revenues World Ranking: 88
30.3% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 12
7.6% of GDP (2011 est.)
Public debt World Ranking: 28
78% of GDP (2009 est.)
85% of GDP (2006 est.) Inflation rate (consumer prices) World Ranking: 80
3.5% (2011 est.)
3.2% (2010 est.) Central bank discount rate World Ranking: 56
6.5% (31 December 2010 est.)
6.5% (31 December 2009 est.) Commercial bank prime lending rate World Ranking: 102
9.19% (31 December 2011 est.)
9.475% (31 December 2010 est.) Stock of narrow money World Ranking: 184
$82.86 million (31 December 2011 est.) $71.37 million (31 December 2010 est.) Stock of broad money World Ranking: 179
$419.8 million (31 December 2011 est.) $433 million (31 December 2010 est.) Stock of domestic credit World Ranking: 177
$333.3 million (31 December 2011 est.) $296.3 million (31 December 2010 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
NA%
Electricity - production World Ranking: 195
87 million kWh (2008 est.)
Electricity - consumption World Ranking: 196
80.91 million kWh (2008 est.)
Electricity - exports
0 kWh (2009 est.)
Electricity - imports
0 kWh (2009 est.)
Oil - production World Ranking: 167
0 bbl/day (2010 est.)
Oil - consumption World Ranking: 196
1,000 bbl/day (2010 est.)
Oil - exports World Ranking: 150
0 bbl/day (2009 est.)
Oil - imports World Ranking: 193
858.6 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 123
0 bbl (1 January 2011 est.)
Natural gas - production World Ranking: 172
0 cu m (2009 est.)
Natural gas - consumption World Ranking: 170
0 cu m (2009 est.)
Natural gas - exports World Ranking: 88
0 cu m (2009 est.)
Natural gas - imports World Ranking: 182
0 cu m (2009 est.)
Natural gas - proved reserves World Ranking: 169
0 cu m (1 January 2011 est.)
Current account balance World Ranking: 74
-$111.3 million (2011 est.)
-$71.27 million (2010 est.) Exports World Ranking: 198
$40.4 million (2011 est.)
$36.21 million (2010 est.) Exports - commodities
Bananas, soap, bay oil, vegetables, grapefruit, oranges Exports - partners
Japan 45.8%, Antigua and Barbuda 8.2%, Jamaica 7.3%, Guyana 7%, Trinidad and Tobago 4.5% (2011) Imports World Ranking: 203
$207.1 million (2011 est.)
$197.7 million (2010 est.) Imports - commodities
Manufactured goods, machinery and equipment, food, chemicals Imports - partners
Japan 34.3%, US 15.7%, Trinidad and Tobago 14%, China 5.7%, Singapore 5.5% (2011) Debt - external World Ranking: 176
$303 million (2008)
$213 million (2004) Exchange rates
East Caribbean dollars (XCD) per US dollar - 2.7 (2011 est.)2.7 (2010 est.) 2.7 (2009) Fiscal year
1 July - 30 June
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Dominica (Roseau):
 
GPS points from Dominica (Roseau)
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Dominica was the last of the Caribbean islands to be colonized by Europeans due chiefly to the fierce resistance of the native Caribs. France ceded possession to Great Britain in 1763, which made the island a colony in 1805. In 1980, two years after independence, Dominica's fortunes improved when a corrupt and tyrannical administration was replaced by that of Mary Eugenia CHARLES, the first female prime minister in the Caribbean, who remained in office for 15 years. Some 3,000 Carib Indians still living on Dominica are the only pre-Columbian population remaining in the eastern Caribbean.