Economy - overview The Dominican economy depends on agriculture, primarily bananas, and remains highly vulnerable to climatic conditions. Hurricane Luis devastated the country's banana crop in 1995 after tropical storms wiped out a quarter of the 1994 crop. The subsequent recovery has been fueled by increases in construction, soap production, and tourist arrivals. Development of the tourism industry remains difficult however, because of the rugged coastline, lack of beaches, and the absence of an international airport. Economic growth is sluggish, and unemployment is greater than 20%. The government has been attempting to develop an offshore financial sector in order to diversify the island's production base.

GDP purchasing power parity - $262 million (2001 est.)

GDP - real growth rate -3.2% (2001 est.)

GDP - per capita purchasing power parity - $3,700 (2001 est.)

GDP - composition by sector
agriculture: 18%
industry: 23%
services: 59% (2001 est.)

Population below poverty line NA%

Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices) 1% (2001 est.)

Labor force 25,000

Labor force - by occupation agriculture 40%, industry and commerce 32%, services 28%

Unemployment rate 23% (2000 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 67 million kWh (2000)

Electricity - production by source
fossil fuel: 47.76%
hydro: 52.24%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 62.31 million kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

Agriculture - products bananas, citrus, mangoes, root crops, coconuts, cocoa; forest and fishery potential not exploited

Exports $49 million (f.o.b., 2000 est.)

Exports - commodities bananas, soap, bay oil, vegetables, grapefruit, oranges

Exports - partners Caricom countries 47%, UK 36%, US 7% (1996 est.)

Imports $132 million (c.i.f., 2000 est.)

Imports - commodities manufactured goods, machinery and equipment, food, chemicals

Imports - partners US 41%, Caricom countries 25%, UK 13%, Netherlands, Canada (1996 est.)

Debt - external $150 million (2000)

Economic aid - recipient $24.4 million (1995)

Currency East Caribbean dollar (XCD)

Currency code XCD

Exchange rates East Caribbean dollars per US dollar - 2.7000 (fixed rate since 1976)

Fiscal year 1 July - 30 June

NOTE: The information regarding Dominica on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Dominica Economy 2002 information contained here. All suggestions for corrections of any errors about Dominica Economy 2002 should be addressed to the CIA.