Economy of Dominica

source: CIA World Fact Book 1997

Economy - overview: The economy is dependent on agriculture and thus is highly vulnerable to climatic conditions, notably tropical storms. Agriculture, primarily bananas, accounts for 26% 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 government is attempting to develop an offshore financial industry in order to diversify the island's production base.

GDP: purchasing power parity - $208 million (1996 est.)

GDP - real growth rate: 1.7% (1996 est.)

GDP - per capita: purchasing power parity - $2,500 (1996 est.)

• agriculture: 26%
• industry: NA%
• services : NA% (1995)

Inflation rate - consumer price index: 1.2% (1996 est.)

• total : 25,000
• by occupation: agriculture 40%, industry and commerce 32%, services 28% (1984)

Unemployment rate: 15% (1992 est.)

• revenues : $80 million
• expenditures: $95.8 million, including capital expenditures of $NA (FY95/96 est.)

Industries: soap, coconut oil, tourism, copra, furniture, cement blocks, shoes

Industrial production growth rate: -10% (1994 est.)

Electricity - capacity: 15,000 kW (1994)

Electricity - production: 52 million kWh (1994)

Electricity - consumption per capita: 479 kWh (1994 est.)

Agriculture - products: bananas, citrus, mangoes, root crops, coconuts; forestry and fisheries potential not exploited

• total value : $40 million (f.o.b., 1996)
• commodities: bananas 70%, soap, bay oil, vegetables, grapefruit, oranges
• partners: UK 55%, Caricom countries, Italy, US

• total value: $122 million (f.o.b., 1996)
• commodities : manufactured goods, machinery and equipment, food, chemicals
• partners: US 25%, Caricom, UK, Japan, Canada

Debt - external: $110 million (1996 est.)

• recipient : ODA, $NA

Currency: 1 EC dollar (EC$) = 100 cents

Exchange rates: East Caribbean dollars (EC$) per US$1 - 2.70 (February 1997; fixed rate since 1976)

Fiscal year: 1 July - 30 June