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Dominica Economy 2013
http://www.theodora.com/wfbcurrent/dominica/dominica_economy.html
SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES
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Page last updated on February 5, 2013

Economy - 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, the economy contracted as a result of the global recession and growth remains anemic.

GDP (purchasing power parity):
$1.035 billion (2012 est.)
country comparison to the world: 204

$1.03 billion (2011 est.)
$1.02 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$497 million (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.4% (2012 est.)
country comparison to the world: 178

1% (2011 est.)
1.2% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$14,600 (2012 est.)
country comparison to the world: 89

$14,600 (2011 est.)
$14,400 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 13.4%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 14.9%
services: 71.7% (2012 est.)

Labor force:
25,000 (2000 est.)
country comparison to the world: 207
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 40%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 32%
services: 28% (2002 est.)

Unemployment rate:
23% (2000 est.)
country comparison to the world: 167
[see also: Unemployment rate country ranks ]

Population below poverty line:
29% (2009 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

Budget:
revenues: $148.1 million
[see also: Budget revenues country ranks ]
expenditures: $185.2 million (2012 est.)

Taxes and other revenues:
29.8% of GDP (2012 est.)
country comparison to the world: 99
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-7.5% of GDP (2012 est.)
country comparison to the world: 189
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
78% of GDP (2009 est.)
country comparison to the world: 29

85% of GDP (2006 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
2% (2012 est.)
country comparison to the world: 31

2.8% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6.5% (31 December 2010 est.)
country comparison to the world: 51

6.5% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
9% (31 December 2012 est.)
country comparison to the world: 106

8.88% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$70.74 million (31 December 2012 est.)
country comparison to the world: 184

$70.27 million (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$413.7 million (31 December 2012 est.)
country comparison to the world: 181

$383 million (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$296.3 million (31 December 2012 est.)
country comparison to the world: 181

$280.4 million (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

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%
[see also: Industrial production growth rate country ranks ]

Current account balance:
-$117.4 million (2012 est.)
country comparison to the world: 69

-$84.71 million (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$41 million (2012 est.)
country comparison to the world: 200

$33.04 million (2011 est.)
[see also: Exports country ranks ]

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

Exports - partners:
Japan 46.2%, Antigua and Barbuda 8.3%, Jamaica 7.3%, Guyana 7%, Trinidad and Tobago 4.5% (2011)

Imports:
$218.6 million (2012 est.)
country comparison to the world: 203

$192.6 million (2011 est.)
[see also: Imports country ranks ]

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

Imports - partners:
Japan 34.2%, US 15.7%, Trinidad and Tobago 13.9%, China 5.7%, Singapore 5.5% (2011)

Reserves of foreign exchange and gold:
$85 million (31 December 2012 est.)
country comparison to the world: 162

$81.12 million (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$253.8 million (31 December 2012 est.)
country comparison to the world: 181

$257.7 million (31 December 2011 est.)
[see also: Debt - external country ranks ]

Exchange rates:
East Caribbean dollars (XCD) per US dollar -

2.7 (2012 est.)
2.7 (2011 est.)
2.7 (2010 est.)
2.7 (2009)

Fiscal year:
1 July - 30 June


NOTE: The information regarding Dominica on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Dominica Economy 2013 information contained here. All suggestions for corrections of any errors about Dominica Economy 2013 should be addressed to the CIA.


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