Economy of Dominica
The economy of Dominica is reliant upon agriculture, particularly bananas, with the financial services industry and passport sales becoming increasingly the island's largest source of income. Banana production employs, directly or indirectly, upwards of one-third of the work force. This sector is highly vulnerable to weather conditions and to external events affecting commodity prices. The value of banana exports fell to less than 25% of merchandise trade earnings in 1998 compared to about 44% in 1994.
| Currency | East Caribbean Dollar |
|---|---|
| 1 July - 30 June | |
Trade organisations | WTO, CARICOM |
| Statistics | |
| GDP |
|
GDP growth |
|
GDP per capita |
|
GDP by sector | agriculture (15.7%), industry (15.6%), services (68.7%) (2013) |
| 1.359% (2018) | |
Population below poverty line | 29% (2009) |
Labour force | 25,000 (2000) |
Labour force by occupation | agriculture 40%, industry 32%, services 28% (2002) |
| Unemployment | 23% (2000) |
Main industries | soap, coconut oil, tourism, copra, furniture, cement blocks, shoes |
| External | |
| Exports | $160 million (2018 est.) |
Export goods | medical instruments, pharmaceuticals, low-voltage protection equipment, tropical fruits, bandages |
Main export partners |
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| Imports | $430 million (2018 est.) |
Import goods | refined petroleum, natural gas, crude petroleum, recreational boats, cars |
Main import partners |
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Gross external debt | 274.9 million (2013) |
| Public finances | |
| Revenues | $148.1 million (2013) |
| Expenses | $185.2 million (2013) |
| $90 million (31 December 2013 est.) | |
All values, unless otherwise stated, are in US dollars. | |
In view of the European Union's announced phase-out of preferred access of bananas to its markets, agricultural diversification is a priority. Dominica has made some progress, with the export of small quantities of citrus fruits and vegetables and the introduction of coffee, patchouli, aloe vera, cut flowers, and exotic fruits such as mangoes, guavas, and papayas. Dominica has also had some success in increasing its manufactured exports, with soap as the primary product. Dominica also recently entered the offshore financial services market.
Because Dominica is mostly volcanic and has few beaches, development of tourism has been slow compared with that on neighboring islands. Nevertheless, Dominica's high, rugged mountains, rainforests, freshwater lakes, hot springs, waterfalls, and diving spots make it an attractive destination. Cruise ship stopovers have increased following the development of modern docking and waterfront facilities in the capital. Eco-tourism also is a growing industry on the island.
Dominica is a member of the Eastern Caribbean Currency Union (ECCU). The Eastern Caribbean Central Bank (ECCB) issues a common currency (the East Caribbean dollar) to all eight members of the ECCU. The ECCB also manages monetary policy, and regulates and supervises commercial banking activities in its member countries. Dominica is a beneficiary of the U.S. Caribbean Basin Initiative (CBI). Its 1996 exports to the U.S. were $7.7 million, and its U.S. imports were $34 million. Dominica is also a member of the 15-member Caribbean Community (CARICOM) and of the Organisation of Eastern Caribbean States (OECS).