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Economy of Dominica
Currency
East Caribbean Dollar
Fiscal year
1 July - 30 June
Trade organisations
WTO, CARICOM
Statistics
GDP
$0.533 billion (nominal, 2018 est.)[1]
$0.763 billion (PPP, 2018 est.)[1]
GDP growth
0.5% (2018) 9.6% (2019e)
−4.0% (2020f) 4.0% (2021f)[2]
GDP per capita
$7,542 (nominal, 2018 est.)[1]
$10,787 (PPP, 2018 est.)[1]
GDP by sector
agriculture (15.7%), industry (15.6%), services (68.7%) (2013[update])
Inflation (CPI)
1.359% (2018)[1]
Population below poverty line
29% (2009[update])
Labour force
25,000 (2000[update])
Labour force by occupation
agriculture 40%, industry 32%, services 28% (2002[update])
All values, unless otherwise stated, are in US dollars.
The economy of Dominica is reliant upon agriculture, particularly bananas, with the financial services industry and passport sales[6] 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.
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).
^ abcde"World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 21 October 2019.
^"Global Economic Prospects, June 2020". openknowledge.worldbank.org. World Bank. p. 86. Retrieved 16 June 2020.
^ abcCIA. "The World Factbook". Retrieved September 10, 2014.
^"Export Partners of Dominica". The Observatory of Economic Complexity. Retrieved 9 March 2024.
^"Import Partners of Dominica". The Observatory of Economic Complexity. Retrieved 9 March 2024.
^"Dominica Citizenship - Citizenship Shop - Buy a Citizenship Online". 31 October 2016.
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