Economy Overview: The economy is dependent on agriculture and is heavily affected by climatic conditions, especially tropical storms. Agriculture, whose main industry is the cultivation of bananas, employs 40% of the labor force and contributes 21% of GDP. The development of the tourism industry is hampered by the steep nature of the coastline, the lack of beaches, and the lack of an international airport. Hurricane Louis destroyed the banana crop in September 1995; tropical storms in 1994 destroyed a quarter of the crop. The economic recovery continues, driven by growth in construction, soap production and tourism. The government is taking steps to develop the offshore financial services sector in order to diversify the island’s economy. See businesscarriers.com to know more about Dominica Economics and Business.
GDP: at purchasing power parity – $290 million (2000 est.).
Real GDP growth rate: 0.5% (2000 est.).
GDP per capita: Purchasing Power Parity $4,000 (2000 est.).
The composition of GDP by sectors of the economy: agriculture: 21%; industry: 16%; services: 63% (1999 est.).
Proportion of the population below the poverty line: no data available.
Percentage distribution of household income or consumption: 10% of the poorest households account for: n/a; 10% of the wealthiest families account for: no data.
Inflation rate at consumer prices: 2.5% (2000 est.).
Labor force: 25,000 people
Employment structure: agriculture 40%, industry and trade 32%, services 28%.
Unemployment rate: 20% (1999 est.).
Budget: revenues: $72 million; expenses: $79.9 million, including capital expenditures of $11.5 million (FY97-98).
Spheres of economy: soap making, production of coconut oil, tourism, production of copra, furniture, cement blocks, shoes.
Growth in industrial production: -10% (1997 est.).
Electricity generation: 62 million kWh (1999).
Sources of electricity generation: fossil fuels: 48.39%; hydropower: 51.61%; nuclear fuel: 0%; others: 0% (1999).
Electricity consumption: 57.7 million kWh (1999)
Electricity export: 0 kWh (1999).
Electricity import: 0 kWh (1999).
Agricultural products: bananas, citrus fruits, mangoes, root crops, coconuts, cocoa; The potential of the timber industry and fisheries is far from being fully exploited.
Export: $60.7 million (2000 est.)
Exports: bananas, soap, bay oil, vegetables, grapefruits, oranges.
Export partners: CARICOM 47%, UK 36%, US 7% (1996 est.).
Imports: $126 million (2000 est.)
Imports: manufactured goods, machinery and equipment, foodstuffs, chemicals.
Import partners: US 41%, CARICOM 25%, UK 13%, Netherlands, Canada (1996 est.).
External debt: $108.9 million (1999). Economic aid recipient: $24.4 million (1995)
Economic aid donor:
Currency: East Caribbean dollar.
Currency code: XCD.
Exchange rate: XCD/USD – 2.7000 (fixed exchange rate since 1976).
Fiscal year: July 1-June 30.
Telecommunications Telephone lines: 19,000 (1996).
Mobile Cell Phones: 461 (1996).
Telephone system: internal: fully automated network; international: microwave radio relay and microwave radiotelephony with Martinique and Guadeloupe; radiotelephone communication in the VHF and UHF bands with Saint Lucia.
Broadcast stations: AM -3, FM -10, shortwave – 0 (1998).
Radio receivers: 46,000 (1997).
Television broadcast stations: 0 (however there is one cable company) (1997).
Televisions: 6,000 (1997).
Internet Country Code: dm
Internet Service Providers: 16 (2000).
Number of users: 2000 (2000).
Transport Railways: 0 km.
Roads: total: 750 km; coated: 375 km; unpaved: 375 km (2001).
Ports and harbours: Portsmouth, Roseau.
Merchant fleet: none (2000 est.).
Airports: 2 (2000 est.).
Airports with paved runways: total: 2; from 914 to 1523 m: 2 (2000 est.).
Airports with unpaved runways:
Branches of the Armed Forces: Dominica Commonwealth Police (includes Special Service Unit, Coast Guard).
International issues International disputes: no.
Illicit Drugs: Drug transit point en route to the US and Europe; small production of hemp; the banking sector is used for money laundering.