Economy of Dominica
Dominica has tried to broaden its economic base by building up an offshore financial services sector. So far, a relatively small number of offshore banks and other international business companies have registered in Dominica, but the government is trying to attract more by making registration economical and easy. A Dominica-based IBC can, for instance, be formed over the Internet, and the government has also granted operating licenses to several Internet gambling companies. The ease with which such companies can be formed and the secrecy surrounding their operations have led some critics to allege that Dominica may be facilitating money-laundering and tax evasion.
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Facts at a Glance
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GDP: purchasing power parity - $485 million (2006 est.)
GDP - real growth rate: 3.2% (2007 est.)
GDP - per capita: purchasing power parity - $3,800 (2005 est.)
GDP - composition by sector:
agriculture: 17.7%
industry: 32.8%
services: 49.5% (2004 est.)
Population below poverty line: 30% (2002 est.)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices): -0.1% (2005 est.)
Labor force: 25,000 (2000 est.)
Labor force - by occupation:
agriculture: 40%
industry: 32%
services: 28% (2000 est.)
Unemployment rate: 23% (2003 est.)
Budget:
revenues: $73.9 million
expenditures: $84.4 million (2001)
Industries: soap, coconut oil, tourism, copra, furniture, cement blocks, shoes
Industrial production growth rate: -10% (1997 est.)
Electricity - production: 80 million kWh (2005)
Electricity - production by source:
fossil fuel: 50%
hydro: 50%
nuclear: 0%
other: 0% (1998)
Electricity - consumption: 74.4 million kWh (2005)
Electricity - exports: 0 kWh (2005)
Electricity - imports: 0 kWh (2005)
Agriculture - products: bananas, citrus, mangoes, root crops, coconuts, cocoa; forest and fishery potential not exploited
Exports: $94 million f.o.b. (2006)
Exports - commodities: bananas 50%, soap, bay oil, vegetables, grapefruit, oranges
Exports - partners: United Kingdom 24.8%, Jamaica 12.3%, Antigua and Barbuda 9.8%, Guyana 8.3%, China 7.9%, Trinidad and Tobago 5.4%, Saint Lucia 4.5% (2006)
Imports: $296 million f.o.b. (2006)
Imports - commodities: manufactured goods, machinery and equipment, food, chemicals
Imports - partners: United States 25.3%, China 22.7%, Trinidad and Tobago 13.8%, South Korea 4.8% (2006)
Debt - external: $213 million (2004)
Economic aid - recipient: $15.17 million (2005 est.)
Currency: 1 East Caribbean dollar (EC$) = 100 cents
Exchange rates: East Caribbean dollars per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003)
- See also : Dominica
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