Economy - overview The economy is dependent on agriculture and thus is highly vulnerable to climatic conditions, notably tropical storms. Agriculture, primarily bananas, accounts for 26% of GDP and employs 40% of the labor force. Development of the tourist industry remains difficult because of the rugged coastline, lack of beaches, and the lack of an international airport. Hurricane Luis devastated the country's banana crop in September 1995; tropical storms had wiped out one-quarter of the crop in 1994 as well. The government is attempting to develop an offshore financial industry in order to diversify the island's production base.

GDP purchasing power parity - $208 million (1996 est.)

GDP - real growth rate 3.7% (1996 est.)

GDP - per capita purchasing power parity - $2,500 (1996 est.)

GDP - composition by sector
agriculture: 26%
industry: NA%
services: NA% (1995)

Inflation rate - consumer price index 1.7% (1996)

Labor force
total: 25,000
by occupation: agriculture 40%, industry and commerce 32%, services 28% (1984)

Unemployment rate 15% (1992 est.)

Budget
revenues: $77 million
expenditures: $78 million, including capital expenditures of $22 million (FY95/96)

Industries soap, coconut oil, tourism, copra, furniture, cement blocks, shoes

Industrial production growth rate -0.4% (1996 est.)

Electricity - capacity 8,000 kW (1995)

Electricity - production 37 million kWh (1995)

Electricity - consumption per capita 448 kWh (1995)

Agriculture - products bananas, citrus, mangoes, root crops, coconuts; forestry and fisheries potential not exploited

Exports
total value: $51.8 million (f.o.b., 1996)
commodities: bananas 50%, soap, bay oil, vegetables, grapefruit, oranges
partners: Caricom countries 47%, UK 36%, US 7% (1996 est.)

Imports
total value: $98.1 million (f.o.b., 1996)
commodities: manufactured goods, machinery and equipment, food, chemicals
partners: US 41%, Caricom 25%, UK 13%, Netherlands, Canada

Debt - external $110 million (1996 est.)

Economic aid
recipient: ODA, $NA

Currency 1 EC dollar (EC$) = 100 cents

Exchange rates East Caribbean dollars (EC$) per US$1 - 2.7000 (fixed rate since 1976)

Fiscal year 1 July - 30 June

NOTE: The information regarding Dominica on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Dominica Economy 1998 information contained here. All suggestions for corrections of any errors about Dominica Economy 1998 should be addressed to the CIA.