Dominica Economy - 2023

Economic overview

highly agrarian OECS island economy; ECCU-member state; large banana exporter; improved oversight of its citizenship-by-investment program; emerging ecotourism, information and communications, and education industries

Real GDP (purchasing power parity)

$787.7 million (2021 est.)

$738.364 million (2020 est.)

$885.38 million (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

6.68% (2021 est.)

-16.6% (2020 est.)

5.5% (2019 est.)

Real GDP per capita

$10,900 (2021 est.)

$10,300 (2020 est.)

$12,400 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$557 million (2017 est.)

Inflation rate (consumer prices)

-0.73% (2020 est.)

1.5% (2019 est.)

0.99% (2018 est.)

GDP - composition, by sector of origin

agriculture: 22.3% (2017 est.)

industry: 12.6% (2017 est.)

services: 65.1% (2017 est.)

GDP - composition, by end use

household consumption: 60.6% (2017 est.)

government consumption: 26.2% (2017 est.)

investment in fixed capital: 21.5% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 54.4% (2017 est.)

imports of goods and services: -62.7% (2017 est.)

Agricultural products

bananas, yams, grapefruit, taro, milk, coconuts, oranges, yautia, plantains, sugar cane

note: forest and fishery potential not exploited

Industries

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

Industrial production growth rate

5.01% (2021 est.)

Labor force

25,000 (2000 est.)

Labor force - by occupation

agriculture: 40%

industry: 32%

services: 28% (2002 est.)

Unemployment rate

23% (2000 est.)

Population below poverty line

29% (2009 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $180 million (2021 est.)

expenditures: $184 million (2021 est.)

Budget surplus (+) or deficit (-)

-5.9% (of GDP) (2017 est.)

Public debt

82.7% of GDP (2017 est.)

71.7% of GDP (2016 est.)

Taxes and other revenues

40.9% (of GDP) (2017 est.)

Fiscal year

1 July - 30 June

Current account balance

-$178.763 million (2021 est.)

-$147.521 million (2020 est.)

-$210.115 million (2019 est.)

Exports

$104.959 million (2021 est.) note: data are in current year dollars

$94.823 million (2020 est.)

$211.175 million (2019 est.)

Exports - partners

Saudi Arabia 28%, France 6%, United States 5%, Grenada 5%, China 4% (2021)

Exports - commodities

medical instruments, low-voltage protection equipment, sutures, soap, bandages (2021)

Imports

$302 million (2021 est.) note: data are in current year dollars

$279 million (2020 est.)

$415 million (2019 est.)

Imports - partners

United States 75%, China 5%, Trinidad and Tobago 4%, United Kingdom 2%, Italy 2% (2021)

Imports - commodities

refined petroleum, natural gas, crude petroleum, recreational boats, cars (2021)

Reserves of foreign exchange and gold

$190.843 million (31 December 2021 est.)

$165.824 million (31 December 2020 est.)

$155.172 million (31 December 2019 est.)

Debt - external

$280.4 million (31 December 2017 est.)

$314.2 million (31 December 2015 est.)

Exchange rates

East Caribbean dollars (XCD) per US dollar -

2.7 (2021 est.)

2.7 (2020 est.)

2.7 (2019 est.)

2.7 (2018 est.)

2.7 (2017 est.)

NOTE: The information regarding Dominica on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Dominica 2023 information contained here. All suggestions for corrections of any errors about Dominica 2023 should be addressed to the CIA or the source cited on each page.