Dominica Economy - 2022

Economic overview

The Dominican economy was dependent on agriculture - primarily bananas - in years past, but increasingly has been driven by tourism, as the government seeks to promote Dominica as an "ecotourism" destination. However, Hurricane Maria, which passed through the island in September 2017, destroyed much of the country’s agricultural sector and caused damage to all of the country’s transportation and physical infrastructure. Before Hurricane Maria, the government had attempted to foster an offshore financial industry and planned to sign agreements with the private sector to develop geothermal energy resources. At a time when government finances are fragile, the government’s focus has been to get the country back in shape to service cruise ships. The economy contracted in 2015 and recovered to positive growth in 2016 due to a recovery of agriculture and tourism. Dominica suffers from high debt levels, which increased from 67% of GDP in 2010 to 77% in 2016. Dominica is one of five countries in the East Caribbean that have citizenship by investment programs whereby foreigners can obtain passports for a fee and revenue from this contribute to government budgets.

Real GDP (purchasing power parity)

$710 million (2020 est.)

$850 million (2019 est.)

$830 million (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

-4.7% (2017 est.)

2.6% (2016 est.)

-3.7% (2015 est.)

Real GDP per capita

$9,900 (2020 est.)

$11,900 (2019 est.)

$11,500 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$557 million (2017 est.)

Inflation rate (consumer prices)

0.6% (2017 est.)

0% (2016 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

-13% (2017 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: 227.8 million (2017 est.)

expenditures: 260.4 million (2017 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

-$70 million (2017 est.)

$5 million (2016 est.)

Exports

$160 million (2018 est.) note: data are in current year dollars

$43.7 million (2016 est.)

Exports - partners

Saudi Arabia 47%, Qatar 5% (2019)

Exports - commodities

medical instruments, pharmaceuticals, low-voltage protection equipment, tropical fruits, bandages (2019)

Imports

$430 million (2018 est.) note: data are in current year dollars

$188.4 million (2016 est.)

Imports - partners

United States 57%, Nigeria 11%, China 6%, Italy 5% (2019)

Imports - commodities

refined petroleum, natural gas, crude petroleum, recreational boats, cars (2019)

Reserves of foreign exchange and gold

$212.3 million (31 December 2017 est.)

$221.9 million (31 December 2016 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 (2017 est.)

2.7 (2016 est.)

2.7 (2015 est.)

2.7 (2014 est.)

2.7 (2013 est.)