Dominica Economy - 2024

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.)

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

Remittances

10.38% of GDP (2021 est.)
13.48% of GDP (2020 est.)
7.77% of GDP (2019 est.)

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 -

Exchange rates:
2.7 (2021 est.)
2.7 (2020 est.)
2.7 (2019 est.)
2.7 (2018 est.)
2.7 (2017 est.)