Dominica Economy
Is Dominica a wealthy country?
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.
Dominica Economy Data
What is the GDP of Dominica?
| Currency Name and Code | East Caribbean dollars (XCD) |
| GDP - Gross Domestic Product (PPP) | $710,000,000 (USD) |
| GDP - official exchange rate | $524,000,000 (USD) |
| GDP - real growth rate | 1.5% |
| GDP Per Capita | $11,400.00 (USD) |
| GDP by Sector- agriculture | 14.7% |
| GDP by Sector- Industry | 15.5% |
| GDP by Sector- services | 69.8% |
| GDP - composition, by end use |
Household consumption: 70.5% Government consumption: 18.8% Investment in fixed capital: 10.8% Investment in inventories: 0% Exports of goods and services: 28.6% Imports of goods and services: -28.7% |
| Population Below Poverty Line | 29% |
| Inflation Rate | 1.4% |
| Labor Force | 25,000 |
| Labor Force By Occupation- agriculture | 40% |
| Labor Force By Occupation- industry | 32% |
| Labor Force By Occupation- services | 28% |
| Unemployment Rate | 23% |
| Fiscal Year | 1 July - 30 June |
| Annual Budget | $148,100,000 (USD) |
| Public Debt (% of GDP) | 70% |
| Taxes and other revenues - percent of GDP | 28.3% |
| Major Industries | Soap, coconut oil, tourism, copra, furniture, cement blocks, shoes |
| Industrial Growth Rate | 1.6% |
| Agriculture Products |
Bananas, citrus, mangos, root crops, coconuts, cocoa Note: forest and fishery potential not exploited |
| Exchange Rate per US Dollar | 2.7 |
| Commercial Bank Prime Lending Rate | 8.6% |