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Dominica Economy
Economy - overview:
The Dominican economy depends on agriculture, primarily bananas, and remains highly vulnerable to climatic conditions and international economic developments. Production of bananas dropped precipitously in 2003, a major reason for the 1% decline in GDP. Tourism increased in 2003 as the government sought to promote Dominica as an "ecotourism" destination. Development of the tourism industry remains difficult, however, because of the rugged coastline, lack of beaches, and the absence of an international airport. The government began a comprehensive restructuring of the economy in 2003 - including elimination of price controls, privatization of the state banana company, and tax increases - to address Dominica's economic crisis and to meet IMF targets. In order to diversify the island's production base the government is attempting to develop an offshore financial sector and is planning to construct an oil refinery on the eastern part of the island.
GDP:
purchasing power parity - $380 million (2002 est.)
GDP - real growth rate:
-1% (2003 est.)
GDP - per capita:
purchasing power parity - $5,400 (2002 est.)
GDP - composition by sector:
agriculture: 18%
industry: 24%
services: 58% (2002 est.)
Population below poverty line:
30% (2002 est.)
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
1% (2001 est.)
Labor force:
25,000 (1999 est.)
Labor force - by occupation:
agriculture 40%, industry and commerce 32%, services 28%
Unemployment rate:
23% (2000 est.)
Budget:
revenues: $73.9 million
expenditures: $84.4 million, including capital expenditures of NA (2001)
Industries:
soap, coconut oil, tourism, copra, furniture, cement blocks, shoes
Industrial production growth rate:
-10% (1997 est.)
Electricity - production:
72.41 million kWh (2001)
Electricity - production by source:
fossil fuel: 47.1%
hydro: 52.9%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
67.35 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
600 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
bananas, citrus, mangoes, root crops, coconuts, cocoa; forest and fishery potential not exploited
Exports:
$39 million f.o.b. (2003 est.)
Exports - commodities:
bananas, soap, bay oil, vegetables, grapefruit, oranges
Exports - partners:
UK 21%, Jamaica 19.4%, Antigua and Barbuda 8.1%, US 8.1%, Guyana 6.5%, Japan 6.5%, Trinidad and Tobago 4.8% (2003 est.)
Imports:
$98.2 million f.o.b. (2003 est.)
Imports - commodities:
manufactured goods, machinery and equipment, food, chemicals
Imports - partners:
US 18.2%, China 17.7%, Trinidad and Tobago 14.4%, South Korea 9.1%, Japan 6.2%, UK 5.3% (2003 est.)
Debt - external:
$161.5 million (2001)
Economic aid - recipient:
$22.8 million (2003 est.)
Currency:
East Caribbean dollar (XCD)
Currency code:
XCD
Exchange rates:
East Caribbean dollars per US dollar - 2.7 (2003), 2.7 (2002), 2.7 (2001), 2.7 (2000), 2.7 (1999)
Fiscal year:
1 July - 30 June
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