Dominica Economy 1997

Economy - overview The economy is dependent on agriculture and thus is highly vulnerableto climatic conditions, notably tropical storms. Agriculture, primarily bananas,accounts for 26% of GDP and employs 40% of the labor force. Development ofthe tourist industry remains difficult because of the rugged coastline, lackof beaches, and the lack of an international airport. Hurricane Luis devastatedthe country's banana crop in September 1995; tropical storms had wiped outone-quarter of the crop in 1994 as well. The government is attempting to developan offshore financial industry in order to diversify the island's productionbase.

GDP purchasing power parity - $208 million (1996 est.)

GDP - real growth rate 1.7% (1996 est.)

GDP - per capita purchasing power parity - $2,500 (1996 est.)

GDP - composition by sector
agriculture: 26%
industry: NA%
services : NA% (1995)

Inflation rate - consumer price index 1.2% (1996 est.)

Labor force
total : 25,000
by occupation: agriculture 40%, industry and commerce 32%, services 28% (1984)

Unemployment rate 15% (1992 est.)

Budget
revenues : $80 million
expenditures: $95.8 million, including capital expenditures of $NA (FY95/96 est.)

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

Industrial production growth rate -10% (1994 est.)

Electricity - capacity 15,000 kW (1994)

Electricity - production 52 million kWh (1994)

Electricity - consumption per capita 479 kWh (1994 est.)

Agriculture - products bananas, citrus, mangoes, root crops, coconuts; forestry and fisheriespotential not exploited

Exports
total value : $40 million (f.o.b., 1996)
commodities: bananas 70%, soap, bay oil, vegetables, grapefruit, oranges
partners: UK 55%, Caricom countries, Italy, US

Imports
total value: $122 million (f.o.b., 1996)
commodities : manufactured goods, machinery and equipment, food, chemicals
partners: US 25%, Caricom, UK, Japan, Canada

Debt - external $110 million (1996 est.)

Economic aid
recipient : ODA, $NA

Currency 1 EC dollar (EC$) = 100 cents

Exchange rates East Caribbean dollars (EC$) per US$1 - 2.70 (February 1997; fixed ratesince 1976)

Fiscal year 1 July - 30 June

NOTE: The information regarding Dominica on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Dominica Economy 1997 information contained here. All suggestions for corrections of any errors about Dominica Economy 1997 should be addressed to the CIA.