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Economy - overview:
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The Dominican economy depends on agriculture, primarily bananas, and remains highly vulnerable to climatic conditions and international economic developments. Hurricane Luis devastated the country's banana crop in 1995 after tropical storms wiped out a quarter of the 1994 crop. The economy subsequently has been fueled by increases in construction, soap production, and tourist arrivals. Development of the tourism industry remains difficult however, because of the rugged coastline, lack of beaches, and the absence of an international airport. Economic growth is sluggish, and unemployment is greater than 20%. The government has been attempting to develop an offshore financial sector in order to diversify the island's production base.
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GDP:
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purchasing power parity - $380 million (2002 est.)
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GDP - real growth rate:
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1.2% (2002 est.)
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GDP - per capita:
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purchasing power parity - $5,400 (2002 est.)
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GDP - composition by sector:
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agriculture: 18%
industry: 24%
services: 58% (2002 est.)
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Population below poverty line:
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30% (2002 est.)
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Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA%
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Inflation rate (consumer prices):
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1% (2001 est.)
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Labor force:
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25,000
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Labor force - by occupation:
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agriculture 40%, industry and commerce 32%, services 28%
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Unemployment rate:
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23% (2000 est.)
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Budget:
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revenues: $73.9 million
expenditures: $84.4 million, including capital expenditures of $NA (2001)
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Industries:
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soap, coconut oil, tourism, copra, furniture, cement blocks, shoes
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Industrial production growth rate:
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-10% (1997 est.)
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Electricity - production:
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72.41 million kWh (2001)
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Electricity - production by source:
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fossil fuel: 47.1%
hydro: 52.9%
other: 0% (2001)
nuclear: 0%
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Electricity - consumption:
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67.35 million kWh (2001)
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Electricity - exports:
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0 kWh (2001)
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Electricity - imports:
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0 kWh (2001)
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Oil - production:
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0 bbl/day (2001 est.)
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Oil - consumption:
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600 bbl/day (2001 est.)
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Oil - exports:
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NA (2001)
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Oil - imports:
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NA (2001)
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Agriculture - products:
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bananas, citrus, mangoes, root crops, coconuts, cocoa; forest and fishery potential not exploited
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Exports:
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$50 million f.o.b. (2002 est.)
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Exports - commodities:
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bananas, soap, bay oil, vegetables, grapefruit, oranges
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Exports - partners:
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UK 36.1%, Jamaica 18%, US 7.5%, Antigua and Barbuda 6.4%, Guyana 5.4%, Trinidad and Tobago 4.4% (2002)
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Imports:
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$135 million f.o.b. (2002 est.)
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Imports - commodities:
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manufactured goods, machinery and equipment, food, chemicals
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Imports - partners:
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China 23.9%, US 23.7%, Trinidad and Tobago 11.9%, South Korea 7.6%, UK 7.3%, Japan 4.5% (2002)
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Debt - external:
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$161.5 million (2001)
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Economic aid - recipient:
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$24.4 million (1995)
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Currency:
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East Caribbean dollar (XCD)
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Currency code:
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XCD
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Exchange rates:
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East Caribbean dollars per US dollar - 2.7 (2002), 2.7 (2001), 2.7 (2000), 2.7 (1999), 2.7 (1998)
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Fiscal year:
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1 July - 30 June
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