Dominica 

Dominica country policy

Policy established 30 November 1988

• Off cover
• Private buyers: SIF facility

Country class: 7

Dominica country facts

Atradius DSB Economic Research

Country Report last updated :  9 August 2007
Country :  DOMINICA 

Political Situation
Stable

Head of state : President Nicholas Liverpool. 

Form of government
Government of the Dominica Labour Party, headed by p.m. Roosevelt Skerrit.
 
Internal Economic Situation
Recovering From The 2001-’02 Crisis

General situation
In 2001-’02 Dominica experienced a deep economic and financial crisis (real GDP-fall of 10%) triggered by a decade long period of public sector overspending, drought, hurricanes and eventually 9/11/2001. Since then a moderate economic upswing is underway thanks to more tourist arrivals, construction, retail trade, real estate and finance. Poor infrastructure is still hampering the exploitation of the tourist potential of the country. Not too bad ranking on the Corruption Perception Index (53th of the 163), better than most other Caribbean countries. Low inflation.

External Economic Situation
Very Weak

Main sources of foreign exchange
Agricultural products (bananas), tourism.

Main foreign markets
EU (30%), Asia (13%), USA (5%).

Main expenses of foreign exchange
Construction material.

 
Balance of payments 
Huge trade deficits (appr. 30% GDP) are financed by tourist earnings and (mostly) concessional capital imports.