View the information below regarding the economy of Dominica. The summary and statistics contains
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GDP: $250 million.
GDP growth rate: -4.75 (2002 IMF estimate)
Per capita GDP: $3,424.
Natural resources: timber, water (hydropower), copper.
Agriculture (17% of GDP): Products--bananas, citrus, coconuts, cocoa, herbal oils and extracts.
Manufacturing (8.5% of GDP): Types--agricultural processing, soap and other coconut-based products, apparel.
Trade: Exports--$47.4 million (2001): bananas, citrus fruits, soap, and cocoa. Major markets--European Union (EU), CARICOM, U.S. (16%). Imports--$100 million (2001): machinery and equipment, foodstuffs, manufactured articles, cement. Major suppliers-OECS, CARICOM, U.S., Canada, EU, Japan.
Agriculture, with bananas as the principal crop, is still Dominica's economic mainstay. Banana production employs, directly or indirectly, upwards of one-third of the work force. This sector is highly vulnerable to weather conditions and to external events affecting commodity prices.
In view of the EU's phase-out of preferred access of bananas to its markets, agricultural diversification is a priority. Dominica has made some progress, with the export of small quantities of citrus fruits and vegetables and the introduction of coffee, patchouli, aloe vera, cut flowers, and exotic fruits such as mangoes, guavas, and papayas. Dominica also has had some success in increasing its manufactured exports, with soap as the primary product. Dominica also recently entered the offshore financial services market.
Dominica is mostly volcanic and has few beaches; therefore, development of tourism has been slow compared with that on neighboring islands. Nevertheless, Dominica's high, rugged mountains, rainforests, freshwater lakes, hot springs, waterfalls, and diving spots make it an attractive destination. Cruise ship stopovers have increased following the development of modern docking and waterfront facilities in the capital. Eco-tourism also is a growing industry on the island.
Dominica is a member of the Eastern Caribbean Currency Union (ECCU). The Eastern Caribbean Central Bank (ECCB) issues a common currency to all eight members of the ECCU. The ECCB also manages monetary policy, and regulates and supervises commercial banking activities in its member countries.
Dominica is a beneficiary of the U.S. Caribbean Basin Initiative (CBI). In 2001, exports totaled $47.4 million, with the U.S. receiving nearly 9% of these exports. Its imports totaled $100 million, 41% from the U.S. Dominica also is a member of the 14-member Caribbean Community and Common Market (CARICOM) and of the Organization of Eastern Caribbean States (OECS).