The rank of Dominica from the poorest is 114 and from the richest is 89 with gdp measured in 2003 in atlas method is 3,360 $. In other methods such as IMF,WB, and CIA measured in 2007,2007, and 2008
IMF...................................................WB...............................................CIA
rank/measure...............................rank/measure......................................rank/measure
78/4,685......................................71/4,493.......................................84/4,297
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. The value of banana exports fell to less than
25% of merchandise trade earnings in 1998 compared to about 44% in 1994.
In view of the European Union's
announced 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
has also had some success in increasing its manufactured exports, with soap as
the primary product. Dominica also recently entered the offshore financial
services market.
Because Dominica is mostly volcanic and has few beaches, 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 (the East Caribbean
dollar) 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). Its 1996 exports to the U.S. were $7.7 million, and its U.S. imports were
$34 million. Dominica is also a member of the 15-member Caribbean Community
(CARICOM) and of the Organisation
of Eastern Caribbean States (OECS)..
