Confidus Solutions logotype

Confidus Solutions

Economy of Dominica

Dominica is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Dominica may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Dominica exports around $0.04 billion and imports roughly $0.22 billion. 13.8% of population in the country are unemployed. The total number of unemployed people in Dominica is 10,255. In Dominica, 29% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Dominica is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 4.7% of GDP. Dominica has a Human Development Index (HDI) of 0.717. Dominica has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Dominica is 2.089. The strength of legal rights index for Dominica is 6. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.

Currency

The currency of Dominica is eastern caribbean dollar. The plural form of the word eastern caribbean dollar is dollars. The symbol used for this currency is $, and it is abbreviated as XCD. The eastern caribbean dollar is divided into Centime; there are 100 in one eastern caribbean dollar.

Credit rating

Credit rating is the extent to which international investors trust a country in paying debts and upholding the country's obligations in terms of crediting. There is no information on the credit rating of Dominica.

Central bank

The prime lending rate of Dominica's commercial banks is 9.1. In Dominica, the institution that manages the state's currency, money supply, and interest rates is called Eastern Caribbean Central Bank. The average deposit interest rate offered by local banks in Dominica is 2.9%.

Public debt

Dominica has a government debt of 4.8% of the country's Gross Domestic Product (GDP), as assessed in 2013.

Tax information

The corporate tax in Dominica is set at 30%. Personal income tax ranges from 0% to 35%, depending on your specific situation and income level. VAT in Dominica is 15%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Dominica is $790 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Dominica was last recorded at $11 million. PPP in Dominica is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Dominica is 0 billion. Based on this statistic, Dominica is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Dominica was last recorded at $0 million. The average citizen in Dominica has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Dominica averaged 1.4% in 2014. According to this percentage, Dominica is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Dominica.

Industry

Major industries in the country are soap, coconut oil, tourism, copra, furniture, cement blocks, shoes. The total labor force of Dominica is 32,630 people, wherein 13.8% of population in the country are unemployed. The total number of unemployed people in Dominica is 10,255. The Industrial Production growth rate of Dominica is -1%.To read more about industrial information within Dominica click on industry of Dominica.

Agriculture

There are 50 km2 of arable land in Dominica, and it comprises 7% of the country's total territory. There are 211 km2 of cultivated land in Dominica. The country's major agricultural crops and products are bananas, citrus, mangos, root crops, coconuts, cocoa.To read more about agriculture click on agriculture of Dominica.