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Dominica banking
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Information
Economy—overview: Economic reforms launched in late 1994 contributed to exchange rate stabilization reduced inflation and strong GDP growth in 1995-96. In 1996 there was increased mineral and petroleum exploration and a new investment law that allows for repatriation of capital dividends has drawn more investment to the island. Upon coming to power in August 1996 President FERNANDEZ nevertheless inherited a trouble-ridden economy hampered by a pressured peso a large external debt nearly bankrupt state-owned enterprises and a manufacturing sector hindered by daily power outages. In December FERNANDEZ presented a bold economic reform package—including such reforms as the devaluation of the peso income tax cuts a 50% increase in sales taxes reduced import tariffs and increased gasoline prices—in an attempt to create a market-oriented economy that can compete internationally. Even though reforms are moving ahead at a slow pace the economy grew vigorously in 1997 with tourism and telecommunications leading the advance. The government is working to increase electric generating capacity a key to continued economic growth.
GDP: purchasing power parity—$38.3 billion (1997 est.)
GDP—real growth rate: 7% (1997 est.)
GDP—per capita: purchasing power parity—$4 700 (1997 est.)
GDP—composition by sector:
agriculture: 15%
industry: 22%
services: 63% (1995)
Inflation rate—consumer price index: 10.9% (1997 est.)
Labor force: 2.3 million to 2.6 million
by occupation: agriculture 50% services and government 32% industry 18% (1991 est.)
Unemployment rate: 30% (1996 est.)
Budget:
revenues: $2 billion
expenditures: $2 billion including capital expenditures of $994 million (1996 est.)
Industries: tourism sugar processing ferronickel and gold mining textiles cement tobacco
Industrial production growth rate: 6.3% (1995 est.)
Electricity—capacity: 1.447 million kW (1995)
Electricity—production: 6.5 billion kWh (1995)
Electricity—consumption per capita: 865 kWh (1995)
Agriculture—products: sugarcane coffee cotton cocoa tobacco rice beans potatoes corn bananas; cattle pigs dairy products meat eggs
Exports:
total value: $815 million (f.o.b. 1996)
commodities: ferronickel sugar gold coffee cocoa
partners: US 45% EU 34% Canada Japan Puerto Rico (1995)
Imports:
total value: $3.7 billion (f.o.b. 1996)
commodities: foodstuffs petroleum cotton and fabrics chemicals and pharmaceuticals
partners: US 44% EU 16% Venezuela 11% Netherlands Antilles Mexico Japan (1995)
Debt—external: $3.6 billion (1997)
Economic aid:
recipient: ODA $21 million (1993)
Currency: 1 Dominican peso (RD$) = 100 centavos
Exchange rates: Dominican pesos (RD$) per US$1—14.332 (December 1997) 14.265 (1997) 13.775 (1996) 13.597 (1995) 13.160 (1994) 12.676 (1993)
Fiscal year: calendar year
Source - world66.com
*If you have assets worth $300,000 USD or more and would like it safeguarded in an Dominica Bank Account, click here for a consultation request..