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Dominica Dominica

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Dominica

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EconomicPoliticalStructural

Dominica – Quick View
ECR score24.43 (Mar 2011)
ECR rank150 (Mar 2011)
Economic
GDP 2009USD 0.24 billion
GNI per capita PPPUSD 8,273
FDI inflow 2010USD 31.08 million
Inflation0.19%
Central bank assets December 2010USD 607.15 million
Unemployment rate14.4%
Government deficitUSD 4.47 million
Tax revenueUSD 34.79 million
Political
Government typeGovernment type
Recent political crisisNA
Economic freedom score 201172nd
Freedom of information score 2010NA
Corruption perception index 201044th
Structural
Birth rateNA
Population balanceUnder 14 – 29.5%
Population balanceAbove – 60 Males – 11.7%, Females – 15.1%
Life expectancy yearsMales – 72.6 years
Life expectancy yearsFemales – 78.6 years
Mortality rateNA
Literacy rate88%
Internet access37.8%

[Top] Economic Overview

The economy activity of Commonwealth of Dominica's is mainly dependent on agriculture and tourism. The tourism industry makes the second largest contribution towards economy, followed by soap export.

(Source: Central Bank)

Gross domestic product (GDP) and GDP growth rate

Gross Domestic Product (GDP) of Dominica increased steadily from 2006 to 2008. In 2009, the GDP was recorded at XCD 0.66 billion.

Dominica GDP and GDP growth rate (2000 prices)

(Source:National Statistics)

Gross national income

Gross National Income (GNI) per capita, PPP, for 2010 was USD 8,273.

Dominica GNI per capita, PPP (USD)

(Source: UNDP)

Tax rates

The tax rate on individual income ranges from 16% to 36%.

Income Tax rate

Taxable Income (XCD)

Tax Rate %

Up to 20,000

16

20,000 - 50,000

26

Over 50,000

36

(Source: taxrate.cc)

Corporate tax

Standard corporate tax in Dominica is 30%.

 

Tax rates

Tax contribution

Total tax rate (% profit)

Social Security contributions

7.9

Stamp duty on property transfer

1.5

Property tax

0.7

fuel tax

0.5

Business license

0.3

vehicle license

0.1

(Source: doingbusiness.org)

Inflation

The inflation rate of Dominica fluctuated from 2005 to 2009. In August 2010, the Inflation rate was registered at 0.19%.

Dominica Inflation rate (%)

(Source: central bank page 3, dominica.gov page 3)

Foreign direct investment (FDI)

In 2010, the Foreign Direct Investment (FDI) was recorded at XCD 83.34 million.

Dominica FDI (XCD million)

(Source: Central Bank page 34)

Central bank assets

The table below displays the assets of the Central Bank of Dominica.

Currency Unit: Dollar (XCD)

Balance Sheet – Assets of Commercial Bank of Dominica (XCD million)

 

December 2010

December 2009

Claims On Central Bank

112.599

99.038

Other ECCB Area Banks

260.587

269.272

Loans and Advances

850.118

773.814

Investments

113.884

95.065

Foreign Assets

159.278

214.003

Other Assets

142.712

148.686

Total Assets

1,639.178

1,599.878

(Source: Central Bank page 1)

[Top] Financial Indicators & Government Financial

Consumer price index (CPI)

Consumer Price Index (CPI) has been continually growing since 2005. In August 2010 the CPI was recorded at 123.46.  

Dominica Consumer Price Index

(Source: Central Bank page 3, dominica.gov page 3)

Interest rate

The interest rates on saving deposits for 2006 had a minimum of 3.00% and a maximum of 4.25%. However, the interest rates on fixed deposits for 3 months were between 1.00% (min) and 3.00% (max).

For a 6 month-period, minimum interest rate was registered at 1.00% and the maximum was 3.25%.

For 12 month-period, minimum and maximum rates were 1.00% and 3.50% respectively.

(Source: National Statistics)

Money supply

Dominica Money supply

 

(Source:Central Bank: pg 3)

P – Projected

Government expenditure

Dominica Total expenditure (XCD million)

(Source: IMF)

e = estimated

Exchange rate

The exchange rate is XCD 2.6882 per USD buying, and XCD 2.7169 per USD selling. (April 2011)

(Source: Central Bank)

Government finances

Fiscal balance

In 2010, the fiscal balance recorded a deficit of XCD 12 million.

Dominica Fiscal Balance (XCD million)

(Source: IMF)

Total revenue

The total revenue was estimated to decrease from XCD 466 million in 2009 to XCD 451 million in 2010.

Dominica Total revenue (XCD million)

(Source: IMF)

Tax revenue

The revenue from tax in the second quarter of 2010 was XCD 93.29 million, compared to XCD 88.31 million in the corresponding period of 2009.

(Source: Central Bank page 91)

Current account balance - surplus/deficit

The current balance registered a surplus of XCD 24.94 million in Q2 2010 as compared to XCD 24.36 million in the corresponding period of 2009.

 

Dominica Current Account Balance (XCD million)

(Source: Central Bank page 91)

Balance of payments

Balance of Payments (XCD million)

 

2010

2009

2008

2007

2006

Current Account

- 318.08

- 275.89

- 319.43

- 234.76

- 134.60

Capital Account Balance

314.14

276.33

295.58

2 23.85

149.92

Financial Account

195.60

157.58

140.18

67.32

74.44

NET ERRORS AND OMISSIONS

2 0.90

7.34

14.77

5 4.97

-2.36

Overall balance

3 6.23

-3.57

- 9.07

5 5.41

-6.30

(Source: Central Bank page 34)

[Top] Labour Force and Employment Overview

Labour force

The country had total labour force of 48,287 in 2001, in which 27,865 were economically active. About 24,811 labourers were employed and 3,054 were unemployed.

(Source: National Statistics)

Unemployment rate

Unemployment for 2010 was estimated to be 14.4%

(Source: dominicantoday)

Minimum wage

In 2011, Dominica’s minimum wage is recorded at XCD 5.00 per hour for both public and private workers.

(Source: minimum-wage.org)

Level of unionisation

The various trade unions in the country include:

  • Dominica Amalgamated Workers' Union (DAWU)
  • Dominica Trade Union (DTU)
  • Waterfront & Allied Workers' Union (WAWU)

 (Source: ICFTU)

[Top] Political Stability

Commonwealth of Dominica is a Parliamentary Democracy, and the country enjoys universal adult suffrage.

The House of Assembly is the Parliament of the country and is unicameral. There are 32 members in parliament, of which 21 are directly elected. 

Role of President is nominal in the state of Dominica.  The position is elected by Parliament and for a term of five years.

Currently, Dr. Nicholas Liverpool is the President, and Roosevelt Skeritt is the Prime Minister of the country.

(Source: BBC)

The major political parties in the country include:

  • The Dominica Freedom Party (DFP)
  • The Dominica Labour Party (DLP)
  • United Workers Party (UWP).

(Source: IPU, dominican.net, dominica.gov)

Regulatory environment

Dominicastands 72nd on the 2011 Index of Economic Freedom, with a score of 63.3. The country is ranked 15th amongst the 29 countries of South and Central America/Caribbean region.

Dominica Economic Freedom Index

(Source:heritage.org)

 

Corruption

The Corruption Perceptions Index (CPI) is a survey that measures the perceived level of corruption across countries worldwide. Dominica is ranked 44th out of 178 countries in the 2010 index, with score of 5.2, indicating a low rate of corruption in the country.

 (Sources: Transparency.org)

Freedom of information

Media in Dominica is free from government interference.

(Source: BBC)

The various newspapers in the country include:

  • The Chronicle
  • The Times
  • The Sun
  • The Tropical Star

(Source: BBC)

Judicial system

The judiciary in Dominica consists of

  • The Judicial Committee
  • The Magistrate Court
  • The High Court
  • The Court of Appeal

The Judicial system of Commonwealth of Dominica is independent. The Judicial Committee of the Privy Council in London is the highest court of law . The Magistrate Court is the lowest level of judiciary, dealing with criminal and minor civil matters. The High Court deals with serious criminal and civil cases. The Court of Appeal deals with the appeals which are forwarded from the high court and the magistrate court.

(Source: dominican.net)

[Top] Demographic Overview

Population

In 2009, the total population was 70,382, of which 34,910 were females. 

(Source: worldstat.info)       

Dominica Population by gender, 2009 (%)

Gender Ratio   

In 2009, there were 103.7 males per 100 females, reflecting a balanced gender ratio in the country.

(Source: un.org)

The population below 14 created 29.5% of the total population. In 2009, 15.1% women, and 11.7% men were aged above 60.

(Source: un.org)

Average life expectancy rate

Theaverage life expectancy in 2010 was estimated to be 75.6 years. The average life expectancy of males was estimated to be 72.6 years, while females were expected to live to about 78.6.

(Source: worldstat.info)

Migration and urbanisation

International migrant stock till mid 2010 was recorded at 0.8 thousand people making up 0.3% of the population.

(Source: un.org)

The latest figures reveal that the urban population in the country grew at an annual rate of 0.2%. For the same period, the rural population declined at a slower rate of 1.7% per year.

(Source: un.org)

Ethnicity

The various ethnic groups in the country include people of African, European, Syrian and Carib Amerindians descent. The various religions in the country include Roman Catholics, Protestant Islams, Jehovah's Witnesses, Nazarenes, Baha'is, Rastafarians, Anglicans, people of the Church of Christs, and Brethren Christians.

(Source: State.gov)

Human development index

The country is not included in the Human Development Index 2010 conducted by the United Nations.

(Source: UNDP)

[Top] Soft Infrastructure

Literacy rate

The adult literacy rate is estimated to be 88%.

(Source: eclacpos.org)

Education resource

The Ministry of Education and Human Resource Development in Commonwealth of Dominica is responsible for the primary and secondary education and supports tertiary education. Additonally, the ministry is accountable for setting up new policies and standards in the education system.

Education system of Dominica consists of four main levels, pre-primary, primary, secondary and tertiary.

(Source: unesco.org, dominica.gov)

Health

Health care services in Dominica are basically structured with two levels of services, primary health care services and secondary health care services. Health care is well-organized and responseds adequately to the needs of the population.  In total there are 7 health centers and 44 clinics located throughout the country.

Primary health care services are structured by seven health care districts of the country. Every health care district is provided with a Type I clinics, where, on average, 600 people are served within a five-mile radius. Types II and III health centers offer inclusive health care services. Type III health centers are the district’s administrative headquarters location.

Princess Margaret Hospital provides services to secondary health care. Currently secondary health care consist of 195 beds. As per rule, medical services are accessed through inpatient, outpatient, and casualty facilities.

(Source: paho.org)

[Top] Hard Infrastructure

Ports

In total there are three ports in Dominica. Port of Portsmouth, Port of Roseau and Port of Woodbridge Bay in Dominica

(Source: worldportsource.com)

Airports

Town

Airport name

Runway length (ft.)

Roseau

Canefield Intl

2,500

Roseau

Melville Hall

4,800

(Source: Aircraft World Charter)

Telecommunications

Dominica Fixed telephone lines

(Source: itu.int)

The number of fixed telephone line users declined from 19,000 in 2005 to 17,500 in 2009.

Mobile cellular subscriptions

Dominica Mobile cellular subscription

(Source: itu.int)

In 2009, the numbers of mobile cellular subscription users in Dominica was recorded at 106,000 as compared to 100,000 in 2008.

Internet Users

In 2010, there were about 27,500 internet users reflecting a penetration rate of 37.8%.

(Source: Internet World Stats)

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