About Dominican Republic and Key Financial Statistics

About Dominican and Key Financial Statistics

Overview of Economy:

The Dominican economy has been dependent on agriculture - primarily bananas - in years past, but increasingly has been driven by tourism as the government seeks to promote Dominica as an "ecotourism" destination. Moreover, Dominica has an offshore medical education sector. In order to diversify the island's economy, the government is also attempting to foster an offshore financial industry and plans to sign agreements with the private sector to develop geothermal energy resources. In 2003, the government began a comprehensive restructuring of the economy - including the elimination of price controls, privatization of the state banana company, and tax increases - to address an economic and financial crisis and to meet IMF requirements. In 2009 and 2013, the economy contracted as a result of the global recession; growth remains anemic. Although public debt levels continue to exceed pre-recession levels, the debt burden declined from 78% of GDP in 2011 to approximately 70% in 2012.

Gross Domestic Product (In USD):

$790 million (2014 est.)

$760.5 million (2013 est.)

$756 million (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 14.8

% Industry: 14.3

% Services: 70.9

Composition of Labor Force by Occupation:

% Agriculture: 40

% Industry: 32

% Services: 28

Per Capita Income:

$11,200 (2014 est.)

$10,700 (2013 est.)

$10,700 (2012 est.)

Exports:

$38.6 million (2014 est.)

$41 million (2013 est.)

Key Export Commodities:

bananas, soap, bay oil, vegetables, grapefruit, oranges

Export Partners:

Japan 35.7%, Jamaica 18.4%, Antigua and Barbuda 10.1%, Trinidad and Tobago 6.3%, St. Lucia 4.6%, St. Kitts and Nevis 4% (2014)

Imports:

$186.9 million (2014 est.)

$178.6 million (2013 est.)

Key Import Commodities:

manufactured goods, machinery and equipment, food, chemicals

Import Partners:

Japan 40%, Trinidad and Tobago 16.9%, US 12%, China 7% (2014)

Inflation Rate (Consumer Price Index):

0.8% (2014 est.)

0% (2013 est.)

Exchange Rate to USD:

East Caribbean dollars (XCD) per US dollar -

2.7 (2014 est.)

2.7 (2013 est.)

2.7 (2012 est.)

2.7 (2011 est.)

2.7 (2010 est.)

Unemployment Rate:

23% (2000 est.)

S&P Rating:

Standard & Poor's Ratings:

• • AAA: The best quality borrowers, reliable and stable

  • AA: Quality borrowers, a bit higher risk than AAA

  • A: Economic situation can affect finance

  • BBB: Medium class borrowers, which are satisfactory at the moment

  • BB: More prone to changes in the economy

  • B: Financial situation varies noticeably

  • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings