Dominica
Economy

Dominica's currency is the East Caribbean Dollar. In 2008, Dominica had one of the lowest per capita gross domestic product (GDP) rates of Eastern Caribbean states. The country nearly had a financial crisis in 2003 and 2004, but Dominica's economy grew by 3.5% in 2005 and 4.0% in 2006, following a decade of poor performance. Growth in 2006 was attributed to gains in tourism, construction, offshore and other services, and some sub-sectors of the banana industry. Around this time the International Monetary Fund (IMF) praised the Government of Dominica for its successful macroeconomic reforms, but also pointed out remaining challenges, including the need for further reductions in public debt, increased financial sector regulation, and market diversification.

Agriculture and especially bananas once dominated Dominica's economy, and nearly one-third of the labour force worked in agriculture in the early 2000s. This sector, however, is highly vulnerable to weather conditions and to external events affecting commodity prices. In 2007, Hurricane Dean caused significant damage to the agricultural sector as well as the country's infrastructure, especially roads. In response to reduced European Union (EU) trade preferences for bananas from the former European colonies after the 2009 WTO decision, the government has diversified the agricultural sector by promoting the production of coffee, patchouli, aloe vera, cut flowers, and exotic fruits such as mango, guava and papaya, while the economy has become increasingly dependent on tourism.

The expected increase of Dominica's Citizenship by Investment (CBI) fees has been suspended with no implementation date in sight, as announced by Prime Minister Roosevelt Skerrit, in the 2016 budget speech.
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