Economy of Dominica

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The ”’economy of Dominica”’ is reliant upon [[agriculture]], particularly bananas, with the financial services industry becoming increasingly the island’s largest source of income. [[Banana]] production employs, directly or indirectly, upwards of one-third of the work force. This sector is highly vulnerable to weather conditions and to external events affecting commodity prices. The value of banana exports fell to less than 25% of merchandise trade earnings in 1998 compared to about 44% in 1994.

The ”’economy of Dominica”’ is reliant upon [[agriculture]], particularly bananas, with the financial services industry and passport sales<ref>https://citizenshipshop.com/product/dominica/#:~:text=The%20funds%20from%20citizenship%20program,over%2012000%20passports%20since%202003.</ref> becoming increasingly the island’s largest source of income. [[Banana]] production employs, directly or indirectly, upwards of one-third of the work force. This sector is highly vulnerable to weather conditions and to external events affecting commodity prices. The value of banana exports fell to less than 25% of merchandise trade earnings in 1998 compared to about 44% in 1994.

In view of the [[European Union]]’s announced phase-out of preferred access of bananas to its markets, [[agricultural diversification]] is a priority. [[Dominica]] has made some progress, with the export of small quantities of citrus fruits and vegetables and the introduction of [[coffee]], [[patchouli]], [[aloe vera]], [[cut flowers]], and exotic fruits such as [[mango]]es, [[guava]]s, and [[papaya]]s. Dominica has also had some success in increasing its manufactured exports, with soap as the primary product. Dominica also recently entered the offshore financial services market.

In view of the [[European Union]]’s announced phase-out of preferred access of bananas to its markets, [[agricultural diversification]] is a priority. [[Dominica]] has made some progress, with the export of small quantities of citrus fruits and vegetables and the introduction of [[coffee]], [[patchouli]], [[aloe vera]], [[cut flowers]], and exotic fruits such as [[mango]]es, [[guava]]s, and [[papaya]]s. Dominica has also had some success in increasing its manufactured exports, with soap as the primary product. Dominica also recently entered the offshore financial services market.