© 2007 International Monetary Fund
September 2007
IMF Country Report No. 07/324
Dominica: Statistical Appendix
This Statistical Appendix for Dominica was prepared by a staff team of the International Monetary
Fund as background documentation for the periodic consultation with the member country. It is based
on the information available at the time it was completed on July 2, 2007. The views expressed in this
document are those of the staff team and do not necessarily reflect the views of the government of
Dominica or the Executive Board of the IMF.
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International Monetary Fund
Washington, D.C.
INTERNATIONAL MONETARY FUND
DOMINICA
Statistical Appendix
Prepared by a staff team consisting of Goohoon Kwon, Mario Dehesa,
Nkunde Mwase (all WHD), and Pedro Rodriguez (PDR)
Approved by Western Hemisphere Department
July 2, 2007
Contents
Page
Basic Data .....................................................................................................................................3
Tables
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
GDP at Constant (1990) Factor Cost, 2002–06.....................................................................5
GDP at Current Factor Cost, 2002–06 ..................................................................................6
Aggregate Domestic Expenditure at Current Market Prices, 2002–06 .................................7
Saving and Investment, 2002–06 ..........................................................................................8
Selected Agricultural Production, 2002–06 ..........................................................................9
Selected Data on the Banana Industry, 2002–06.................................................................10
Selected Industrial Production, 2002–06.............................................................................11
Consumer Price Indices, 2002–06.......................................................................................12
Petroleum Imports and Retail Prices, 2002–06 ...................................................................13
Summary Accounts of the Consolidated Public Sector, 2001/02–2005/06 ........................14
Summary Accounts of the Central Government, 2001/02–2005/06 ...................................18
Central Government Revenue and Grants, 2001/02–2005/06.............................................20
Central Government Expenditure, 2001/02–2005/06 .........................................................22
Public Sector Investment, 2001/02–2005/06.......................................................................23
Central Government Domestic Debt, 2002–2006 ...............................................................24
Consolidated Accounts of the Public Enterprises, 2001/02–2005/06 .................................25
Monetary Survey, 2002–06 .................................................................................................28
Balance Sheet of the Monetary Authorities, 2002–06 ........................................................29
Consolidated Balance Sheet of Commercial Banks, 2002–06 ............................................30
Sectoral Distribution of Loans and Advances of
Commercial Banks, 2002–06 ...........................................................................................31
21. Interest Rates, 2002–06 .......................................................................................................32
22. Financial Accounts of the Dominica Agricultural and
Development Bank, 2002–06 ...........................................................................................33
23. Consolidated Balance Sheet of the Major Credit Unions, 2002–06....................................34
2
24.
25.
26.
27.
28.
29.
30.
31.
Balance of Payments, 2002–06 ...........................................................................................35
Exports by Major Commodities, 2002–06 ..........................................................................37
Imports by Product Type, 2002–06 .....................................................................................38
Direction of Trade, 2002–06 ...............................................................................................39
Terms of Trade, 2002–06 ....................................................................................................40
Tourism Statistics, 2002–06 ................................................................................................41
Effective Exchange Rate Indices, 2002–06.........................................................................42
External Public and Publicly Guaranteed Debt by Creditor, 2002–06................................43
3
Dominica: Basic Data
I. Social and Demographic Indicators
Area (sq. km.)
754
Population (2005)
Total
Annual rate of growth (percent)
Density (per sq. km.)
GDP per capita (US$)
Population characteristics (2004)
Life expectancy at birth (years)
Infant mortality (per thousand live births)
72,000
0.7
95.5
3,948
Education (2004)
Adult literacy
88.0
Health (2004)
Access to portable water, (% po
Population per physician ('000s)
97.0
2
GDP (2005)
Millions of E.C. dollars
Millions of U.S. dollars
75.6
13
767.5
284.3
II. Economic Indicators
2003
2004
2005
Est.
2006
18.4
13.6
59.2
18.5
13.6
59.1
17.9
13.5
59.7
17.8
13.4
59.8
0.1
0.9
1.6
2.9
3.0
2.1
2.4
0.8
3.3
1.5
1.6
2.7
4.0
1.9
2.6
1.6
20.8
25.5
28.6
30.1
27.0
7.5
15.2
5.6
69.8
22.3
9.4
19.7
5.7
68.3
21.0
12.0
21.2
7.4
68.6
19.3
11.4
8.0
22.2
76.0
19.0
11.1
21.8
5.2
73.4
19.1
32.5
37.9
40.0
41.3
38.9
39.8
41.1
39.9
...
...
5.5
5.1
-5.0
-5.4
5.8
10.5
-0.2
-1.3
5.8
9.3
1.7
-0.9
5.4
9.9
2.9
1.2
...
...
...
...
-2.0
6.2
-3.5
2.4
12.4
-0.3
4.0
11.3
-1.1
4.9
11.3
1.5
...
...
...
2002
(In percent of GDP)
Origin of GDP
Agriculture, mining and quarrying
Manufacturing and construction
Services
19.0
12.8
59.4
(Annual percentage changes, unless otherwise indicated)
National accounts and prices
Real GDP
GDP deflator (factor cost)
Consumer price index (period average)
Consumer price index (end of period)
-5.1
-0.2
0.1
0.4
(In percent of GDP)
Gross domestic investment
Of which
Public investment
Gross national savings 1/
External savings 1/
Private consumption
Public consumption
Public finances 2/
Central government
Total revenues and grants
Total expenditure
Of which
Interest payments
Fixed investment
Current account balance
Overall balance
Consolidated public sector
Current account balance
Capital investment
Overall balance
4
Dominica: Basic Data
2002
2003
2004
2005
Est.
2006
(12-month percentage changes, unless otherwise indicated)
Money and credit
Broad money
Money
Quasi money
Net domestic assets of the banking system 3/
Of which
Credit to the nonfinancial public sector (net) 3/
Credit to the nonfinancial private sector 3/
Weighted average lending rate (in percent)
8.5
16.5
6.8
-10.8
1.0
1.2
0.9
-16.4
5.9
3.1
6.6
-2.1
6.7
28.6
1.6
14.7
9.6
-3.3
13.4
-8.0
-5.4
-1.3
11.0
-4.3
-2.3
11.8
-5.1
5.4
9.8
-1.2
4.6
9.9
-10.8
8.5
9.2
(In millions of U.S. dollars, unless otherwise indicated)
Balance of payments
Current account
Merchandise trade balance
Exports
Imports
Services, income, and transfers (net)
Of which
Interest paid on public debt
Capital and financial account
Public sector
Private sector (including errors and omissions)
Change in net international reserves (- increase) 4/
-34.7
-58.7
43.6
102.4
24.0
-8.8
-33.6
-70.8
41.0
111.8
37.3
-8.0
-46.9
-84.9
42.8
127.8
38.0
-8.6
-83.8
-102.9
43.0
145.9
19.1
-10.7
-58.3
-104.3
42.5
146.8
45.9
-6.5
32.1
43.4
3.4
-12.1
22.4
24.8
10.2
-1.4
22.1
23.1
-1.9
10.3
71.0
14.0
61.5
-4.0
51.2
30.7
34.1
-14.3
17.2
40.4
-13.7
-1.8
-11.5
-1.5
15.9
43.4
-13.0
-6.0
9.3
-2.2
15.8
47.0
-17.3
4.5
14.2
-3.2
15.1
51.3
-29.5
0.4
14.2
-3.5
14.1
48.7
-19.4
-1.1
0.6
-0.6
International reserve position and
external debt (as of December 31)
Net official reserves 4/
Net reserves of the banking system
43.6
71.8
44.0
107.0
33.6
123.6
37.6
106.2
51.9
147.1
External public debt
External public debt service ratio 5/
79.6
11.8
84.6
19.5
80.6
20.7
74.8
17.5
70.9
13.0
Merchandise exports (in percent of GDP)
Merchandise imports (in percent of GDP)
Current account (in percent of GDP)
Merchandise exports (in US$, annual percentage change)
Merchandise imports (in US$, annual percentage change)
Real effective exchange rate (12-month percentage change)
IMF data (as of April 30, 2007)
Membership status: joined December 12, 1978
Intervention currency and rate
Quota
Fund holdings of EC dollars (Dominica)
(As percent of quota)
Outstanding purchases and loans
SDR department
Net cumulative allocation
Holdings
Article VIII
U.S. dollar at EC$2.70 per U.S. dollar
SDR 8.20 million
SDR 9.24 million
112.7 percent
SDR 8.74 million
SDR 0.59 million
SDR 0.07 million
Sources: Dominican authorities; and Fund staff estimates.
1/ Calculated using the external current account including net external capital transfers. The 2005 data include one-off imports.
2/ These data are presented on a fiscal year (July-June) basis. Figures shown for a given calendar year
relate to the fiscal year beginning on July 1 of that year.
3/ Change relative to broad money stock at the beginning of the period.
4/ Imputed reserves at the Eastern Caribbean Central Bank.
5/ In percent of exports of goods and nonfactor services. Data are on prerestructuring terms up to 2005, and on postrestructuring terms for creditors participating in the debt restructuring and on prerestructuring terms for nonparticipating creditors.
5
Table 1. Dominica: GDP at Constant (1990) Factor Cost
2002
2003
2004
2005
Prel.
2006
(In millions of 1990 Eastern Caribbean dollars)
GDP at 1990 factor cost
Agriculture
Crops
Livestock
Forestry
Fishing
Manufacturing
Mining and quarrying
Electricity and water
Construction
Wholesale and retail trade
Hotels and restaurants
Transport
Road transport
Sea transport
Air transport
Communications
Banks and insurance
Real estate and housing
Government services
Other services
Less imputed service charge
415.2
76.1
56.5
7.6
3.5
8.6
26.5
2.7
20.4
26.9
55.0
10.5
36.7
19.4
13.6
3.7
48.9
53.3
16.0
88.8
6.4
52.9
415.5
73.5
53.6
7.7
3.5
8.8
26.7
3.0
20.1
30.0
56.9
10.2
39.0
22.2
13.0
3.8
35.9
55.2
16.3
87.0
6.3
44.4
428.2
76.1
55.9
7.7
3.5
8.9
27.4
3.1
21.1
30.9
58.8
11.3
42.9
24.6
14.4
4.0
37.2
58.1
16.6
86.3
6.5
48.2
442.5
75.8
54.9
8.1
3.5
9.3
27.5
3.2
22.5
32.0
61.7
12.1
43.1
24.6
14.1
4.3
40.4
63.4
17.2
86.0
6.9
49.2
460.1
78.3
56.1
8.4
3.5
10.4
27.0
3.5
23.4
34.7
63.9
13.9
46.0
25.9
15.3
4.7
42.5
67.2
18.0
87.3
7.1
52.6
GDP at 1990 factor cost
Agriculture
Crops
Livestock
Forestry
Fishing
Manufacturing
Mining and quarrying
Electricity and water
Construction
Wholesale and retail trade
Hotels and restaurants
Transport
Road transport
Sea transport
Air transport
Communications
Banks and insurance
Real estate and housing
Government services
Other services
Less imputed service charge
(In percentage change)
-5.1
0.1
-0.7
-3.4
-1.3
-5.1
0.9
1.2
0.9
0.3
1.4
2.1
-2.3
0.9
-25.5
11.3
0.6
-1.9
-25.6
11.4
-5.2
3.4
-3.3
-3.1
-13.1
6.3
-18.3
14.7
-8.1
-4.3
0.8
1.9
-1.6
-26.5
-5.8
3.6
0.9
2.0
3.5
-2.0
4.6
-1.9
2.9
-16.0
3.0
3.5
4.3
1.0
0.3
2.0
2.8
4.2
5.2
3.3
3.3
11.7
10.0
10.5
10.5
5.8
3.5
5.2
2.0
-0.7
2.7
8.4
3.3
-0.4
-1.8
5.0
0.3
3.6
0.5
3.5
6.4
3.5
5.0
6.5
0.3
0.2
-1.7
8.2
8.5
9.2
3.5
-0.4
6.3
2.2
4.0
3.4
2.2
3.0
0.3
12.0
-2.0
8.5
4.3
8.5
3.5
15.0
6.7
5.3
8.5
9.0
5.3
6.0
4.5
1.5
3.0
7.0
Source: Central Statistical Office, Ministry of Finance.
6
Table 2. Dominica: GDP at Current Factor Cost
2002
2003
2004
Prel.
2005.0
611.4
114.5
90.6
8.6
3.7
11.5
5.2
50.8
39.3
50.7
77.4
17.7
54.9
29.4
20.6
5.0
27.0
69.1
22.7
123.7
10.9
52.4
641.3
115.2
90.6
9.0
3.7
11.8
51.9
5.8
41.3
56.1
82.6
18.8
56.6
30.0
21.2
5.4
28.4
76.2
23.7
126.3
11.8
53.5
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
100.0
18.7
14.8
1.4
0.6
1.9
0.9
8.3
6.4
8.3
12.7
2.9
9.0
4.8
3.4
0.8
4.4
11.3
3.7
20.2
1.8
8.6
100.0
18.0
14.1
1.4
0.6
1.8
8.1
0.9
6.4
8.8
12.9
2.9
8.8
4.7
3.3
0.9
4.4
11.9
3.7
19.7
1.8
8.3
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
2006
(In millions of Eastern Caribbean dollars)
GDP at current factor cost
Agriculture
Crops
Livestock
Forestry
Fishing
Manufacturing
Mining and quarrying
Electricity and water
Construction
Wholesale and retail trade
Hotels and restaurants
Transport
Road transport
Sea transport
Air transport
Communications
Banks and insurance
Real estate and housing
Government services
Other services
Less imputed service charge
575.2
102.1
79.1
8.4
3.7
10.9
3.9
44.5
36.9
39.2
69.7
15.5
45.3
22.6
18.7
4.0
39.6
64.8
21.8
133.0
10.4
51.5
581.1
106.2
82.8
8.5
3.7
11.2
4.6
46.5
36.9
46.0
73.2
15.1
48.8
26.0
18.5
4.4
26.1
65.6
22.3
127.8
10.4
48.3
(In percent of GDP at current factor cost)
GDP at current factor cost
Agriculture
Crops
Livestock
Forestry
Fishing
Manufacturing
Mining and quarrying
Electricity and water
Construction
Wholesale and retail trade
Hotels and restaurants
Transport
Road transport
Sea transport
Air transport
Communications
Banks and insurance
Real estate and housing
Government services
Other services
Less imputed service charge
100.0
17.7
13.7
1.5
0.6
1.9
0.7
7.7
6.4
6.8
12.1
2.7
7.9
3.9
3.2
0.7
6.9
11.3
3.8
23.1
1.8
9.0
Source: Central Statistical Office, Ministry of Finance.
100.0
18.3
14.3
1.5
0.6
1.9
0.8
8.0
6.3
7.9
12.6
2.6
8.4
4.5
3.2
0.8
4.5
11.3
3.8
22.0
1.8
8.3
7
Table 3. Dominica: Aggregate Domestic Expenditure at Current Market Prices
2002
2003
2004
2005
Prel.
2006
(In millions of Eastern Caribbean dollars)
Gross domestic expenditure
771.9
798.9
855.0
960.7
972.3
Consumption
Private
Public
629.5
477.0
152.5
621.6
475.5
146.1
645.0
503.3
141.6
729.4
583.4
146.0
752.7
597.4
155.3
Gross domestic investment
Private
Public
142.4
91.5
50.9
177.3
112.0
65.3
210.0
121.7
88.3
231.3
143.9
87.3
219.6
129.4
90.2
-88.5
333.0
-421.4
-102.8
319.5
-422.3
-121.3
348.8
-470.1
-193.2
341.4
-534.6
-158.7
379.1
-537.8
683.5
696.1
733.7
767.5
813.6
Exports of goods and nonfactor services
Exports
Imports
GDP at current market prices
(In percent of GDP)
Gross domestic expenditure
112.9
114.8
116.5
125.2
119.5
Consumption
Private
Public
92.1
69.8
22.3
89.3
68.3
21.0
87.9
68.6
19.3
95.0
76.0
19.0
92.5
73.4
19.1
Gross domestic investment
Private
Public
20.8
13.4
7.5
25.5
16.1
9.4
28.6
16.6
12.0
30.1
18.8
11.4
27.0
15.9
11.1
Exports of goods and nonfactor services
Exports
Imports
-12.9
48.7
-61.7
-14.8
45.9
-60.7
-16.5
47.5
-64.1
-25.2
44.5
-69.7
-19.5
46.6
-66.1
GDP at current market prices
100.0
100.0
100.0
100.0
100.0
Sources: Ministry of Finance; and Fund staff estimates.
8
Table 4. Dominica: Saving and Investment
2002
2003
2004
2005
Prel.
2006
(In millions of Eastern Caribbean dollars)
Gross national saving 1/
Private saving
Public saving
Foreign saving 1/
Gross domestic investment
Private investment
Public investment
104.0
103.9
0.0
137.4
96.1
41.3
155.7
76.9
78.8
61.2
-27.4
88.6
177.6
68.8
108.8
38.4
39.9
54.3
170.0
42.1
142.4
91.5
50.9
177.3
112.0
65.3
210.0
121.7
88.3
231.3
143.9
87.3
219.7
129.4
90.3
15.2
15.2
0.0
19.7
13.8
5.9
21.2
10.5
10.7
8.0
-3.6
11.5
21.8
8.5
13.4
5.6
5.7
7.4
22.2
5.2
20.8
13.4
7.5
25.5
16.1
9.4
28.6
16.6
12.0
30.1
18.8
11.4
27.0
15.9
11.1
(In percent of GDP)
Gross national saving 1/
Private saving
Public saving
Foreign saving 1/
Gross domestic investment
Private investment
Public investment
Sources: Ministry of Finance; and Fund staff estimates.
1/ Calculated using the external current account including net external capital transfers. The 2005
data include one-off imports.
9
Table 5. Dominica: Selected Agricultural Production
(In metric tons)
2002
2003
2004
2005
Prel.
2006
Avocado pears
Bananas
Coconuts
Bay oil
Beans
Breadfruit
Cabbage
Carrot
Cassava
Christophene
Cinnamon
Cocoa beans
Coffee
Cucumber
Cut flowers
Dasheen
Ginger
Grapefruit
Irish potatoes
Lettuce
Limes
Mandarines
Mango
Melongene
Nutmet
Okra
Oranges
Papaya
Passionfruit
Peppers (hot)
Peppers (sweet)
Pineapple
Plantain
Pumpkin
Sweet corn
Sweet potato
Tannia
Tomato
Water melon
Yam
559
24,645
9,737
30
88
268
903
522
97
222
16
80
187
1,004
46
11,563
84
18,620
154
151
1,250
43
1,628
33
2
3
3,517
83
448
136
...
...
7,556
715
...
1,643
3,267
200
255
6,707
698
16,058
9,669
27
90
274
910
525
88
226
18
76
185
956
47
11,378
79
16,899
159
152
1,128
484
1,654
26
2
2
3,528
82
443
218
163
338
7,644
792
3
1,681
3,339
206
253
6,952
770
19,344
9,656
35
90
271
910
525
90
226
17
74
181
922
45
11,655
82
16,819
149
151
1,087
476
1,627
36
1
2
3,499
70
446
229
156
361
7,808
726
3
1,678
3,412
205
251
6,948
719
20,127
9,268
36
95
267
921
526
89
217
19
71
179
904
51
11,503
78
16,449
142
159
1,071
33
1,652
480
2
2
3,466
53
427
166
713
21,394
9,268
45
103
263
925
528
116
217
18
70
185
891
48
11,446
77
15,922
140
161
1,033
32
1,639
537
38
2
3,383
56
423
172
7,384
799
7,331.62
845.94
1,684
3,352
204
238
7,319
1,728.65
3,508.12
205.18
251.58
7,333.38
Total
96,461
87,448
91,033
90,152
91,050
Source: Central Statistical Office, Ministry of Finance.
10
Table 6. Dominica: Selected Data on the Banana Industry 1/
Prel.
2002
2003
2004
2005
2006
(In metric tons; unless otherwise indicated)
Gross banana purchases by the DBMC/DBPL
Less rejects 1/
18,042
854
11,212
649
13,875
713
10,895
...
11,689
...
Net purchases by DBMC/DBPL
DBMC/DBPL exports 2/
Left back
17,188
17,188
0
10,563
10,558
5
13,162
12,976
186
10,895
10,859
35
11,689
11,628
61
DBMC/DBPL export receipts
(In thousands of E.C. dollars)
20,172
13,530
17,214
15,515
18,534
103.0
92.0
86.0
...
...
...
...
...
...
...
Number of active growers 4/
1,488
1,149
1,021
880
767
Number of certified growers
978
911
925
880
767
79
89
87
...
...
Average retail price in the United Kingdom
(In pence per kilogram)
Free-on-truck (FOT) price 3/
(In pounds sterling per metric ton)
Quality rating (percent of export volume) 5/
(In Eastern Caribbean cents per pound)
FOT price
DBMC/DBPL export unit value (f.o.b.)
Average gross price to growers
Average net price to growers 6/
Memoranda items:
Export market prices (U.S. dollars per metric tonne)
Latin American bananas, FOB U.S. ports
Latin American bananas, c.i.f. Hamburg
Average gross price to growers as
percent of DBMC/DBPL’s export unit value
...
52.0
47.0
24.0
...
55.0
50.0
23.0
...
57.0
51.0
26.0
...
...
...
...
...
...
...
...
527.6
759.4
375.2
790.4
524.8
892.0
...
...
...
...
90.4
90.9
89.5
...
...
Sources: Dominica Banana Marketing Corporation (DBMC)/Dominica Banana Producers Ltd. (DBPL);
Central Statistical Office, Ministry of Finance; and World Bank database.
1/ Bananas that do not meet quality standards.
2/ The European market (mainly the United Kingdom) accounts for about 95 percent of banana exports.
3/ The FOT price is the price at the point of delivery for shipment to EU markets.
4/ Total number of growers which contributed to production at any time during given year.
5/ Percentage Units within Specification (PUWS), is the quality measure established by the Windward
Islands Banana Development and Exporting Company (WIBDECO).
6/ Net of DBMC's deductions for input costs and charges for services.
11
Table 7. Dominica: Selected Industrial Production 1/
(Volume in metric tons, unless otherwise specified; value in thousands of
Eastern Caribbean dollars)
2002
2003
2004
2005
Prel.
2006
4,514
6,526
5,206
8,137
4,615
8,359
3,933
7,146
3,605
6,458
Toilet soap 1/
Volume
Value
4,512
12,041
3,677
10,043
4,623
16,229
3,932
14,662
4,296
15,335
Dental cream
Volume
Value
1,305
7,788
1,468
8,775
1,392
8,774
1,478
10,410
1,376
9,166
Fine fabric detergent
Volume
Value
676
1,554
559
1,264
513
1,225
514
1,324
465
1,231
Hand dish
Volume
Value
742
1,196
759
1,253
737
1,506
996
2,579
940
2,685
Liquid cleaner/disinfectant
Volume
Value
1,662
2,546
1,669
2,552
1,751
3,120
1,910
3,683
1,861
3,616
Floor polish
Volume
Value
110
303
91
260
32
88
63
234
10
41
Others
Volume
Value
63
171
66
188
55
168
84
369
93
405
Laundry soap 1/
Volume
Value
Sources: Central Statistical Office, Ministry of Finance; and Dominica Coconut Products, Ltd.
1/ Laundry and toilet soap represent about 90 percent of total soap production.
12
Table 8. Dominica: Consumer Price Indices
2002
2003
2004
2005
2006
(Index: January 2001 = 100)
CPI (period average)
Food
Alcoholic beverages and tobacco
Clothing and footwear
Housing and utilities
Fuel and Light
Medical and Health Expenses
Household equipment and Furniture
Transportation
Educational Expenses
Personal care services
Miscellaneous
100.6
102.4
101.5
98.0
100.1
100.6
100.3
100.1
98.1
104.1
101.5
102.1
102.1
102.9
98.6
96.9
103.7
112.1
99.3
99.8
99.2
109.3
104.5
104.7
104.6
105.7
97.7
97.1
108.6
120.5
99.6
98.4
101.2
113.1
105.7
107.5
106.3
108.3
98.8
97.0
110.2
136.0
99.7
97.4
100.1
112.0
106.9
108.0
109.0
112.7
106.3
96.0
111.5
145.4
104.8
97.5
100.7
113.1
113.6
109.2
CPI (end of period)
Food
Alcoholic beverages and tobacco
Clothing and footwear
Housing and utilities
Fuel and Light
Medical and Health Expenses
Household equipment and Furniture
Transportation
Educational Expenses
Personal care services
Miscellaneous
101.0
102.5
101.4
97.9
100.0
105.7
100.5
100.0
98.1
105.4
103.6
102.8
104.0
104.8
97.1
96.5
107.1
112.9
99.5
99.6
102.5
112.1
105.6
107.5
104.8
106.2
98.4
96.8
110.6
112.8
99.8
98.1
102.4
113.8
105.7
107.8
107.5
110.2
99.7
96.9
110.0
140.1
99.8
97.5
101.7
112.4
108.6
109.4
109.3
114.5
109.1
96.0
113.3
135.0
109.7
97.3
99.8
113.8
114.6
109.6
(Percentage change)
Average
Food
Alcoholic beverages and tobacco
Clothing and footwear
Housing and utilities
Fuel and Light
Medical and Health Expenses
Household equipment and Furniture
Transportation
Educational Expenses
Personal care services
Miscellaneous
0.1
1.5
1.1
-1.0
-0.3
3.7
0.2
0.1
-3.7
4.0
1.5
1.5
1.6
0.4
-2.9
-1.1
3.6
11.4
-0.9
-0.3
1.2
5.0
3.0
2.5
2.4
2.8
-0.9
0.2
4.7
7.5
0.3
-1.4
2.0
3.5
1.1
2.6
1.6
2.5
1.2
-0.1
1.5
12.8
0.1
-1.0
-1.0
-0.9
1.2
0.5
2.6
4.1
7.6
-1.0
1.2
6.9
5.2
0.1
0.6
0.9
6.3
1.1
End of period
Food
Alcoholic beverages and tobacco
Clothing and footwear
Housing and utilities
Fuel and Light
Medical and Health Expenses
Household equipment and Furniture
Transportation
Educational Expenses
Personal care services
Miscellaneous
0.4
0.4
-0.2
-0.5
0.0
17.6
0.4
-0.1
-4.8
5.3
3.6
1.3
2.9
2.2
-4.2
-1.4
7.1
6.8
-1.0
-0.5
4.5
6.3
1.9
4.6
0.8
1.3
1.3
0.3
3.3
-0.1
0.3
-1.5
-0.2
1.5
0.1
0.3
2.7
3.7
1.3
0.1
-0.6
24.2
0.1
-0.5
-0.7
-1.2
2.8
1.5
1.6
3.9
9.5
-0.9
3.0
-3.6
9.9
-0.3
-1.9
1.2
5.5
0.2
Source: Central Statistical Office, Ministry of Finance.
13
Table 9. Dominica: Petroleum Imports and Retail Prices
2005
Prel.
2006
3,883,366
7.98
3,894,253 3,978,488
8.85
10.22
3,712,043
11.02
3,586,505
5.78
4,799,556
6.79
4,924,988 5,612,327
7.74
9.23
5,906,093
10.24
382,107
5.22
201,300
5.22
2,008,335
30.33
2,186,738
31.36
26.13
34.28
2002
2003
Gasoline
Volume of imports (imperial gallons)
Average retail price (EC$ per imperial gallon)
3,728,387
7.15
Diesel
Volume of imports (imperial gallons)
Average retail price (EC$ per imperial gallon)
Kerosene
Volume of imports (imperial gallons)
Average retail price (EC$ per imperial gallon)
Liquefied petroleum gas (LPG)
Volume of imports (kgs)
Average retail price (EC$ per 20 lb. cylinder)
Total value of petroleum imports (EC$ millions)
1/
2004
211,364
6.43
259,795
8.14
293,766
8.99
2,284,618 2,473,474
31.36
33.41
2,320,399
33.79
38.95
Source: Central Statistical Office, Ministry of Finance.
1/ The average retail price is calculated as the average of the end-month retail prices.
49.86
67.77
14
Table 10. Dominica: Summary Accounts of the Consolidated Public Sector 1/
2001/02
2002/03
2003/04
2004/05
2005/06
(In millions of Eastern Caribbean dollars)
I. Consolidated Public Sector
Total revenue and grants
Current revenue
Capital revenue
Total grants
300.1
286.2
0.9
13.0
305.8
273.4
1.3
31.1
377.7
308.7
1.0
68.0
358.1
311.8
2.0
44.3
391.9
329.6
1.5
60.9
Total expenditure 2/
Current
Wages and salaries
Interest
Transfers
Other
Capital expenditure
353.2
295.8
124.1
40.0
56.7
75.1
57.4
329.9
287.2
121.5
39.6
59.7
66.5
42.6
380.0
291.2
109.0
44.5
61.8
75.9
88.8
366.2
281.4
106.9
46.9
72.7
54.9
84.8
380.2
290.9
110.1
45.8
72.4
62.6
89.4
-9.7
-13.9
17.5
30.4
38.7
-67.1
-53.1
-54.9
-24.0
-68.3
-2.3
-50.5
-8.1
-45.7
11.7
8.2
-11.5
61.8
-26.1
5.3
44.9
35.6
-59.5
34.2
-17.0
Current account balance
Overall balance (before grants)
Overall balance
Statistical discrepancy 3/
Financing (net)
II. Central Government
Total revenue and grants
Current revenue
Tax
Nontax
Capital revenue
Grants
209.7
197.0
160.2
36.8
0.9
11.8
224.1
191.9
167.9
23.9
1.3
30.9
285.9
221.8
193.6
28.1
1.0
63.2
292.0
245.7
213.3
32.4
2.0
44.3
325.0
263.2
239.5
23.7
1.5
60.3
Total expenditure 2/
Current expenditure
Wages and salaries
Goods and services
Interest
Transfers
Capital expenditure and net lending
Fixed investment and capital transfers
Net lending
269.3
229.7
116.5
38.7
36.9
37.6
39.6
41.9
-2.4
261.3
226.6
116.1
33.7
37.6
39.1
34.7
35.0
-0.3
295.2
223.1
104.2
38.1
41.7
39.1
72.1
75.0
-2.8
298.7
232.9
102.0
39.0
43.9
48.0
65.8
69.4
-3.6
315.3
240.2
105.3
45.7
43.0
46.2
75.2
78.2
-3.0
Current account balance
-32.7
-34.7
-1.3
12.8
23.0
Overall balance (before grants)
Overall balance
-71.4
-59.6
-68.1
-37.2
-72.4
-9.3
-51.0
-6.6
-50.7
9.6
8.2
-11.5
61.8
-26.1
5.3
51.3
25.6
25.7
48.7
44.9
3.8
-52.5
-8.0
-44.5
32.8
41.4
-8.6
-14.9
9.1
-24.1
Statistical discrepancy 3/
Financing (net)
External
Domestic
15
Table 10. Dominica: Summary Accounts of the Consolidated Public Sector 1/
2001/02
2002/03
2003/04
2004/05
2005/06
(In millions of Eastern Caribbean dollars)
III. Dominica Social Security
Current revenue
Contributions
Of which: from public sector
Other
41.3
27.1
8.4
14.2
41.5
26.8
8.2
14.8
41.2
25.7
7.4
15.6
41.5
26.6
7.3
14.9
41.8
28.5
7.5
13.4
Current expenditure 2/
Benefits
Of which: paid to central government (Medicare)
Other
Wages and Salaries
Interest
Other
25.8
21.8
2.7
4.0
3.0
0.0
1.0
27.3
23.6
3.0
3.7
2.8
0.0
0.9
29.9
26.2
3.5
3.7
2.8
0.0
0.9
31.6
27.8
3.1
3.8
2.9
0.0
1.0
32.3
28.2
2.1
4.1
3.1
0.0
1.0
Current balance
15.5
14.3
11.3
9.9
9.5
0.3
0.2
0.1
0.0
0.0
15.2
-15.2
14.1
-14.1
11.2
-11.2
9.9
-9.9
9.5
-9.5
Capital expenditure
Overall balance
Financing
IV. Rest of the Nonfinancial Public Sector 4/
Revenue, transfers, and grants
Revenue
Transfers from central government
Foreign grants
63.4
58.9
3.3
1.2
51.5
51.3
0.0
0.2
62.5
56.7
0.9
4.9
36.5
34.9
1.7
0.0
34.2
34.0
-0.5
0.6
Expenditure 2/
Current
Wages and salaries
Interest
Of which: to central government
Other
Capital
69.9
51.4
13.0
3.1
0.0
35.3
18.5
52.2
44.7
10.7
2.1
0.2
31.9
7.5
63.9
49.2
9.4
3.0
0.2
36.9
14.6
44.3
27.2
9.3
3.0
0.0
14.9
17.1
38.5
27.9
9.2
2.8
0.0
15.9
10.7
7.5
6.6
7.5
7.7
6.2
-11.0
-6.4
6.4
-0.9
-0.7
0.7
-7.1
-1.4
1.4
-9.4
-7.7
7.7
-4.5
-4.4
4.4
Current account balance
Overall balance (before transfers and grants)
Overall balance
Financing (net)
16
Table 10. Dominica: Summary Accounts of the Consolidated Public Sector 1/
2001/02
2002/03
2003/04
2004/05
2005/06
(In percent of GDP)
I. Consolidated Public Sector
Total revenue and grants
Current revenue
Capital revenue
Total grants
43.0
41.0
0.1
1.9
44.3
39.6
0.2
4.5
52.8
43.2
0.1
9.5
47.7
41.5
0.3
5.9
49.6
41.7
0.2
7.7
Total expenditure 2/
Current
Wages and salaries
Interest
Transfers
Other
Capital expenditure
50.6
42.4
17.8
5.7
8.1
10.8
8.2
47.8
41.6
17.6
5.7
8.7
9.6
6.2
53.2
40.7
15.2
6.2
8.6
10.6
12.4
48.8
37.5
14.2
6.2
9.7
7.3
11.3
48.1
36.8
13.9
5.8
9.2
7.9
11.3
Current account balance
-1.4
-2.0
2.4
4.0
4.9
Overall balance (before grants)
Overall balance
-9.5
-7.6
-8.0
-3.5
-9.8
-0.3
-7.0
-1.1
-6.2
1.5
Statistical discrepancy 3/
1.2
-1.7
8.6
-3.5
0.7
Financing (net)
6.4
5.2
-8.3
4.6
-2.2
II. Central Government
Total revenue and grants
Current revenue
Tax
Nontax
Capital revenue
Grants
30.1
28.2
23.0
5.3
0.1
1.7
32.5
27.8
24.3
3.5
0.2
4.5
40.0
31.0
27.1
3.9
0.1
8.8
38.9
32.7
28.4
4.3
0.3
5.9
41.1
33.3
30.3
3.0
0.2
7.6
Total expenditure 2/
Current expenditure
Wages and salaries
Goods and services
Interest
Transfers
Capital expenditure and net lending
Fixed investment and capital transfers
Net lending
38.6
32.9
16.7
5.6
5.3
5.4
5.7
6.0
-0.3
37.9
32.8
16.8
4.9
5.5
5.7
5.0
5.1
0.0
41.3
31.2
14.6
5.3
5.8
5.5
10.1
10.5
-0.4
39.8
31.0
13.6
5.2
5.8
6.4
8.8
9.3
-0.5
39.9
30.4
13.3
5.8
5.4
5.8
9.5
9.9
-0.4
Current account balance
-4.7
-5.0
-0.2
1.7
2.9
-10.2
-8.5
-9.9
-5.4
-10.1
-1.3
-6.8
-0.9
-6.4
1.2
Statistical discrepancy 3/
1.2
-1.7
8.6
-3.5
0.7
Financing (net)
External
Domestic
7.4
3.7
3.7
7.1
6.5
0.5
-7.3
-1.1
-6.2
4.4
5.5
-1.1
-1.9
1.2
-3.0
Overall balance (before grants)
Overall balance
17
Table 10. Dominica: Summary Accounts of the Consolidated Public Sector 1/
2001/02
2002/03
2003/04
2004/05
2005/06
III. Dominica Social Security
Current revenue
5.9
6.0
5.8
5.5
5.3
3.9
1.2
2.0
3.9
1.2
2.1
3.6
1.0
2.2
3.5
1.0
2.0
3.6
0.9
1.7
3.7
4.0
4.2
4.2
4.1
3.1
0.4
0.6
0.4
0.0
0.1
3.4
0.4
0.5
0.4
0.0
0.1
3.7
0.5
0.5
0.4
0.0
0.1
3.7
0.4
0.5
0.4
0.0
0.1
3.6
0.3
0.5
0.4
0.0
0.1
Current balance
2.2
2.1
1.6
1.3
1.2
Capital expenditure
0.0
0.0
0.0
0.0
0.0
2.2
-2.2
2.0
-2.0
1.6
-1.6
1.3
-1.3
1.2
-1.2
Contributions
Of which: from public sector
Other
Current expenditure 2/
Benefits
Of which: paid to central government (Medicare)
Other
Wages and Salaries
Interest
Other
Overall balance
Financing
IV. Rest of the Nonfinancial Public Sector 4/
Revenue, transfers, and grants
Revenue
Transfers from central government
Foreign grants
9.1
8.4
0.5
0.2
7.5
7.4
0.0
0.0
8.7
7.9
0.1
0.7
4.9
4.6
0.2
0.0
4.3
4.3
-0.1
0.1
Expenditure 2/
Current
Wages and salaries
Interest
Capital
10.0
7.4
1.9
0.4
2.6
7.6
6.5
1.6
0.3
1.1
8.9
6.9
1.3
0.4
2.0
5.9
3.6
1.2
0.4
2.3
4.9
3.5
1.2
0.4
1.3
Current account balance
1.1
1.0
1.0
1.0
0.8
-1.6
-0.9
0.9
-0.1
-0.1
0.1
-1.0
-0.2
0.2
-1.3
-1.0
1.0
-0.6
-0.6
0.6
697.5
689.8
714.9
750.6
790.5
Overall balance (before transfers and grants)
Overall balance
Financing (net)
Memorandum Item: Nominal GDP
Sources: Dominican authorities; and Fund staff estimates.
1/ Fiscal years beginning July 1.
2/ On a cash basis, except interest payments.
3/ Difference between identified financing and overall balance.
4/ It includes DOWASCO, DEXIA, Port Authority, DBPL and DBMC.
18
Table 11. Dominica: Summary Accounts of the Central Government 1/
2001/02
2002/03
2003/04
2004/05
2005/06
(In millions of Eastern Caribbean dollars)
Total revenue and grants
Current revenue
Tax revenue
Taxes on income
Taxes on property
Taxes on goods and services
Taxes on international transactions
Nontax revenue
Capital revenue
Foreign grants
209.7
197.1
160.2
40.1
2.2
30.2
87.6
36.8
0.9
11.8
224.1
191.9
167.9
45.0
2.5
33.0
87.5
23.9
1.3
30.9
285.9
221.8
193.6
43.7
2.6
49.1
98.3
28.1
1.0
63.2
292.0
245.7
213.3
40.8
6.6
56.2
109.7
32.4
2.0
44.3
325.0
263.2
239.5
52.7
7.9
82.1
96.7
23.7
1.5
60.3
Total expenditure 2/
Current expenditure
Wages and salaries
Goods and services
Interest
Domestic
External
Subsidies and transfers
Retirement benefits
Other transfers
Capital expenditure and net lending
Fixed investment
Net lending
269.3
229.7
116.5
38.7
36.9
19.3
17.5
37.6
15.9
21.6
39.6
41.9
-2.4
261.3
226.6
116.1
33.7
37.6
17.8
19.8
39.1
16.5
22.6
34.7
35.0
-0.3
295.2
223.1
104.2
38.1
41.7
18.8
22.9
39.1
18.9
20.2
72.1
75.0
-2.8
298.7
232.9
102.0
39.0
43.9
20.4
23.5
48.0
21.5
26.5
65.8
69.4
-3.6
315.3
240.2
105.3
45.7
43.0
20.2
22.8
46.2
21.7
24.5
75.2
78.2
-3.0
Current account balance
-32.6
-34.7
-1.3
12.8
23.0
Overall balance (before grants)
Overall balance
-71.3
-59.5
-68.1
-37.2
-72.4
-9.3
-51.0
-6.6
-50.7
9.6
8.2
-11.5
61.8
-26.1
5.3
51.3
25.6
25.7
16.3
9.5
0.0
48.7
44.9
3.8
-6.9
10.7
0.0
-52.5
-8.0
-44.5
-41.4
-7.7
4.6
32.8
41.4
-8.6
-12.2
-6.5
10.2
-14.9
9.1
-24.1
-16.7
-6.6
-0.7
Statistical discrepancy 3/
Financing
External
Domestic
Bank
Non-bank
Other
19
Table 11. Dominica: Summary Accounts of the Central Government 1/
2001/02
2002/03
2003/04
2004/05
2005/06
(In percent of GDP)
Total revenue and grants
Current revenue
Tax revenue
Taxes on income
Taxes on property
Taxes on goods and services
Taxes on international transactions
Nontax revenue
Capital revenue
Foreign grants
30.1
28.3
23.0
5.8
0.3
4.3
12.6
5.3
0.1
1.7
32.5
27.8
24.3
6.5
0.4
4.8
12.7
3.5
0.2
4.5
40.0
31.0
27.1
6.1
0.4
6.9
13.7
3.9
0.1
8.8
38.9
32.7
28.4
5.4
0.9
7.5
14.6
4.3
0.3
5.9
41.1
33.3
30.3
6.7
1.0
10.4
12.2
3.0
0.2
7.6
Total expenditure 2/
Current expenditure
Wages and salaries
Goods and services
Interest
Domestic
External
Subsidies and transfers
Retirement benefits
Other transfers
Capital expenditure and net lending
Fixed investment
Net lending
38.6
32.9
16.7
5.6
5.3
2.8
2.5
5.4
2.3
3.1
5.7
6.0
-0.3
37.9
32.8
16.8
4.9
5.5
2.6
2.9
5.7
2.4
3.3
5.0
5.1
0.0
41.3
31.2
14.6
5.3
5.8
2.6
3.2
5.5
2.6
2.8
10.1
10.5
-0.4
39.8
31.0
13.6
5.2
5.8
2.7
3.1
6.4
2.9
3.5
8.8
9.3
-0.5
39.9
30.4
13.3
5.8
5.4
2.6
2.9
5.8
2.7
3.1
9.5
9.9
-0.4
Current account balance
-4.7
-5.0
-0.2
1.7
2.9
-10.2
-8.5
-9.9
-5.4
-10.1
-1.3
-6.8
-0.9
-6.4
1.2
Statistical discrepancy 3/
1.2
-1.7
8.6
-3.5
0.7
Financing
External
Domestic
Bank
Non-bank
Other
7.4
3.7
3.7
2.3
1.4
0.0
7.1
6.5
0.5
-1.0
1.6
0.0
-7.3
-1.1
-6.2
-5.8
-1.1
0.6
4.4
5.5
-1.1
-1.6
-0.9
1.4
-1.9
1.2
-3.0
-2.1
-0.8
-0.1
750.6
790.5
Overall balance (before grants)
Overall balance
(In millions of Eastern Caribbean dollars)
Memorandum item:
Nominal GDP at current market prices
697.5
689.8
Sources: Ministry of Finance; and Fund staff estimates.
1/ Fiscal years beginning July 1.
2/ On a cash basis, except interest payments.
3/ Difference between identified financing and overall balance.
714.9
20
Table 12. Dominica: Central Government Revenue and Grants 1/
2001/02
2002/03
2003/04
2004/05
2005/06
(In millions of Eastern Caribbean dollars)
Total revenue and grants
209.7
224.1
285.9
292.0
325.0
Current revenue
Tax revenue
Taxes on income
Personal income
Corporate income
Income tax refunds
Stabilization levy
Taxes on property
Taxes on goods and services
Consumption tax
Sales tax
Stamp duty on receipts
Hotel accommodation tax
Licences
Other
VAT 2/
Excise on petroleum
Other excises 2/
Taxes on international transactions
Taxes on imports
Import duties
Stamp duties and documentation fee
Consumption tax on imports
Customs service charge
Taxes on exports
Other taxes on international trade
Cruiseship passenger tax
Environmental surcharge
Embarkation tax
Security tax
197.1
160.2
40.1
29.5
12.2
-1.5
0.0
2.2
30.2
4.9
16.8
0.2
0.6
7.8
0.0
...
...
...
87.6
79.7
20.2
0.1
53.1
6.3
0.1
7.9
2.0
2.7
2.8
0.3
191.9
167.9
45.0
28.1
7.9
-1.3
10.2
2.5
33.0
5.1
19.2
0.2
0.5
8.0
0.0
...
...
...
87.5
78.0
20.4
0.0
51.3
6.2
0.2
9.2
1.4
4.6
2.9
0.3
221.8
193.6
43.7
27.3
9.8
-1.4
8.0
2.6
49.1
5.5
30.5
0.2
0.7
12.2
0.0
...
...
...
98.3
87.0
21.9
0.0
54.4
10.7
0.1
11.2
2.8
5.0
3.0
0.3
245.7
213.3
40.8
28.6
13.0
-1.5
0.7
6.6
56.2
4.8
36.5
0.2
0.9
13.9
0.0
...
...
...
109.7
96.1
27.3
0.0
56.6
12.2
0.2
13.4
2.9
6.0
4.1
0.5
263.2
239.5
52.7
32.7
21.7
-2.6
0.9
7.9
82.1
4.1
30.6
0.3
0.5
10.0
36.8
3.0
7.4
1.5
1.6
23.2
23.9
2.2
7.9
0.0
1.1
12.8
28.1
3.9
11.1
1.5
0.2
11.4
32.4
4.8
16.6
0.0
0.6
10.5
23.7
3.6
11.8
0.0
0.5
7.7
0.9
0.1
0.0
0.8
1.3
0.6
0.0
0.7
1.0
0.5
0.5
0.0
2.0
1.5
0.5
0.0
1.5
0.6
0.8
0.0
11.8
30.9
63.2
44.3
60.3
Nontax revenue
Rents and interest
Fees, fines and sales
ECCB profits
Economic citizenship program
Other nontax revenue
Capital revenue
Land sales
Sale of other assets
Other capital revenue
Grants
0.0
26.3
6.8
3.5
96.7
82.9
28.9
0.0
41.1
12.7
0.1
13.9
2.4
6.5
4.5
0.5
21
Table 12. Dominica: Central Government Revenue and Grants 1/
2001/02
2002/03
2003/04
2004/05
2005/06
(In percent of GDP)
Total revenue and grants
30.1
32.5
40.0
38.9
41.1
Current revenue
Tax revenue
Taxes on income
Personal income
Corporate income
Income tax refunds
Stabilization levy
Taxes on property
Taxes on goods and services
Consumption tax
Sales tax
Stamp duty on receipts
Hotel accommodation tax
Licences
Other
VAT 2/
Excise on petroleum
Other excises 2/
Taxes on international transactions
Taxes on imports
Import duties
Stamp duties and documentation fee
Consumption tax on imports
Customs service charge
Taxes on exports
Other taxes on international trade
Cruiseship passenger tax
Environmental surcharge
Embarkation tax
Security tax
28.3
23.0
5.8
4.2
1.7
-0.2
0.0
0.3
4.3
0.7
2.4
0.0
0.1
1.1
0.0
...
...
...
12.6
11.4
2.9
0.0
7.6
0.9
0.0
1.1
0.3
0.4
0.4
0.0
27.8
24.3
6.5
4.1
1.1
-0.2
1.5
0.4
4.8
0.7
2.8
0.0
0.1
1.2
0.0
...
...
...
12.7
11.3
3.0
0.0
7.4
0.9
0.0
1.3
0.2
0.7
0.4
0.0
31.0
27.1
6.1
3.8
1.4
-0.2
1.1
0.4
6.9
0.8
4.3
0.0
0.1
1.7
0.0
...
...
...
13.7
12.2
3.1
0.0
7.6
1.5
0.0
1.6
0.4
0.7
0.4
0.0
32.7
28.4
5.4
3.8
1.7
-0.2
0.1
0.9
7.5
0.6
4.9
0.0
0.1
1.9
0.0
...
...
...
14.6
12.8
3.6
0.0
7.5
1.6
0.0
1.8
0.4
0.8
0.5
0.1
33.3
30.3
6.7
4.1
2.7
-0.3
0.1
1.0
10.4
0.5
3.9
0.0
0.1
1.3
0.0
3.3
0.9
0.4
12.2
10.5
3.7
0.0
5.2
1.6
0.0
1.8
0.3
0.8
0.6
0.1
5.3
0.4
1.1
0.2
0.2
3.3
3.5
0.3
1.1
0.0
0.2
1.9
3.9
0.5
1.6
0.2
0.0
1.6
4.3
0.6
2.2
0.0
0.1
1.4
3.0
0.4
1.5
0.0
0.1
1.0
Capital revenue
Land sales
Sale of other assets
Other capital revenue
0.1
0.0
0.0
0.1
0.2
0.1
0.0
0.1
0.1
0.1
0.1
0.0
0.3
0.2
0.1
0.0
0.2
0.1
0.1
0.0
Grants
1.7
4.5
8.8
5.9
7.6
Nontax revenue
Rents and interest
Fees, fines and sales
ECCB profits
Economic citizenship program
Other nontax revenue
Sources: Ministry of Finance; and Fund staff estimates.
1/ Fiscal years beginning July 1.
2/ Dominica introduced a new VAT and excise duty regime in March 2006.
22
Table 13. Dominica: Central Government Expenditure 1/ 2/
2001/02
2002/03
2003/04
2004/05
2005/06
(In millions of Eastern Caribbean Dollars)
Total expenditure
Current expenditure
Wages and salaries
Salaries
Wages
Goods and services
Interest
Domestic
External
Current transfers
Retirement benefits
Regional and international
Public assistance and poverty relief
Other
Capital expenditure and net lending
Capital expenditure
Net lending
269.3
229.7
116.5
109.6
7.0
38.7
36.9
19.3
17.5
37.6
15.9
8.4
3.2
10.0
261.3
226.6
116.1
107.3
8.9
33.7
37.6
17.8
19.8
39.1
16.5
4.9
3.0
14.6
295.2
223.1
104.2
98.0
6.2
38.1
41.7
18.8
22.9
39.1
18.9
1.5
3.1
15.6
298.7
232.9
102.0
95.7
6.3
39.0
43.9
20.4
23.5
48.0
21.5
7.6
3.3
15.6
315.3
240.2
105.3
98.6
6.7
45.7
43.0
20.2
22.8
46.2
21.7
3.4
3.4
17.6
39.6
41.9
-2.4
34.7
35.0
-0.3
72.1
75.0
-2.8
65.8
69.4
-3.6
75.2
78.2
-3.0
(In percent of GDP)
Total expenditure
Current expenditure
Wages and salaries
Salaries
Wages
Goods and services
Interest
Domestic
External
Current transfers
Retirement benefits
Regional and international
Public assistance and poverty relief
Other
38.6
32.9
16.7
15.7
1.0
5.6
5.3
2.8
2.5
5.4
2.3
1.2
0.5
1.4
37.9
32.8
16.8
15.6
1.3
4.9
5.5
2.6
2.9
5.7
2.4
0.7
0.4
2.1
41.3
31.2
14.6
13.7
0.9
5.3
5.8
2.6
3.2
5.5
2.6
0.2
0.4
2.2
39.8
31.0
13.6
12.7
0.8
5.2
5.8
2.7
3.1
6.4
2.9
1.0
0.4
2.1
39.9
30.4
13.3
12.5
0.8
5.8
5.4
2.6
2.9
5.8
2.7
0.4
0.4
2.2
Capital expenditure and net lending
Capital expenditure
Net lending
5.7
6.0
-0.3
5.0
5.1
0.0
10.1
10.5
-0.4
8.8
9.3
-0.5
9.5
9.9
-0.4
Sources: Ministry of Finance; and Fund staff estimates.
1/ Fiscal years beginning July 1.
2/ On a cash basis, except interest payments.
23
Table 14. Dominica: Public Sector Investment 1/
2001/02
2002/03
2003/04
2004/05
2005/06
(In millions of Eastern Caribbean dollars)
Central government investment program
41.9
35.0
75.0
69.4
78.2
Economic infrastructure
Airport development
Roads and bridges
Sea defences
Water and sewerage
Other economic infrastructure
22.7
0.0
14.7
3.5
0.0
4.5
18.2
0.0
11.8
3.0
0.2
3.2
23.5
0.8
9.7
12.7
0.0
0.3
32.5
4.6
15.0
3.7
0.0
9.2
23.1
Productive sectors
Agriculture
Forestry
Micro-enterprise development
Tourism development
Other productive sectors
0.9
1.8
34.6
17.3
0.9
0.0
0.0
0.0
0.0
1.7
0.0
0.0
0.1
0.0
2.4
0.0
0.1
4.6
27.5
8.4
0.0
0.2
8.7
0.0
4.1
1.0
1.0
0.1
1.9
0.0
Public administration
Administrative infrastructure
Environmental management
Information systems development
Offshore investment
Public safety
Public sector modernization
1.2
0.6
6.8
3.6
0.4
0.0
0.6
0.0
0.1
0.1
0.0
0.2
0.4
0.0
0.0
0.0
0.3
0.3
1.3
0.0
3.5
1.4
1.1
0.5
0.2
0.0
1.1
0.7
Social infrastructure
Community development
Education
Health
Housing and settlement
Sports and recreation
Unclassified
2.4
2.4
0.1
17.5
0.7
3.7
0.1
0.6
0.0
0.0
0.3
2.7
13.0
3.5
6.0
13.4
1.4
9.4
0.3
0.8
1.1
0.0
1.3
0.4
0.2
1.5
1.4
3.6
1.0
0.0
0.0
2.5
4.6
2.2
0.6
3.5
38.4
8.8
5.2
1.4
7.3
15.7
4.1
10.9
4.1
2.6
8.9
Financing of central government investment program
Grants
Loans
Local counterpart
41.9
35.0
75.0
69.4
11.8
13.0
17.1
25.3
3.0
6.7
52.7
20.2
2.1
41.7
18.6
9.1
78.2
62.6
0.5
15.1
Rest of public sector fixed investment 2/
18.5
7.5
14.6
17.1
10.7
(In percent of GDP)
Central government investment program
Economic infrastructure
Productive sectors
Public administration
Social infrastructure
6.0
3.3
0.1
0.2
1.9
5.1
2.6
0.3
0.1
0.5
10.5
3.3
4.8
1.0
0.8
9.3
4.3
2.3
0.5
1.8
9.9
2.9
0.5
0.5
4.9
Financing of central government investment program
Grants
Loans
Local counterpart
6.0
1.7
1.9
2.5
5.1
3.7
0.4
1.0
10.5
7.4
2.8
0.3
9.3
5.6
2.5
1.2
9.9
7.9
0.1
1.9
Rest of public sector fixed investment 2/
2.6
1.1
2.0
2.3
1.3
Sources: Dominican authorities; and Fund staff estimates.
1/ Fiscal years beginning July 1.
2/ Fixed investment of Dominica Social Security and of the nonfinancial public enterprises.
24
Table 15. Dominica: Central Government Domestic Debt
(In millions of Eastern Caribbean dollars)
June 30
Prel.
2002
2003
2004
2005
2006
Total (excluding arrears)
Total (including arrears)
201.4
263.2
219.0
276.9
186.2
227.2
183.1
215.7
211.2
225.5
Treasury bills
Commercial banks
Dominica Social Security
ECCB
Other domestic holders
45.40
8.9
17.9
13.0
5.6
45.40
8.9
17.9
13.0
5.6
46.95
8.9
17.9
13.0
7.1
44.43
8.9
17.9
10.5
7.1
44.15
8.9
17.9
10.5
6.8
Debentures
Commercial banks
Dominica Social Security
ECCB
Other domestic holders
74.0
26.2
38.4
6.5
3.0
90.3
26.2
54.7
6.5
3.0
91.4
26.2
54.7
6.5
4.1
90.3
25.8
54.7
6.5
3.3
128.2
34.4
86.9
3.3
3.5
0.7
5.2
6.4
4.1
1.3
64.1
60.1
4.0
63.3
59.9
3.4
16.7
13.6
3.1
19.8
0
19.8
19.8
0
19.8
Dominica Social Security loans
8.3
7.6
7.1
6.7
0.0
Other
8.9
7.2
17.8
17.8
17.8
61.8
43.7
18.1
57.9
37.1
20.9
40.9
31.9
9.1
32.7
28.3
4.3
14.3
ECCB loans and advances
Commercial bank loans and advances
Overdrafts
Other loans and advances
Arrears
Dominica Social Security
Other
Sources: Dominican authorities; and Fund staff estimates.
7.8
6.5
25
Table 16. Dominica: Consolidated Accounts of the Public Enterprises 1/
2001/02
2002/03
2003/04
2004/05
Prel.
2005/06
(In millions of Eastern Caribbean dollars)
I. Consolidated Accounts
Current revenue
58.9
51.3
56.7
34.9
34.0
Current expenditure 2/
Wages and salaries
Interest
Other
51.4
13.0
3.1
35.3
44.7
10.7
2.1
31.9
49.2
9.4
3.0
36.9
27.2
9.3
3.0
14.9
27.9
9.2
2.8
15.9
7.5
6.6
7.5
7.7
6.2
18.5
7.5
14.6
17.1
10.7
-11.0
-0.9
-7.1
-9.4
-4.5
4.5
3.3
1.2
0.2
0.0
0.2
5.7
0.9
4.9
1.7
1.7
0.0
0.1
-0.5
0.6
-6.4
6.4
-0.7
0.7
-1.4
1.4
-7.7
7.7
-4.4
4.4
Current balance
Capital expenditure
Overall balance (before transfers and grants)
Transfers and grants
Central government
Foreign
Overall balance
Financing
II. Dominica Water and Sewerage Authority
Current revenue
Water sales
Other
12.5
11.4
1.1
13.0
11.8
1.2
12.5
11.7
0.8
13.2
12.4
0.8
13.1
12.4
0.7
Current expenditure 2/
Wages and salaries
Interest
Other
7.3
1.2
0.6
5.4
7.6
1.3
0.7
5.6
8.7
1.3
1.7
5.7
9.4
1.6
2.0
5.8
9.7
1.2
2.0
6.5
Current balance
5.2
5.4
3.8
3.9
3.3
16.7
6.9
13.5
14.5
4.6
-11.5
-1.5
-9.7
-10.6
-1.3
1.2
0.0
1.2
0.2
0.0
0.2
4.9
0.0
4.9
0.0
0.0
0.0
0.6
0.0
0.6
-10.2
10.2
-1.3
1.3
-4.8
4.8
-10.6
10.6
-0.7
0.7
Capital expenditure
Overall balance (before transfers and grants)
Transfers and grants
Central government
Foreign grants
Overall balance
Financing
26
Table 16. Dominica: Consolidated Accounts of the Public Enterprises 1/
2001/02
2002/03
2003/04
2004/05
Prel.
2005/06
III. Dominica Export and Import Agency
Current revenue
6.4
5.8
6.0
5.9
5.5
Current expenditure 2/
Wages and salaries
Interest
Other
6.2
0.6
0.0
5.7
5.9
0.5
0.0
5.3
6.2
0.5
0.0
5.7
6.3
0.6
0.0
5.8
6.3
0.6
0.0
5.7
Current balance
0.2
0.0
-0.2
-0.4
-0.8
Capital expenditure
0.1
0.2
0.1
0.0
0.0
Overall balance (before transfers and grants)
0.1
-0.2
-0.3
-0.5
-0.8
Transfers and grants
Central government
Foreign grants
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
-0.1
-0.2
0.2
-0.3
0.3
-0.5
0.5
-0.8
0.8
Overall balance
Financing
IV. Dominica Port Authority
Current revenue
14.8
13.6
14.0
15.7
15.5
Current expenditure 2/
Wages and salaries
Interest
Other
13.4
9.0
1.3
3.1
12.5
8.0
1.3
3.1
10.4
6.5
1.1
2.8
11.5
7.2
1.0
3.3
11.8
7.4
0.8
3.6
Current balance
1.4
1.2
3.6
4.2
3.6
Capital expenditure
1.7
0.4
1.0
2.6
6.0
-0.3
0.8
2.6
1.6
-2.4
0.0
0.0
0.0
0.0
0.0
0.0
0.8
0.8
0.0
1.7
1.7
0.0
-0.5
-0.5
0.0
-0.3
0.3
0.8
-0.8
3.4
-3.4
3.3
-3.3
-2.9
2.9
Overall balance (before transfers and grants)
Transfers and grants
Central government
Foreign grants
Overall balance
Financing
27
Table 16. Dominica: Consolidated Accounts of the Public Enterprises 1/
2001/02
2002/03
2003/04
2004/05
Prel.
2005/06
V. Dominica Banana Producers Limited 3/
Current revenue
...
18.9
24.2
...
...
Current expenditure 2/
Wages and salaries
Interest
Other
...
...
...
...
18.8
0.9
0.2
17.8
23.9
1.0
0.2
22.7
...
...
...
...
...
...
...
...
Current balance
0.1
0.3
Capital expenditure
...
...
...
0.0
0.0
...
...
...
...
...
...
Overall balance
Financing
...
...
0.1
-0.1
0.3
-0.3
...
...
...
...
VI. Dominica Banana Marketing Corporation 3/
Revenue
Banana sales
Other income
25.2
20.2
5.0
...
...
...
...
...
...
...
...
...
...
...
...
Current expenditure 2/
Wages and salaries
Interest
Other
24.5
2.1
1.2
21.2
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
Current balance
0.7
...
...
...
...
Capital expenditure
0.0
...
...
...
...
Transfer and grants
Central government
Foreign grants
3.3
3.3
0.0
...
...
...
...
...
...
...
...
...
...
...
...
4.0
-4.0
...
...
...
...
...
...
...
...
Overall balance
Financing
Sources: Ministry of Finance; and Fund staff estimates.
1/ Fiscal years beginning July 1.
2/ On a cash basis, except interest payments.
3/ Source data are calendar year. To facilitate comparison, they have been converted to fiscal years
by averaging. Excludes Dominica broadcasting corporation and the National Development Corporation.
28
Table 17. Dominica: Monetary Survey 1/
Prel.
2002
2003
2004
2005
2006
(In millions of Eastern Caribbean dollars; end of period)
Net foreign assets
Monetary authorities
Commercial banks
Net domestic assets
Domestic credit
Net credit to the NFPS
Central government
Social Security
Public enterprises
Net credit to nonbank financial institutions
Private sector credit
Other items (net) 2/
Broad money
Money
Currency in circulation
Demand deposits
Quasi-money
Savings deposits
Time deposits
Foreign currency deposits
193.8
114.9
79.0
289.0
118.7
170.4
333.7
90.8
242.9
286.8
101.5
185.3
397.2
140.2
257.1
355.4
460.6
74.8
64.2
-9.0
18.7
-46.6
433.2
-106.1
265.5
389.9
51.1
55.9
-21.2
16.5
-81.8
420.6
-124.5
253.6
397.8
23.0
45.6
-34.8
12.1
-75.9
450.7
-144.2
340.2
433.8
15.8
67.3
-46.4
-5.1
-59.9
477.8
-93.6
290.0
411.0
-51.6
10.7
-67.5
5.2
-68.6
531.2
-121.0
549.2
106.6
35.5
71.1
442.6
262.2
158.2
22.3
554.5
107.9
34.2
73.7
446.6
279.0
157.4
10.2
587.4
111.2
37.6
73.6
476.2
328.5
134.3
13.4
627.0
143.0
39.0
104.1
483.9
343.0
130.6
10.3
687.2
138.3
45.4
92.9
548.9
392.3
145.4
11.1
5.9
3.1
6.6
7.1
6.7
28.6
1.6
6.0
9.6
-3.3
13.4
11.2
(Annual percentage change)
Broad money
Money
Quasi-money
Credit to the private sector
8.5
16.5
6.8
-1.4
1.0
1.2
0.9
-2.9
(Percentage change in terms of broad money 12 months earlier)
Net foreign assets
Net domestic assets
Net credit to the nonfinancial public sector
Net credit to nonbank financial institutions
Credit to the private sector
Other items
Memorandum item:
Income velocity of broad money
19.3
17.3
8.1
-8.0
17.6
-10.8
-5.4
-1.8
-1.3
-4.1
-16.4
-4.3
-6.4
-2.3
-9.9
-2.1
-5.1
1.1
5.4
-2.5
14.7
-1.2
2.7
4.6
11.3
-8.0
-10.8
-1.4
8.5
-5.8
1.24
1.26
1.25
1.23
1.18
Sources: Eastern Caribbean Central Bank (ECCB); and Fund staff estimates.
1/ Transactions with the IMF are included as transactions with the monetary authorities.
2/ Includes interbank float.
29
Table 18. Dominica: Balance Sheet of the Monetary Authorities 1/
(In millions of Eastern Caribbean dollars; end of period)
Prel.
2002
2003
2004
2005
2006
Net international reserves
ECCB’s net imputed reserves
Government of Dominica
114.9
122.8
-7.9
118.7
128.8
-10.2
90.8
114.1
-23.3
101.5
132.7
-31.2
140.2
171.2
-31.1
Net claims on commercial banks
Claims
Loans to banks
Deposits with banks
Liabilities
Bankers' reserves
Fixed deposits
Currency
-91.4
0.0
0.0
0.0
-94.8
-78.3
-74.9
0.0
-88.1
0.0
0.0
0.0
-91.5
-74.8
0.0
0.0
-79.2
0.0
0.0
0.0
-79.2
-64.0
0.0
0.0
31.9
0.0
0.0
0.0
-83.4
-65.1
0.0
0.0
36.5
0.0
0.0
0.0
-102.5
-85.5
0.0
0.0
15.4
21.4
2.5
6.5
0.0
5.4
1.0
7.9
-0.9
-5.1
7.0
25.8
2.5
6.5
0.0
7.2
0.5
10.2
-1.0
-17.9
26.0
34.8
0.6
6.5
0.0
5.1
0.7
23.3
-1.0
-7.9
20.8
40.4
0.6
6.5
0.0
2.6
0.4
31.2
-1.1
-18.5
7.7
34.9
0.6
3.3
0.0
0.5
0.6
31.1
-1.0
-26.2
35.5
52.0
-16.5
34.2
50.9
-16.7
37.6
52.8
-15.2
39.0
57.3
-18.3
45.4
62.4
-17.0
Net domestic assets
Net credit to central government
Treasury bills
Debentures
Temporary advances
Other claims 2/
Government deposits
Counterpart to IMF credit
Net credit to public entities
Other items (net)
Currency in circulation
Total currency issued
Currency held by banks
Sources: Eastern Caribbean Central Bank (ECCB); and Fund staff estimates.
1/ Transactions with the IMF are included as transactions with the monetary authorities.
2/ Includes balances on ECCB fiscal tranche loans to the Government of Dominica.
30
Table 19. Dominica: Consolidated Balance Sheet of Commercial Banks
(In millions of Eastern Caribbean dollars; end of period)
Prel.
2002
2003
2004
2005
2006
79.0
207.9
4.0
41.0
139.2
23.7
-129.0
-30.3
-0.9
-97.1
-13.3
-70.9
-12.6
-0.3
-0.7
170.4
275.2
3.6
66.3
115.1
90.2
-104.8
-4.0
-1.9
-98.4
-10.2
-72.6
-13.6
-2.0
-0.5
242.9
402.7
4.1
123.1
110.9
164.5
-159.8
-11.9
-3.2
-144.0
-16.7
-87.1
-24.8
-15.4
-0.7
185.3
350.6
4.0
134.3
50.8
161.5
-165.4
-9.1
-7.7
-148.5
-19.9
-87.0
-26.9
-14.7
-0.1
257.1
481.3
5.3
147.8
87.3
240.9
-224.3
-31.3
-38.2
-153.7
-11.7
-93.7
-24.5
-23.8
-1.0
98.2
98.2
16.5
0.0
64.3
17.4
85.6
85.6
16.7
0.0
49.2
19.7
73.8
73.8
15.2
0.0
54.2
4.4
78.4
78.4
18.3
0.0
50.7
9.3
99.6
99.6
17.0
0.0
74.9
7.7
Net domestic assets
Net credit to the public sector
Central and local governments
Treasury bills
Debentures
Loans and advances
Deposits
Social Security Scheme
Loans and advances
Deposits
Public enterprises
Loans and advances
Deposits
Net credit to nonbank financial institutions
Loans, advances, and investment
Deposits
Credit to the private sector
Interbank float
Other items (net)
336.6
53.4
42.8
16.0
26.2
61.7
-61.1
-9.0
0.0
-9.0
19.6
23.4
-3.8
-46.6
2.0
-48.6
433.2
-3.6
-99.9
264.3
26.3
30.1
16.0
22.8
52.8
-61.5
-21.2
0.0
-21.2
17.4
22.2
-4.8
-81.8
2.4
-84.2
420.6
-0.9
-99.8
233.1
-10.8
10.9
15.6
26.2
15.9
-46.9
-34.8
0.0
-34.8
13.1
21.6
-8.5
-75.9
2.4
-78.3
450.7
-6.9
-124.0
324.4
-23.5
26.9
15.5
34.4
20.5
-43.6
-46.4
0.0
-46.4
-4.0
19.5
-23.5
-59.9
2.9
-62.8
477.8
1.6
-71.6
285.1
-85.6
-24.2
14.8
34.4
20.3
-93.8
-67.5
0.0
-67.5
6.2
16.9
-10.7
-68.6
2.6
-71.2
531.2
0.5
-92.5
Private sector deposits
Demand deposits
Savings deposits
Time deposits
Foreign currency deposits
513.7
71.1
262.2
158.2
22.3
520.3
73.7
279.0
157.4
10.2
549.8
73.6
328.5
134.3
13.4
588.0
104.1
343.0
130.6
10.3
641.7
92.9
392.3
145.4
11.1
9.0
1.3
5.7
7.0
9.1
Net foreign assets
Assets
Foreign currency
Claims on ECCB banks
Claims on banks abroad
Other
Liabilities
Balances due to ECCB banks
Balances due to banks abroad
Nonresident deposits
Demand
Savings
Time
Foreign currency
Other
Net claims on ECCB
Claims on ECCB
ECCB notes and coins
Current deposits (including reserves)
Fixed deposits
Liabilities to ECCB
Memorandum item (in percent):
Growth in private sector deposits
Source: Eastern Caribbean Central Bank (ECCB).
31
Table 20. Dominica: Sectoral Distribution of Loans and Advances
of Commercial Banks
2002
2003
2004
2005
2006
501,300
9,202
6,125
15,606
79,025
17,368
4,559
37,055
18,555
4,449
19,562
26,160
261,125
172,802
8,671
79,652
2,509
529,865
9,049
11,219
15,889
73,941
19,610
4,550
30,425
19,129
5,020
20,120
26,375
290,482
178,378
10,193
101,911
4,056
601,393
8,962
15,722
19,005
59,523
32,451
4,176
45,894
14,598
7,014
20,944
23,907
345,409
221,296
14,413
109,700
3,788
100.0
1.8
1.2
3.1
15.8
3.5
0.9
7.4
3.7
0.9
3.9
5.2
52.1
32.1
4.0
10.9
0.5
100.0
1.7
2.1
3.0
14.0
3.7
0.9
5.7
3.6
0.9
3.8
5.0
54.8
32.1
4.0
10.9
0.8
100.0
1.5
2.6
3.2
9.9
5.4
0.7
7.6
2.4
1.2
3.5
4.0
57.4
32.1
4.0
10.9
0.6
(In thousands of Eastern Caribbean dollars; end of period)
Total
Agriculture
Mining and quarrying
Manufacturing
Distributive trade
Tourism
Transportation
Utilities
Construction and land development
Financial institutions
Professional and other services
Government and statutory bodies
Personal
Acquisition of property
Durable consumer goods
Other personal
Other
529,087
9,929
6,208
17,761
75,340
21,035
19,450
36,413
14,714
1,280
20,542
73,929
229,951
138,732
9,159
82,060
2,535
505,882
9,276
6,954
17,937
67,315
21,032
4,565
35,314
16,295
3,689
18,006
64,473
237,881
162,638
20,255
54,988
3,145
(As a percent of total)
Total
Agriculture
Mining and quarrying
Manufacturing
Distributive trade
Tourism
Transportation
Utilities
Construction and land development
Financial institutions
Professional and other services
Government and statutory bodies
Personal
Acquisition of Property
Durable Consumer Goods
Other Personal
Other
100.0
1.9
1.2
3.4
14.2
4.0
3.7
6.9
2.8
0.2
3.9
14.0
43.5
26.2
1.7
15.5
0.5
Source: Eastern Caribbean Central Bank (ECCB).
100.0
1.8
1.4
3.5
13.3
4.2
0.9
7.0
3.2
0.7
3.6
12.7
47.0
32.1
4.0
10.9
0.6
32
Table 21. Dominica: Interest Rates 1/
(In percent; end of period)
2002
2003
2004
2005
2006
Banks' prime loan rate (maximum)
10.50
10.50
10.00
10.00
10.00
Weighted average lending rate
Local currency
11.03
...
11.78
11.94
9.78
9.82
9.89
9.97
9.17
9.15
Total deposits
Local currency
Foreign currency
3.62
...
...
3.50
3.58
1.01
3.04
3.19
0.21
3.03
3.09
0.78
3.35
3.37
2.67
Demand deposits
Local currency
Foreign currency
...
...
...
1.35
1.44
1.01
0.83
3.34
1.68
1.15
3.40
2.00
1.40
3.45
1.76
Savings deposits
Local currency
Foreign currency
...
...
...
3.19
3.19
3.00
3.34
3.34
1.68
3.40
3.40
2.00
3.45
3.45
1.76
Time deposits
Local currency
Foreign currency
...
...
...
6.00
6.00
0.00
4.60
4.68
0.90
4.66
4.80
1.10
5.06
5.11
4.40
7.40
...
8.28
8.36
6.74
6.63
6.86
6.88
5.82
5.78
6.18
7.00
5.30
6.50
4.57
6.50
4.33
6.50
5.31
6.50
COMMERCIAL BANK LENDING RATES
COMMERCIAL BANK DEPOSIT RATES
INTEREST RATE SPREADS
Overall spread
Local currency
OTHER INTEREST RATES
Interbank market rate
ECCB’s discount rate
Source: Eastern Caribbean Central Bank (ECCB).
1/ Improved reporting requirements were introduced from June 2003, which provide information on
deposit and lending rates by currency and an accurate calcuation of the weighted average rates. There
is therefore a break in the data series in 2003.
33
Table 22. Dominica: Financial Accounts of the Dominica Agricultural,
and Development Bank
(In millions of Eastern Caribbean dollars)
2002
2003
2004
2005
Prel.
2006
Balance Sheet, as at June 30
Assets
Cash and short-term deposits
Accounts receivable
Loans outstanding
Agriculture
Industry
Tourism
Mortgage
Student Loans
Other
Less: Provision for doubtful loans
Investments
Government debentures and bills
Other
Agency assets
Fixed assets
119.8
5.6
3.2
102.4
11.7
15.4
20.1
28
22.8
12.1
7.7
2.5
2.2
0.3
0.2
5.9
120.1
2.3
2.4
106.5
11
17.5
19.8
30.5
27.2
11.6
11
3.4
2.2
1.2
…
5.5
126.7
8.3
2.6
106.7
10.6
19.9
19.7
28
30.4
10.3
12.3
3.9
2.6
1.3
…
5.2
125.8
8.7
2.4
105.6
9.6
19
18.7
26.3
33.4
9.9
11.2
3.9
2.6
1.3
…
5.1
125.3
3
...
106.4
...
...
...
25.4
...
94.2
13.1
4.00
2.7
1.3
...
5.2
Liabilities
Long-term liabilities
Caribbean Development Bank
Dominica Social Security
European Investment Bank
Taiwan, Province of China
France
IFAD
Commonwealth Development Corporation
Other
Interest bearing deposits
Agency liabilities
Accounts payable and accrued liabilities
Dividend payable
Shareholders' equity and deferred grants
119.8
82.3
45.6
18.4
7.9
4.2
2.8
1.9
1.5
...
5.4
…
1.9
0.3
29.9
120.1
85.5
48.9
19.2
9.2
4
2
1.5
0.5
...
5.7
0.2
2.5
0.4
26
126.7
89
54.7
18
9.8
3.9
1.4
1.2
0
...
5.8
1
3.7
0.3
27
125.8
90.3
56.3
15
11.2
4
2.4
0.9
...
...
6.8
1
3.4
0.9
23
125.3
87.9
58.0
15.7
9.4
3.3
...
0.6
...
1.0
8.7
0.6
3.6
0.2
22.2
Statement of Earnings, for year ending June 30
Total Revenue
Interest on loans and advances
Interest on fixed deposits
Other
Total Expenditure
Interest on long-term loans & deposits
Personnel expenditure
Other Expenses
Depreciation
Net surplus/deficit
10.1
9.2
0.4
0.5
8.3
3.9
2.3
1.6
0.6
1.8
9.4
8.3
0.3
0.8
8.1
4.0
2.3
1.3
0.4
1.3
10.8
9.9
0.3
0.6
7.8
4.0
2.3
1.2
0.4
2.9
10.4
9.3
0.5
0.6
8.9
4.1
2.0
2.6
0.2
1.5
11.0
9.9
0.5
0.5
8.0
4.6
2.3
0.8
0.3
2.8
Provision for loan loss and other losses
Net earnings/loss
-0.9
0.9
-3.1
-1.8
-1.6
-1.3
-3.8
-2.3
-2.0
0.8
Source: Dominica Agricultural Industrial and Development Bank.
34
Table 23. Dominica: Consolidated Balance Sheet of the Major Credit Unions
2002
2003
Rev.
2004
2005
Prel.
2006
(In millions of Eastern Caribbean dollars; end of period)
Assets
Cash balance
Investments
Loans outstanding
Of which
Agriculture
Business
Mortgages
Educational
Personal
Fixed assets
Other assets
273.0
13.4
32.5
206.9
290.2
11.4
40.1
218.3
310.0
13.2
51.7
224.6
351.0
14.6
61.2
252.5
369.0
16.5
74.4
255.7
2.2
6.2
102.2
3.3
93.0
15.2
5.0
2.1
6.2
109.4
3.8
96.7
15.2
5.2
4.4
10.1
111.7
4.9
76.6
14.5
5.8
4.6
8.9
116.7
6.0
90.1
17.3
5.2
2.8
8.5
140.4
7.9
74.4
16.9
5.3
Liabilities
Share capital
Deposits
Savings
Demand
Time
Other
Loans received
Capital
Other liabilities
273.0
123.7
99.9
11.3
5.0
78.2
5.3
11.2
27.2
11.1
290.2
132.4
108.8
13.2
4.5
83.7
7.3
9.6
32.2
7.2
310.0
107.4
141.7
39.1
8.6
78.8
13.8
6.4
33.8
20.4
351.0
125.4
156.3
50.3
9.7
82.4
13.8
6.9
46.1
16.1
369.0
114.1
185.5
60.0
22.2
85.1
18.1
5.7
45.3
18.1
(In millions of Eastern Caribbean dollars, unless otherwise indicated)
Memorandum item:
Total Income
Interest
Other
Total expenditure
Interest
Personnel expenditure
Other
Gross surplus/deficit
Nonperforming loans
Nonperforming loans/total loans (perce
Credit Union membership (number)
Reporting credit unions (number)
Credit unions not reporting (number)
31.1
30.1
1.0
24.1
8.3
6.1
9.7
7.0
31.6
30.6
1.0
21.9
7.4
6.1
8.4
9.7
22.6
21.5
1.1
14.7
4.4
4.3
5.9
8.0
27.6
26.3
3.0
18.3
6.1
5.6
5.5
8.5
25.8
24.6
1.2
12.8
5.6
5.0
4.9
8.1
18.2
8.8
72,547
5
12
19.5
8.9
71,474
8
9
25.2
11.2
71,060
8
9
32.1
12.7
...
10.0
4.0
27.9
10.9
...
14.0
...
Source: Eastern Caribbean Central Bank (ECCB).
35
Table 24. Dominica: Balance of Payments
2002
2003
2004
2005
Est.
2006
(In millions of U.S. dollars)
Current account balance
Trade balance
Exports (f.o.b.) 1/
Of which
Bananas
Imports (f.o.b.)
Of which
Mineral fuels 2/
-34.7
-58.7
43.6
-33.6
-70.8
41.0
-46.9
-84.9
42.8
-83.8
-102.9
43.0
-58.3
-104.3
42.5
8.1
102.4
5.9
111.8
7.2
127.8
6.4
145.9
7.5
146.8
9.6
12.1
14.1
19.3
22.7
26.0
79.7
45.7
34.0
53.7
-18.4
-8.8
32.8
77.3
52.3
25.0
44.6
-12.1
-8.0
40.0
86.3
60.1
26.2
46.3
-21.8
-8.6
31.5
83.5
55.7
27.8
52.1
-33.9
-10.7
45.5
97.9
68.4
29.5
52.4
-21.6
-6.5
Other income
Net current transfers
Private
Public
-9.6
16.4
12.6
3.8
-4.1
16.6
12.4
4.2
-13.2
19.8
18.4
1.4
-23.3
21.5
19.5
1.9
-15.1
22.1
21.1
1.0
Capital and financial account
Capital account
Public capital transfers
Private capital transfers
32.1
20.5
17.7
2.8
22.4
18.8
15.9
2.9
22.1
26.8
23.8
3.0
71.0
20.9
17.8
3.1
51.2
42.8
39.8
3.0
11.6
25.8
25.0
30.7
5.7
0.8
-14.1
11.4
-24.1
-1.5
3.7
8.9
8.9
24.0
15.1
0.0
-5.2
19.8
-33.9
8.8
-4.7
-0.7
-0.7
17.4
18.1
0.0
-4.0
18.1
-26.9
4.8
50.2
-3.8
-3.8
7.8
11.5
0.0
53.9
18.0
21.4
14.5
8.4
-9.0
-9.0
2.6
11.7
0.0
17.4
24.1
-26.6
19.9
Errors and omissions
14.7
12.5
-0.9
4.5
13.7
Overall balance
12.1
1.4
-25.7
-8.3
6.6
-12.1
-1.4
25.7
8.3
-6.6
Services balance
Exports of services
Travel
Other
Imports of services
Net income
Interest payments (public sector) 3/
Financial account
Public sector
Budgetary flows (net)
Disbursements
Repayments 3/
Nonbudgetary flows (net)
Private sector
Direct investment
Commercial banks
Other private flows
Overall financing
36
Table 24. Dominica: Balance of Payments
Net international reserves
Gross reserves (increase = -)
IMF reserve liabilities (purchase = +)
Exceptional financing
Arrears
Rescheduling
Financing gap
2002
2003
2004
2005
Est.
2006
-12.1
-15.1
3.0
-1.4
-6.2
4.8
10.3
9.4
0.9
-4.0
-7.2
3.2
-14.3
-16.1
1.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
15.4
0.0
15.4
0.0
12.3
0.0
10.1
0.0
7.7
0.0
7.4
0.0
-13.7
-13.0
-17.3
-29.5
-19.4
-5.6
-5.7
-7.4
-22.2
-5.2
11.8
4.6
7.1
19.5
12.8
6.8
20.7
14.0
6.7
17.5
9.1
8.4
13.0
8.3
4.7
(In percent of GDP)
Memorandum items
Current account balance
Current account balance including
net capital transfers
External public debt service (as a percent of
exports of goods and nonfactor services)
External public debt service ratio 3/
Amortization
Interest
Sources: Dominica authorities; Eastern Caribbean Central Bank (ECCB); and Fund staff estimates
and projections.
1/ Includes stores and bunkers.
2/ Up to 2005 data are on prerestructuring terms. After that, data are on postrestructuring terms for creditors
participating in the debt restructuring and on prerestructuring terms for creditors not participating.
3/ Refers to external public debt service ratio as percent of exports of goods and services. For 2005 it includes
the reallocation of part of an external bond (around 4 percent of GDP) from external to domestic.
37
Table 25. Dominica: Exports by Major Commodities
Prel.
2002
2003
2004
2005
2006
(Value in millions of U.S. dollars; volume in thousands of metric tons, unless otherwise
specified; and unit price in U.S. dollars per metric ton)
Value of exports of goods
Domestic merchandise exports
Merchandise re-exports
Stores and bunkers
43.6
39.5
3.2
0.9
41.0
38.6
1.4
1.0
42.8
39.6
1.7
1.5
43.0
38.8
2.7
1.6
42.5
40.5
0.9
1.2
Agricultural exports
Bananas
Value
Volume
Unit value
Other agricultural exports
Value
14.2
11.5
13.4
12.2
12.7
8.1
18.4
440.2
5.9
12.0
491.7
7.2
14.5
496.6
6.4
12.0
538.5
7.5
12.9
582.8
6.0
5.6
6.2
5.7
5.2
25.2
27.1
26.1
26.6
27.7
10.0
8.6
1,162.8
10.8
9.1
1,186.8
11.1
8.8
1,261.4
10.0
8.3
1,198.9
10.5
8.1
1,297.4
15.2
16.4
15.0
16.6
17.3
Manufactured exports
Soap
Value
Volume
Unit value
Other manufactured exports
Value
(In percent of total exports)
Agricultural exports
Bananas
Other agricultural exports
32.5
18.7
13.8
28.0
14.4
13.6
31.8
17.2
14.6
28.3
15.0
13.3
29.9
17.6
12.2
Manufactured exports
Soap
Other manufactured exports
57.8
22.9
34.9
66.2
26.3
39.9
61.9
26.4
35.5
61.8
23.2
38.6
65.2
24.6
40.6
Sources: Central Statistical Office, Ministry of Finance; and Fund staff estimates.
38
Table 26. Dominica: Imports by Product Type 1/
(In millions of U.S. dollars)
2002
2003
2004
2005
Prel.
2006
116.3
127.1
145.2
165.8
166.8
Food products and tobacco
Meats and meat preparations
Dairy products and eggs
Fish
Cereals and cereal preparations
Vegetables and fruits
Others (including beverages and tobacco)
25.4
4.8
3.3
1.4
4.4
2.0
9.5
25.9
4.5
3.7
1.3
4.4
2.1
9.9
27.6
5.4
3.8
1.5
4.5
2.1
10.3
30.5
6.1
4.1
1.7
4.8
2.7
11.1
30.0
5.8
3.9
1.7
4.7
2.6
11.3
Mineral fuels
10.9
13.7
16.0
21.9
25.8
8.1
2.4
1.4
3.7
0.6
9.8
4.1
1.4
3.5
0.8
10.4
3.9
1.5
4.0
1.0
8.3
1.6
1.7
4.0
0.9
9.0
4.7
1.7
1.8
0.8
23.8
1.4
1.3
5.7
1.0
1.2
0.8
4.9
1.8
0.2
3.2
2.3
24.4
1.6
1.2
5.0
1.0
1.2
0.8
6.1
1.8
0.2
3.8
1.7
27.3
2.0
2.1
5.6
1.0
1.6
0.9
6.2
2.1
0.2
3.7
1.9
28.8
1.9
1.7
5.7
28.9
2.0
2.0
6.3
2.1
1.0
6.1
2.5
0.4
4.0
3.4
1.3
1.0
5.4
2.6
0.3
3.8
4.0
3.1
1.3
1.8
3.7
1.6
2.1
5.4
2.2
3.2
7.1
1.8
5.3
7.2
3.0
4.2
Machinery and equipment
Power generation equipment
Specialized industrial machines
General industrial machinery
Office machines and computers
Telecommunications and sound equipment
Electrical machinery
Vehicles
Other transport equipment
25.5
1.7
1.1
2.9
2.9
4.6
4.5
6.8
1.0
28.5
1.4
2.5
2.4
2.8
7.2
4.7
6.9
0.6
36.2
1.6
2.7
3.2
4.3
10.5
4.8
8.6
0.5
41.9
2.7
2.9
4.0
3.5
10.2
5.9
12.3
0.5
39.3
1.8
4.8
4.9
3.3
7.7
6.0
9.9
0.8
Other
Oil seeds and oleagenous fruits
Textile fabrics (other than wool tops and combed wool)
Crude fertilizers
Crude animals and vegetable materials
Organic chemicals
Inorganic chemicals
Plastics in primary forms
Plastics in nonprimary forms
Chemical materials and products
Prefabricated buildings, etc.
Professional, scientific instruments
Photographic apparatus
Miscellaneous manufactured articles
18.2
0.0
1.3
0.3
0.3
0.9
1.8
0.8
1.0
2.2
0.6
1.4
0.6
7.0
19.0
0.0
0.0
0.2
0.3
1.1
1.9
0.9
1.0
2.1
1.6
2.0
0.7
7.2
22.3
0.0
0.0
0.2
0.4
1.0
2.0
0.9
1.3
2.3
0.9
1.6
0.9
10.8
27.3
0.1
0.0
0.3
0.4
1.2
2.0
1.2
1.8
2.5
1.1
2.4
1.3
13.1
26.7
0.1
0.0
0.2
0.4
1.1
2.4
1.2
2.2
2.4
1.2
1.3
0.7
13.6
Total
Miscellaneous oils and chemicals
Animal and vegetable oils
Dyeing and tanning materials
Essential oils and resinoids
Fertilizers
Miscellaneous manufactures
Rubber products
Cork and wood products
Paper products
Printed matter
Textile yarn and fabrics
Footwear
Metal products
Furniture
Travel goods
Nonmetal mineral manufactures
Medical and pharmaceutical products
Miscellaneous primary products
Cork and wood
Iron and steel
Source: Central Statistical Office, Ministry of Finance.
1/ On c.i.f. basis.
39
Table 27. Dominica: Direction of Trade
Prel.
2002
2003
2004
2005
2006
(In millions of U.S. dollars)
Domestic merchandise exports 1/
United Kingdom
United States (including Puerto Rico)
Guadeloupe
CARICOM countries
Other
42.7
9.4
3.4
2.4
23.7
3.8
40.0
6.2
2.2
3.2
25.3
3.1
41.3
7.4
1.6
3.7
25.2
3.3
41.4
6.9
1.7
4.2
24.9
3.7
41.3
7.7
1.7
3.3
26.3
2.4
Total merchandise imports
United Kingdom
United States (including Puerto Rico)
Canada
France
Japan
The Netherlands
Guadeloupe
CARICOM countries
Other
115.6
9.9
42.2
3.1
1.2
4.7
2.2
1.1
35.2
16.0
127.1
9.7
46.7
4.4
1.7
5.0
2.1
1.5
38.7
17.3
145.2
9.6
52.7
4.0
5.1
6.8
2.0
1.9
42.9
19.2
165.8
11.2
58.4
4.3
2.8
7.7
1.9
1.1
52.0
26.5
166.8
9.5
58.2
4.5
2.7
6.6
2.5
1.1
53.6
28.0
(In percent of total)
Domestic merchandise exports 1/
United Kingdom
United States (including Puerto Rico)
Guadeloupe
CARICOM countries
Other
100.0
22.0
8.0
5.6
55.6
8.8
100.0
15.5
5.5
8.0
63.3
7.8
100.0
18.0
3.9
9.0
61.2
7.9
100.0
16.6
4.2
10.1
60.1
9.0
100.0
18.5
4.1
7.9
63.6
5.9
Total merchandise imports
United Kingdom
United States (including Puerto Rico)
Canada
France
Japan
The Netherlands
Guadeloupe
CARICOM countries
Other
100.0
8.6
36.5
2.7
1.0
4.1
1.9
1.0
30.4
13.8
100.0
7.6
36.7
3.5
1.3
3.9
1.6
1.1
30.4
13.6
100.0
6.6
36.5
2.7
3.6
4.7
1.4
1.3
29.7
13.3
100.0
6.8
35.2
2.6
1.7
4.6
1.2
0.7
31.3
15.9
100.0
5.7
34.9
2.7
1.6
4.0
1.5
0.6
32.2
16.8
Sources: Central Statistical Office; IMF Direction of Trade Statistics; and Fund staff estimates.
1/ Includes re-exports.
40
Table 28. Dominica: Terms of Trade
2002
2003
2004
2005
Prel.
2006
(1995 = 100)
Exports of Goods
Value
Volume
Unit value
94.6
105.2
89.9
88.9
93.0
95.6
91.6
...
...
92.1
...
...
91.0
...
...
Imports of Goods
Value
Volume
Unit value
103.3
108.3
95.4
112.9
118.1
95.6
128.1
...
...
146.3
...
...
147.2
...
...
94.2
99.9
...
...
...
Merchandise terms of trade
(Annual percentage change)
Exports
Value
Volume
Unit value
-1.8
-2.2
0.4
-6.0
-11.6
6.3
3.0
...
...
0.5
-1.1
...
...
...
...
Imports
Value
Volume
Unit value
-11.5
-7.6
-4.2
9.3
9.1
0.2
13.5
...
...
14.2
...
...
0.6
...
...
4.9
6.1
...
...
...
Merchandise terms of trade
Sources: Central Statistical Office; and Fund staff estimates.
41
Table 29. Dominica: Tourism Statistics
Arrivals
Total
Excursionists
Cruiseship
Stayover
Hotel-holiday
Hotel-business
Private homes
Students
Average length of stay
Excursionists
Cruiseship
Stayover
Hotel-holiday
Hotel-business
Private homes
Students
Average daily expenditure (EC$)
Excursionists
Cruiseship
Stayover
Hotel-holiday
Hotel-business
Private homes
Students
Total receipts (EC$ million)
Total
Excursionists
Cruiseship
Stayover
Hotel-holiday
Hotel-business
Private homes
Students
2002
2003
2004
2005
Prel.
2006
200,893
1,693
136,859
62,341
13,901
8,624
38,935
881
250,802
3,928
177,044
69,830
13,711
8,369
46,476
1,274
462,529
2,577
383,614
76,338
14,993
8,689
51,509
1,147
378,001
676
301,511
75,814
13,939
8,887
52,082
906
460,379
905
379,503
79,971
21,486
8,949
48,399
1137
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
9.1
11.0
14.8
320
9.1
11.0
14.8
320
9.1
11.0
14.8
320
9.1
11.0
14.8
320.0
9.1
11.0
14.8
320.0
182.8
74.8
185.4
75.9
190.0
77.7
193.0
79.0
198.03
81.03
249.1
309.4
38.4
96.8
252.7
313.8
38.9
98.2
259.0
321.5
39.9
100.6
263.0
327.0
41.0
102.0
269.9
335.1
41.5
104.8
120.8
0.3
10.2
110.3
31.5
29.3
22.1
27.3
141.4
0.7
13.4
127.2
31.5
28.9
26.8
40.0
163.7
0.5
29.8
133.4
35.3
30.7
30.4
36.9
150.5
0.1
23.8
126.5
33.4
32.0
31.6
29.6
184.6
0.2
30.7
153.7
52.8
33.0
29.8
38.1
Sources: Central Statistical Office, Ministry of Finance; Eastern Caribbean Central Bank (ECCB);
Ross University; and Fund staff estimates.
42
Table 30. Dominica: Effective Exchange Rate Indices 1/
Real Effective
Rate
Nominal Effective
Rate 2/
Relative Price 2/
(Index numbers: 2000=100)
(Quarterly averages)
2002
I
II
III
IV
101.8
100.5
98.4
98.5
104.4
103.4
97.6
97.2
96.3
95.9
2003
I
II
III
IV
97.7
96.9
98.9
96.8
102.6
102.1
101.8
101.2
101.6
100.0
2004
I
II
III
IV
95.3
95.7
94.7
92.3
99.0
100.2
99.8
97.9
95.2
94.5
93.9
93.4
2005
I
II
III
IV
90.5
91.0
91.1
92.2
97.0
98.1
99.1
100.3
92.6
92.6
91.9
91.8
2006
I
II
III
IV
91.4
91.1
90.4
89.8
100.0
98.9
98.7
98.5
91.3
91.8
91.3
90.8
103.5
101.1
99.2
98.6
99.0
96.8
95.3
94.2
92.2
91.3
95.3
94.3
96.1
95.6
(Annual averages)
2002
2003
2004
2005
2006
99.8
97.6
94.5
91.2
90.7
Source: IMF, Information Notice System.
1/ An increase in the index denotes appreciation.
2/ The weights used in these calculations are based on 1999-2001 data, and differ from those used
in previous Consultation Report in that they reflect, inter alia, Jamaica’s increased importance as a
trading partner. This change has had little impact on the real effective exchange rate, but has reduced
the extent of nominal depreciation. The weights have been further adjusted to capture an ongoing
structural change, and so differ from those published in IFS.
43
Table 31. Dominica: External Public and Publicly Guaranteed Debt by Creditor 1/
(In millions of U.S. dollars)
Prel.
2002
2003
2004
2005
2006
202.6
221.1
235.4
223.6
225.5
Bilateral debt
Agence Francaise de Developpement
Government of Trinidad and Tobago
Government of United Kingdom 2/
Investment Fund of Venezuela
Export-Import Bank of Taiwan Province of China
Kuwait Fund for Arab Economic Development
Other Bilaterals 3/
50.5
12.0
3.7
11.2
1.2
11.9
3.5
7.0
52.6
11.8
3.7
10.9
1.1
12.0
3.6
9.5
51.6
11.4
3.7
10.4
1.1
11.7
3.7
9.5
50.7
50.6
11.3
3.7
10.4
0
11.7
4.1
9.5
12.1
3.7
10.4
0
11.7
4.2
8.5
Multilateral debt
Caribbean Development Bank
European Development Bank
International Bank for Reconstruction and Development
International Development Association
International Fund for Agricultural Development
International Monetary Fund
Organization of Petroleum Exporting Countries
95.9
65.0
4.8
3.6
16.5
3.2
2.7
0.1
110.4
71.7
5.4
4.1
18.1
3.3
7.8
0.0
126.7
81.3
5.7
4.2
23.1
3.2
9.2
0.0
129.4
131.4
85.1
4.3
3.9
21.7
2.8
11.6
0.0
84.8
4.0
3.3
22.6
2.7
14.0
0.0
Other debt
Commercial Banks
Other private
Arrears on interest payments 4/ 5/
56.2
49.9
5.1
1.2
58.1
49.9
5.1
3.0
57.1
47.4
5.1
4.6
43.5
34.5
43.5
34.5
5.1
5.1
3.9
3.9
Loan disbursements 6/
27.2
18.3
18.4
11.4
6.1
Debt service payments 6/
Principal repayments
Interest payments
12.9
4.9
8.0
13.5
5.9
7.6
14.1
6.1
8.0
10.3
12.1
5.9
4.4
7.4
4.7
Debt cancelation 7/
0.0
0.0
2.5
14.0
0
Change in interest arrears 5/
0.7
1.9
1.6
-0.7
0.0
Valuation adjustment
2.5
4.2
3.0
-2.60
3.27
85.7
84.7
5.2
86.6
85.1
5.2
78.7
77.4
3.6
74.8
73.7
4.0
Total debt outstanding, end of period
(As a percentage of GDP)
Memorandum items:
External debt 1/
External debt excluding interest arrears 1/
External public debt service on a cash basis 1/
80.1
79.8
5.1
Source: Ministry of Finance, and Fund staff estimates
1/ The data shown do not incorporate any assumptions regarding the outcome of the government's debt
restructuring negotiations with nonparticipating creditors.
2/ Loan provided by Societe Generale and guaranteed by the U.K. government. The guarantee was exercised.
3/ Includes Bahamas, Barbados, Belize, Grenada, and St. Vincent and the Grenadines
4/ Principal arrears included in the debt stock
5/ Includes arreas in dispute. Excludes arrears with Intercommercial Bank as debt with it
was determined to be not the governments' responsibility
6/ On a cash basis. Includes IMF disbursements and repayments
7/ Refers to the agreement with Intercommercial Bank which was determined to be not the government's
responsibility (year 2004) and a reallocation of an external bond from external to domestic (year 2005).