Dominica has been named among the top ten wealthy Caribbean nations based on Gross National Income (GNI), according to a report by the World Bank.
In its 2014 World Development Report, the World Bank used the GNI to measure the wealth of Caribbean nations. The information is data of the bank’s main criterion for classifying economies, the gross national income (GNI) per capita.
The GNI per capita is the gross national income of a country divided by its total population. It is also the sum of value added by all resident producers, plus any product taxes (less subsidies) not included in the valuation of output, plus net receipts of primary income (compensation of employees and property income) from abroad, according to the World Bank.
Dominica was ranked eighth with a GNI of $6,460.
According to the report, bananas and other crops dominate Dominica’s economy, and nearly one-third of the labor force works in agriculture.
“In 2008, Dominica had one of the lowest per capita gross domestic product rates of Eastern Caribbean states. The country nearly had a financial crisis in 2003 and 2004, but its economy grew by 3.5 percent in 2005 and 4.0 percent in 2006, following a decade of poor performance,” it further stated. “Growth in 2006 was attributed to gains in tourism, construction, offshore and other services, and some sub-sectors of the banana industry. The International Monetary Fund recently praised the government of Dominica for its successful macroeconomic reforms.”
Bahamas grabbed the top spot with a GNI of $21,280.
Here is the full list based on the World Bank report:
-Suriname … $8,480
-St Lucia …. $6,530
-St Vincent and the Grenadines $6,380