Dominica’s economy has remained flat for the first half of 2013, according to the Eastern Caribbean Central Bank (ECCB).
“Preliminary estimates suggest that overall economic activity in Dominica remained relatively flat in the first six months of 2013,” the ECCB’s June 2013 Economic and Financial Review said.
The review was released on October 29.
According to the review, the Dominican economy was impacted by mixed activity in agriculture and tourism and a decline in construction which “had a spill-over effect on other closely related sectors…”
However, the review pointed out that manufacturing output is estimated to have increased while the consumer price index rose by 0.2 per cent, “on an end of period basis.”
“In the external sector, the merchandise trade deficit widened mainly resulting from larger import payments,” the review said. “The central government registered a smaller overall fiscal deficit and the total outstanding public sector debt fell during the review period. In the banking system, monetary liabilities and net domestic credit increased, while net foreign assets declined.”
“Commercial bank liquidity rose marginally, while the weighted average interest rate spread between loans and deposits decreased,” the review further stated.
The review noted that modest growth is expected in 2013 based on developments in the global and local economy.
“There are some positive prospects for tourism, non-banana production, manufacturing and by extension the distributive trades, during the remainder of the year,” the review added. “These prospects are premised on increased economic activity in Dominica’s main trading partners and the success of local policy efforts to spur growth. Continued fiscal consolidation efforts should result in a narrowing of the overall fiscal deficit position.
The report pointed out that the island’s macroeconomic outlook is subject to a number of downside risks including a weak global recovery, adverse weather and delayed grant inflows.
During the launch of the government’s National Employment Program (NEP) on Tuesday, prime minister Roosevelt Skerrit, said there were “clear and positive indicators and projections of economic acceleration in the months ahead.”
Are you guys for real? with all that prime minister Skeritt is doing for the people of Dominica and you the people who are following the Lenox Linton cannot appreciate it! show me one other prime minister in the caribbean that is caring for its people like prime minister Skeritt is doing, Dominica is finally on the map under the leadership of Skeritt. i have met people all the way in California speaking of the leadership of the PM and you guys can’t appreciate your own…go PM reach for the stars the ske is your limit!!!
Read any report by ECCB Eastern Caribben Central Bank online and you will get it straight in your face: a country’s lack of growth is TIED to its level of corruption. Investors will NOT invest in a country full of corrupt politicians.
Go read for yourselves. I’m not making this stuff up.
We cannot expect change when we are doing the same things the same way all the time.we cannnot expect growth from the same corrupt and incompetent government who is doing the same thing for 14 years.
Dominica has become a dead end under skeritt,things will only get worse if this government remains in power.
after 14 years of this labor party in power, Dominicans was expecting to have and see the socall next level, he has just shown us the next devil.
yours truly
Mr vilmmereim
They still love their PM
Dominica’s economy, what economy are you talking about. The man travels all over the world with a begging bowl and you are talking about the economy flat. As far as I am concerned, the economy has been decapitated. According to Dominicans, why should I buy a cow, feed it, when I can get milk and cheese free.
The report noted that “Modest growth is expected in 2013”. Really folks! there’s only three weeks left in 2013. This economy has been flat for years, so what makes you think three weeks of growth will make a difference.
Hey who are we to defy Skerritic laws of economics and the dynamics of a desperate Labor Party. Skerrit and his circus full of clown cabinet spinning around like a ” toppy” changing economic status like the clock changing seconds. . Remember how a school from Thibaud migrated to Joshua Francis back yard in 5 hours;
A hotel for night landing became a hotel for Purple turtle and cabrits in 5 days;
Rule with the machinery of Kairi, DBS, hear that our debt to GDP ration is .000001%
What terrifying news but the end is not total disaster. At least not yet. One thing is sure, regardless of who wins in the next general elections the country will still be at its present level of productivity or to put it squarely, stability. What is missing from D/ca’s position in a changing world? Perhaps more Chinese intervention, more tourism, or more local involvement, to name a few. To many D/cans more of all these but presently, we are missing that ingredient that is spurring economic growth. We can imagine that next year’s plans of economic development will bring changes but that is only a big guess. We can argue that new leadership is necessary. But that can be wishful thinking, or a new policy that encourage economic growth. That is better than saying nothing. The questions re, what type of economics any administration is going to gamble with, the policy to maintain growth, to get comfort from most citizens, satisfaction from neighboring states,economic growth that spells full employment, to name a few. This report then, is a warning to the country, and to the region as a whole. Most of all, it tells D/cans that they are facing a tough road ahead if strong measures are not tried and or implemented. The problem though, who is better to bring these changes to an unstable, slow economy?
You can continue to play that violin and pretend that the captain of the ship is not responsible for it’s predicament. Grow a pair of balls and call the disaster by it’s name. You throwing all that is true out there but you are simply to bias to state clearly that the mismanagement of our economy is the first order of business. It is as simple as that. The government is and has always been incompetent.
In my opinion it is people like you who help sink the economy because people like you would rather show smartness but act stupid.
Why don’t you just come out and declare the arrogant Labor Party slogan ” If not Skerrit Who”.
Don’t take this personal- it is just upsetting to see people like you dancing around the issue in other hide and protect the root cause. Stop letting our country down and do the right thing for Dominica – ask the stone around our neck Roosevelt Skerrit and his band of moomoos to get out of the way.
Granville, the destruction of the ship, the country can be traced to many. Every administration is responsible for the greatness, the decadence of the country. Adding balls, growing pains cannot truly identify the problems by the leader or his henchmen but policies adopted, changed, or discarded. Actually, each leader is responsible for failures as well as growth of a country. You may not agree with the present leader as much as l did with past leaders but one thing is evident, change is necessary, and who can do a better job at fixing problems will be praised by some, and scorned by others. Please believe me when l say that l am not taking your remarks personally. Frankly, l welcome it. The point is, the subject makes a point that we are in a stagnant fix which many countries are in today. Stagnation can come about regardless of policies as much as economic growth can. No, my friend, l am not afraid to pounce on any one’s head if things are wrong. This argument does not call for me to pounce on our Leader as much as to praise him. The fact is, the country is in a mess, and perhaps you, or another Leader can change things around. That’s why we have elections. Did the present Leader made this mess? If he did then lets say he did. Frankly, l am not praising his policies, l am not even a follower of his party, But the fact is, this is not his making. Economic dysfunction has gripped this country for years. Frankly, before our present Leader came, and l believe it will continue when he leaves office. What is good for D/ca will come later perhaps by a new party. We will see. If not Skerrit, then Who? We can only wait and see. Thank you for your comment, and Glanvillia, l hope we will do it again. Thank you.
Would like to see someone turn this around and try to make it into a positive thing.with all the loans and agreements that being signed all over the place. yet the economy remains flat. country debt over 700 million and rising.So let those so called economics call that a positive thing.
Then again we Dominicans put party before common sense. So obviously we will believe anything politicians say.
But I think an international airport will change that LMAO
LOL LOL
Still
sTILL AT -0.1 %
To all those who keep repeating (well done PM) I HOPE YOU READING. 14 YEARS, 14 YEARS, 14 YEARS
Nothing getting better in this country. The next level is to stay the same level. We need work in this country to much hand out to many begging. Papa noel we need to earn for ourselves to make our country grow. Replace those chinese and put dominicans to work on this major project. We need a change.
Do not worry, work is here apply to the govt. job expo and you will get a job attachment , maybe for a year and then booom! over!!!