Agriculture

About 22.6% of the total land area is arable. Agricultural production was on the decline even before the 1979 hurricane disaster. The main crop of Dominica is bananas, the output of which had fallen to 29,700 tons in 1978. As a result of Hurricane David, production hit a low of 15,700 tons in 1979. Agriculture suffered a further blow from Hurricane Allen in August 1980. However, after outside financial support began to rehabilitate the sector, production rose to 27,800 tons in 1981 and totaled 30,000 tons in 1999. Additionally, there are other products like citrus, coconuts, cocoa, herbal oils and extracts.

Agriculture accounts for about 20% of GDP and employs about 40% of the labor force. Agricultural exports amounted to $19.1 million in 2001. Most crops are produced on small farms, the 9,000 owners of which are banded together in about 10 cooperatives; there are also several large farms that produce mostly bananas for export. Other major crops are coconuts and citrus fruits which are grown in commercial quantities. Production for 1999 included coconuts, 11,000 tons; grapefruit, 21,000 tons; lemons and limes, 1,000 tons; and oranges, 8,000 tons. Fruits and vegetables are produced mostly for local consumption.

Animal husbandry

There are about 2,000 hectares (4,900 acres) of pasture land, comprising 2.7% of the total land area. The island does not produce sufficient meat, poultry, or eggs for local consumption so there are large imports of animal products. In 2001 there were an estimated 540 head of cattle, 9,700 goats, 7,600 sheep, and 5,000 hogs. In 2001, production of meat totaled 1,300 tons; and milk, 6,100 tons.

Fishing

Before Hurricane David, some 2,000 persons earned a living fishing in coastal waters, producing about 1,000 tons of fish a year and meeting only about one-third of the local demand. The hurricane destroyed almost all of the island's 470 fishing boats; afterward, only about a dozen vessels could be reconstructed for use. In 2000, the catch was 1,150 tons, up from 552 tons in 1991.

There is a relatively large fishing industry in Dominica, but it is not modernized and almost exclusively serves the domestic market. A successful experiment in fresh-water prawn farming, supported by Taiwanese aid, has produced substantial amounts of prawns for the domestic and local markets. Japan has provided support for a fish landing and processing plant in Roseau.

Forestry

Dominica has the potential for a lumber industry. Some 46,000 hectares (110,000 acres) are classified as forest, representing 61% of the total land area. In 1962, Canadian experts produced a study indicating that over a 40-year period the island could produce a yearly output of 22,000 cu m (800,000 cu ft) of lumber. Before Hurricane David, annual output had reached about 7,500 cu m (265,000 cu ft). There are some 280 hectares (690 acres) of government land allocated to commercial forestry and about 100 hectares (250 acres) of forestland in private hands. Commercially valuable woods include mahogany, blue and red mahoe, and teak. Total imports of forest products in 2000 amounted to $10.3 million.

Mining

Dominica's mining sector played a minor role in its economy. Pumice was the major commodity extracted from the island for export, and Dominica produced clay, limestone, volcanic ash, and sand and gravel, primarily for the construction industry. There is some mining potential in Dominica, especially in the island's northeast where there are believed to be deposits of copper.

Tourism

Tourism in Dominica is mostly centered around Eco Tourism. It consists of hiking, bird watching, canyoning, kayaking etc. Being the Nature Isle of the Caribbean, it stands true to its name as there are numerous outdoor activities based in nature. With the impact of COVID-19, the island has halted its Carnival and Independence Celebrations since mid 2020, which are two of its largest financial contributors in the tourism sector.

Financial services

The Commonwealth of Dominica has become in recent years a major international financial hub, and is quickly becoming one of the largest banking centres in the world, and offshore services are also becoming its main source of income. There are a number of service providers. These include global financial institutions including Scotiabank, Royal Bank of Canada, First Caribbean International Bank;

The largest Financial sectors are "offshore banking, payment processing companies, and general corporate activities". Regulation and supervision of the financial services industry is the responsibility of the Financial Service Unit of the Commonwealth of Dominica (FSU) under the supervision of the Ministry of Finance.

Starting in the mid-late 1990s, offshore financial centres, such as the Commonwealth of Dominica, came under increasing pressure from the OECD for their allegedly harmful tax regimes, where the OECD wished to prevent low-tax regimes from having an advantage in the global marketplace. The OECD threatened to place the Commonwealth of Dominica and other financial centres on a "black list" and impose sanctions against them.^[5] However, the Commonwealth of Dominica successfully avoided being placed on the OECD blacklist by committing to regulatory reform to improve transparency and begin information exchange with OECD member countries about their citizens.^[5]

Dominica has tried to expand its base by building up offshore financial services. So far, a relatively small number of offshore banks and other international business companies have registered in Dominica, but the government is trying to attract more by making registration economical and easy. A Dominica-based International Business Company (IBC) can, for instance, be formed over the Internet, and the government has also granted operating licenses to several Internet gambling companies.