Economic growth in Dominica was positive in2018, exceeding expectations. Overall, growth was 0.5%. Post Hurricane Maria related construction led the way, and this will likely continue into 2019. Value added in the wholesale and retail sector also increased significantly. Output from all of the other main sectors declined. Central Government (CG) operations resulted in an overall deficit, notwithstanding a reduction in total public debt. Fiscal conditions remain uncertain as some pledges of international financial assistance, following the recent weather events, remain unfulfilled. On the external side, the current account balance deteriorated over the period largely due to a ballooning trade deficit. Vulnerabilities in the financial sector, particularly the non-bank financial sector, persist.
GOCD’s primary focus is on building climate and economic resilience. This is necessary to reduce the volatility of the country’s economic growth trajectory. Dominica consistently ranks among the most vulnerable countries in the world, because of its high susceptibility to natural hazards. The commitment of Government of the Commonwealth of Dominica (GOCD) to “Build Back Better” and develop strategies to encourage resilient infrastructure must be sustained.