Dominica, officially the Commonwealth of Dominica, is a sovereign island country. The capital, Roseau, is located on the leeward side of the island. It is part of the Windward Islands in the Lesser Antilles archipelago in the Caribbean Sea. The population was 72,301 at the 2014 census. The island was originally inhabited by the Kalinago and later colonized by the Europeans, predominately by the French; the island's name is derived from the Latin for "Sunday". The island republic gained independence in 1978. Its name is pronounced with an emphasis on the third syllable, related to its French name of Dominique. Dominica has been nicknamed the "Nature Isle of the Caribbean" for its natural environment. It is the youngest island in the Lesser Antilles, still being formed by geothermal-volcanic activity, as evidenced by the world's second-largest hot spring, Boiling Lake. The island has lush mountainous rainforests and is the home of many rare plants, animals, and bird species. Dominica's economy depends on tourism and agriculture.
Dominica has become in recent years a major international financial hub and is quickly becoming one of the largest banking centers 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, Cathedral Investment Bank, First Caribbean International Bank, and The Interoceanic Bank of the Caribbean; 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 centers, 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.
|Agriculture||bananas, citrus, mangos, root crops, coconuts, cocoa|
|Manufacture||soap, coconut oil, tourism, copra, furniture, cement blocks, shoes|
|Services (Including financial)||69.8% (2016 EST.)|
|National Bank of Dominica||Bank|
|Swiss Mutual Fund||Financial services|
|The Chronicle||Consumer services|
The Arawak’s were guided to Dominica, and other islands of the Caribbean, by the South Equatorial Current from the waters of the Orinoco River. These descendants of the early Taínos were overthrown by the Kalinago tribe of the Caribs. The Caribs, who settled here in the 14th century, called the island Waitikubuli, which means 'tall is her body'. Christopher Columbus named the island after the day of the week on which he spotted it - a Sunday ('Doménica' in Italian) - which fell on 3 November 1493 on his second voyage. Daunted by fierce resistance from the Caribs and discouraged by the absence of gold, the Spanish did not settle the island. Many of the remaining Carib people live in Dominica's Caribe Territory, a 3,700-acre (15 km2) district on Dominica's east coast.
Located at the north of the Windward Island chain in the East Caribbean, Dominica shares its currency, the Eastern Caribbean dollar, with much of the region. The Eastern Caribbean dollar, fixed to the United States dollar, currently trades at a rate of $2.67(EC) to $1(USD).
The euro trades for, 1 to $2.70(EC), and the British pound trades for £1 to $4.26(EC). The Eastern Caribbean dollar is issued in coin denominations of $0.01(EC), $0.02(EC), $0.05(EC), $0.10(EC), $0.25(EC), and $1.00(EC). Notes are issued in bills of $5(EC), $10(EC), $20(EC), $50(EC), and $100(EC).
|National Song||"Isle of Beauty, Isle of Splendour"|
|Currency||East Caribbean dollar (XCD)|
|GDP||0.805 Billion USD|
|GDP Growth Rate||-4.3 Percent|
|GDP Per Capita||$11374.591 (PPP)|
< 1.0% Muslims
< 1.0% Hindus
< 1.0% Buddhists
< 1.0% Jews
1.7% Other Religions
Carib Amerindian 2.9%
President – Charles Savarin
Prime Minister – Roosevelt Skerrit
|Website||Go to the web|
|Public Debt||80.967 Percent|
|Unemployment Rate||N/A Percent|
|Labor Force (Occupation)||-|