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The Eastern Caribbean Central Bank (ECCB) issues a common currency (the East Caribbean dollar) to all eight members of the ECCU. Eco-tourism also is a growing industry on the island.ĭominica is a member of the Eastern Caribbean Currency Union (ECCU). Cruise ship stopovers have increased following the development of modern docking and waterfront facilities in the capital. Nevertheless, Dominica's high, rugged mountains, rainforests, freshwater lakes, hot springs, waterfalls, and diving spots make it an attractive destination. Dominica also recently entered the offshore financial services market.īecause Dominica is mostly volcanic and has few beaches, development of tourism has been slow compared with that on neighboring islands.
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Dominica has also had some success in increasing its manufactured exports, with soap as the primary product. Dominica has made some progress, with the export of small quantities of citrus fruits and vegetables and the introduction of coffee, patchouli, aloe vera, cut flowers, and exotic fruits such as mangoes, guavas, and papayas. In view of the European Union's announced phase-out of preferred access of bananas to its markets, agricultural diversification is a priority. The value of banana exports fell to less than 25% of merchandise trade earnings in 1998 compared to about 44% in 1994. This sector is highly vulnerable to weather conditions and to external events affecting commodity prices. Banana production employs, directly or indirectly, upwards of one-third of the work force. The economy of Dominica is reliant upon agriculture, particularly bananas, with the financial services industry and passport sales becoming increasingly the island's largest source of income. All values, unless otherwise stated, are in US dollars.