The economy of Dominica is reliant upon agriculture, particularly bananas, with the financial services industry and citizenship by investment scheme[6] becoming increasingly the island's largest source of income.

This sector is highly vulnerable to weather conditions and to external events affecting commodity prices.

In view of the European Union's announced phase-out of preferred access of bananas to its markets, agricultural diversification is a priority.

Nevertheless, Dominica's high, rugged mountains, rainforests, freshwater lakes, hot springs, waterfalls, and diving spots make it an attractive destination.

Cruise ship stopovers have increased following the development of modern docking and waterfront facilities in the capital.

The ECCB also manages monetary policy, and regulates and supervises commercial banking activities in its member countries.

The island does not produce sufficient meat, poultry, or eggs for local consumption so there are large imports of animal products.

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.

The factory has an agreement to sell an estimated 3 million bars of soap each year to Royal Caribbean Cruise Lines.

Since the 1990s, the small manufacturing sector has been expanding at a modest pace, including electronic assembly, rum, candles, and paints.

The Trafalgar Hydro Electric Power Station is now operational, making the island virtually energy self-sufficient.

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.

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.

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.

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.

(2006) Exports - commodities: bananas 50%, soap, bay oil, vegetables, grapefruit, oranges Exports - partners: United Kingdom 24.8%, Jamaica 12.3%, Antigua and Barbuda 9.8%, Guyana 8.3%, China 7.9%, Trinidad and Tobago 5.4%, Saint Lucia 4.5% (2006) Imports: $296 million f.o.b.

(2006) Imports - commodities: manufactured goods, machinery and equipment, food, chemicals Imports - partners: United States 25.3%, China 22.7%, Trinidad and Tobago 13.8%, South Korea 4.8% (2006) Debt - external: $213 million (2004) Economic aid - recipient: $15.17 million (2005 est.)

Currency: 1 East Caribbean dollar (EC$) = 100 cents Exchange rates: East Caribbean dollars per US dollar - 2.7 (2007), 2.7 (2006), 2.7 (2005), 2.7 (2004), 2.7 (2003) Fiscal year: 1 July - 30 June World portal ^These three form the SSS islands that with the ABC islands comprise the Dutch Caribbean, of which *the BES islands are not direct Kingdom constituents but subsumed with the country of the Netherlands.