|Volume No. 1 Issue No. 79 - Tuesday March 21, 2006
|Dominica Economy Grows by 3.5 percent in 2005 |
The International Monetary Fund (IMF), is reporting there was real GDP growth in the Dominican economy of 3.5 per cent in 2005.
This information is contained in a Statement made earlier today by an IMF Staff Mission. An IMF mission headed by Mr. Patrick Njoroge, visited Dominica between March 7-17, 2006 to conduct discussions for the sixth review of the programme supported by the Poverty Reduction and Growth Facility (PRGF) arrangement.
The review focused on recent economic performance, fiscal policy and the government’s structural reform agenda.
The IMF reported: “ Macroeconomic performance in 2005 remained strong, despite some areas of modest weakness. Economic activity expanded robustly, with real GDP growing at about 3.5 per cent to yield the second straight year of higher –than-average growth. “
The IMF commended the Roosevelt Skerrit Administration for its strong policy implementation. The Statement added: “ All quantitative targets for December 2005 under the Programme were met. A strong fiscal performance has been sustained in FY2005/06: Revenue collection has been strong….”
The Staff Mission also commended the Government for progress made in the implementation of structural reforms, including the implementation of the Value Added Tax(VAT),strengthening public expenditure management and the streamlining of the public sector.
The Staff Mission is also welcoming progress made by the Government in strengthening social security, the financial sector, amending the Electricity Supply Act and the related legislation.
The Mission noted progress made in the finalization of the Growth and Social Protection Strategy (GSPS), which will articulate the policies of Government for the medium term.
The IMF Mission concluded that growth in the economy should be more broad-based for its sustainability to be assured.