Dominica’s economy expanded by 3.5% in 2024, powered by surging wholesale and retail trade, a record tourism rebound, stronger agriculture, and a massive public investment push.
Inflation cooled to 3.1%, easing pressure on households, while government coffers hit historic highs. Tax revenues outperformed across the board, led by VAT collections up $9 million year-on-year, now accounting for 41% of total tax intake. Taxes on income and profits also beat forecasts, while non-tax revenues rose on steady inflows from the Citizenship by Investment (CBI) programme, which now makes up 58% of revenue.
On the spending side, recurrent expenditure grew modestly by 1.3%, staying within budget. But the standout was capital expenditure, which surged to $603.5 million (31% of GDP)—a clear sign of the Government’s infrastructure-heavy growth strategy.
Looking forward, the Ministry of Finance projects 4.2% growth in 2025, before stabilising at 3.5% over the medium term as construction activity tapers off.
Story: Naa Dede Mensah
