Dominica’s inflation remains below global levels: Irving McIntyre

Finance Minister of Dominica Dr Irving McIntyre said the island’s inflation remains below global levels due to the substantial effects of local production and consumption.

Citing, reports by the International Monetary Fund, McIntyre shared some insights from their recent findings.

“According to the IMF, inflation in Dominica was lower than the global levels, averaging 3.5% in 2023, and it is expected to continue falling to an average of 2.8% in 2024,” said Finance Minister Dr Irving McIntyre.

He further added that for three consecutive years, Dominica’s economy has been experiencing growth, “In 2023, we recorded 4.7 percent growth for Dominica’s economy, 6.9 percent in 2021, 5.6 percent in 2022, which is three consecutive years."

The finance minister said the performance is driven by the Government’s ambitious public sector programmes, retail trade, and increased agricultural production. 

The 2024-2025 budget was presented in the parliament on Friday morning, where the finance minister started his budget address by talking about the challenges of climate change faced by the island. 

He said challenges such as Tropical Storm Erika, and Hurricane Maria among other natural disasters have been putting an extra burden on the economy. 

Dr McIntyre said regardless of the challenges the Government has been making efforts to improve the economic structure.