We discuss the dynamics of a Bose-Einstein condensate in a double-well trap subject to phase noise and particle loss. The phase coherence of a weakly interacting condensate, experimentally measured via the contrast in an interference experiment, as well as the response to an external driving becomes maximal for a finite value of the dissipation rate matching the intrinsic time scales of the system. This can be understood as a stochastic resonance of the many-particle system. Even stronger effects are observed when dissipation acts in concurrence with strong interparticle interactions, restoring the purity of the condensate almost completely and increasing the phase coherence significantly. Our theoretical results are backed by Monte Carlo simulations, which show a good qualitative agreement and provide a microscopic explanation for the observed stochastic resonance effect.