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Dominican Republic Economy Profile 2014

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Economy - overviewThe Dominican Republic has long been viewed primarily as an exporter of sugar, coffee, and tobacco, but in recent years the service sector has overtaken agriculture as the economy's largest employer, due to growth in telecommunications, tourism, and free trade zones. The economy is highly dependent upon the US, the destination for approximately half of exports. Remittances from the US amount to about 5% of GDP, equivalent to about a third of exports and two-thirds of tourism receipts. The country suffers from marked income inequality; the poorest half of the population receives less than one-fifth of GDP, while the richest 10% enjoys nearly 40% of GDP. High unemployment and underemployment remains an important long-term challenge. The Central America-Dominican Republic Free Trade Agreement (CAFTA-DR) came into force in March 2007, boosting investment and exports and reducing losses to the Asian garment industry. The Dominican Republic's economy rebounded from the global recession in 2010-13, and the fiscal situation is improving. A tax reform package passed in November 2012 and a reduction in government spending helped to narrow the central government budget deficit from 6.6% of GDP in 2012 to below 3% in 2013. A successful government bond placement in 2013 helped finance the deficit.
GDP (purchasing power parity)$101 billion (2013 est.)
$99.02 billion (2012 est.)
$95.32 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$59.27 billion (2013 est.)
GDP - real growth rate2% (2013 est.)
3.9% (2012 est.)
4.5% (2011 est.)
GDP - per capita (PPP)$9,700 (2013 est.)
$9,700 (2012 est.)
$9,500 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by end usehousehold consumption: 83.3%
government consumption: 7.7%
investment in fixed capital: 15.6%
investment in inventories: 0.1%
exports of goods and services: 26.4%
imports of goods and services: -33.2%
(2013 est.)
GDP - composition by sectoragriculture: 6%
industry: 29.1%
services: 64.9% (2013 est.)
Population below poverty line34.4% (2010 est.)
Labor force4.912 million (2013 est.)
Labor force - by occupationagriculture: 14.6%
industry: 22.3%
services: 63.1% (2005)
Unemployment rate15% (2013 est.)
14.3% (2012 est.)
Unemployment, youth ages 15-24total: 29.4%
male: 22.6%
female: 40.8% (2011)
Household income or consumption by percentage sharelowest 10%: 1.8%
highest 10%: 36.4% (2010 est.)
Distribution of family income - Gini index47.2 (2010 est.)
52 (2000 est.)
Budgetrevenues: $9.012 billion
expenditures: $10.79 billion (2013 est.)
Taxes and other revenues15.2% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-3% of GDP (2013 est.)
Public debt47% of GDP (2013 est.)
41.5% of GDP (2012 est.)
Inflation rate (consumer prices)5% (2013 est.)
3.7% (2012 est.)
Commercial bank prime lending rate13.6% (31 December 2013 est.)
15.48% (31 December 2012 est.)
Stock of narrow money$4.943 billion (31 December 2013 est.)
$4.738 billion (31 December 2012 est.)
Stock of broad money$15.54 billion (31 December 2013 est.)
$14.83 billion (31 December 2012 est.)
Stock of domestic credit$25.09 billion (31 December 2013 est.)
$23.71 billion (31 December 2012 est.)
Market value of publicly traded shares$NA
Agriculture - productssugarcane, coffee, cotton, cocoa, tobacco, rice, beans, potatoes, corn, bananas; cattle, pigs, dairy products, beef, eggs
Industriestourism, sugar processing, ferronickel and gold mining, textiles, cement, tobacco
Industrial production growth rate2.5% (2013 est.)
Current Account Balance-$2.33 billion (2013 est.)
-$4.037 billion (2012 est.)
Exports$9.825 billion (2013 est.)
$9.079 billion (2012 est.)
Exports - commoditiesferronickel, sugar, gold, silver, coffee, cocoa, tobacco, meats, consumer goods
Exports - partnersUS 47%, Haiti 16.1%, China 4.3% (2012)
Imports$16.8 billion (2013 est.)
$17.76 billion (2012 est.)
Imports - commoditiesfoodstuffs, petroleum, cotton and fabrics, chemicals and pharmaceuticals
Imports - partnersUS 43.3%, Venezuela 7.7%, China 6.3%, Mexico 5.3%, Colombia 4.1% (2012)
Reserves of foreign exchange and gold$4.379 billion (31 December 2013 est.)
$3.579 billion (31 December 2012 est.)
Debt - external$18.01 billion (31 December 2013 est.)
$16.33 billion (31 December 2012 est.)
Stock of direct foreign investment - at home$26.76 billion (31 December 2013 est.)
$24.86 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$59 million (31 December 2013 est.)
$59 million (31 December 2012 est.)
Exchange ratesDominican pesos (DOP) per US dollar -
41.8 (2013 est.)
39.336 (2012 est.)
37.307 (2010 est.)
36.03 (2009)
34.775 (2008)
Fiscal yearcalendar year

Source: CIA World Factbook
Unless otherwise noted, information in this page is accurate as of August 23, 2014