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Dominican Republic Economy Profile 2013

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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 more than half of exports. Remittances from the US amount to about one-tenth of GDP, equivalent to almost half of exports and three-quarters 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 growth of the Dominican Republic's economy rebounded from the global recession in 2010-12 and remains one of the fastest growing in the region although its fiscal situation is weak; the fiscal deficit climbed from 2.6% in 2011 to approximately 8% in 2012. A tax reform package passed in November 2012 aims to narrow this deficit.
GDP (purchasing power parity)$100.4 billion (2012 est.)
$96.61 billion (2011 est.)
$92.47 billion (2010 est.)
note: data are in 2012 US dollars
GDP (official exchange rate)$59 billion (2012 est.)
GDP - real growth rate3.9% (2012 est.)
4.5% (2011 est.)
7.8% (2010 est.)
GDP - per capita (PPP)$9,800 (2012 est.)
$9,600 (2011 est.)
$9,400 (2010 est.)
note: data are in 2012 US dollars
GDP - composition, by end usehousehold consumption: 84.7%
government consumption: 7.9%
investment in fixed capital: 16.4%
investment in inventories: 0.1%
exports of goods and services: 25.3%
imports of goods and services: -34.3%
(2012 est.)
GDP - composition by sectoragriculture: 5.8%
industry: 29.4%
services: 64.7% (2012 est.)
Population below poverty line34.4% (2010 est.)
Labor force4.806 million (2012 est.)
Labor force - by occupationagriculture: 14.6%
industry: 22.3%
services: 63.1% (2005)
Unemployment rate14.7% (2012 est.)
14.6% (2011 est.)
Unemployment, youth ages 15-24total: 30.3%
male: 21.2%
female: 44.5% (2007)
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.)
Investment (gross fixed)16.4% of GDP (2012 est.)
Budgetrevenues: $8.224 billion
expenditures: $12.07 billion (2012 est.)
Taxes and other revenues13.9% of GDP (2012 est.)
Budget surplus (+) or deficit (-)-6.5% of GDP (2012 est.)
Public debt42% of GDP (2012 est.)
38.5% of GDP (2011 est.)
Inflation rate (consumer prices)3.7% (2012 est.)
8.5% (2011 est.)
Commercial bank prime lending rate15.48% (31 December 2012 est.)
15.55% (31 December 2011 est.)
Stock of narrow money$4.738 billion (31 December 2012 est.)
$4.489 billion (31 December 2011 est.)
Stock of broad money$17.85 billion (31 December 2012 est.)
$16.38 billion (31 December 2011 est.)
Stock of domestic credit$23.71 billion (31 December 2012 est.)
$21.55 billion (31 December 2011 est.)
Market value of publicly traded shares$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 rate1.4% (2012 est.)
Current Account Balance-$4.254 billion (2012 est.)
-$4.521 billion (2011 est.)
Exports$9.079 billion (2012 est.)
$8.612 billion (2011 est.)
Exports - commoditiesferronickel, sugar, gold, silver, coffee, cocoa, tobacco, meats, consumer goods
Exports - partnersUS 46.1%, Haiti 17.4%, China 4.2% (2012)
Imports$17.76 billion (2012 est.)
$17.44 billion (2011 est.)
Imports - commoditiesfoodstuffs, petroleum, cotton and fabrics, chemicals and pharmaceuticals
Imports - partnersUS 42.5%, Venezuela 7.4%, China 6.2%, Mexico 5.2%, Colombia 4.2% (2012)
Reserves of foreign exchange and gold$3.579 billion (31 December 2012 est.)
$4.117 billion (31 December 2011 est.)
Debt - external$16.33 billion (31 December 2012 est.)
$15.39 billion (31 December 2011 est.)
Stock of direct foreign investment - at home$24.89 billion (31 December 2012 est.)
$21.28 billion (31 December 2011 est.)
Stock of direct foreign investment - abroad$59 million (31 December 2012 est.)
$59 million (31 December 2011 est.)
Exchange ratesDominican pesos (DOP) per US dollar -
39.336 (2012 est.)
38.232 (2011 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 February 21, 2013