Dominican Republic Economy Profile 2002

Economy - overview

The Dominican economy experienced dramatic growth over the last decade, even though the economy was hit hard by Hurricane Georges in 1998. Although the country has long been viewed primarily as an exporter of sugar, coffee, and tobacco, in recent years the service sector has overtaken agriculture as the economy's largest employer, due to growth in tourism and free trade zones. The country suffers from marked income inequality; the poorest half of the population receives less than one-fifth of GNP, while the richest 10% enjoy 40% of national income. A US $500 million foreign bond issue in September 2001 will contribute to increased public investment spending.

GDP (purchasing power parity)

purchasing power parity - $50 billion (2001 est.)

GDP - real growth rate

1.5% (2001 est.)

GDP - per capita (PPP)

purchasing power parity - $5,800 (2001 est.)

GDP - composition by sector

agriculture: 11%
industry: 34%
services: 55% (2000) (2000)

Population below poverty line

25%

Household income or consumption by percentage share

lowest 10%: 2%
highest 10%: 40% (1989) (1989)

Inflation rate (consumer prices)

5% (2001 est.)

Labor force

2.3 million - 2.6 million

Labor force - by occupation

services and government 59%, industry 24%, agriculture 17% (1998 est.)

Unemployment rate

15% (2001 est.)

Distribution of family income - Gini index

47 (1998)

Budget

revenues: $2.9 billion
expenditures: $3.2 billion, including capital expenditures of $1.1 billion (2001 est.)

Industries

tourism, sugar processing, ferronickel and gold mining, textiles, cement, tobacco

Industrial production growth rate

2% (2001 est.)

Electricity - production

9.475 billion kWh (2000)

Electricity - production by source

fossil fuel: 87%
hydro: 13%
nuclear: 0%
other: 0% (2000)

Electricity - consumption

8,812.029 million kWh (2000)

Electricity - exports

0 kWh (2000)

Electricity - imports

0 kWh (2000)

Agriculture - products

sugarcane, coffee, cotton, cocoa, tobacco, rice, beans, potatoes, corn, bananas; cattle, pigs, dairy products, beef, eggs

Exports

$5.5 billion f.o.b. (2001 est.)

Exports - commodities

ferronickel, sugar, gold, silver, coffee, cocoa, tobacco, meats, consumer goods

Exports - partners

US 87.3%, Netherlands 1.1%, Canada 0.7%, France 0.7% (2000 est.)

Imports

$8.7 billion f.o.b. (2001 est.)

Imports - commodities

foodstuffs, petroleum, cotton and fabrics, chemicals and pharmaceuticals

Imports - partners

US 60.5%, Japan 10.4%, Mexico 4.7%, Venezuela 3% (2000 est.)

Debt - external

$5.4 billion (2001 est.)

Economic aid - recipient

$239.6 million (1995) (1995)

Currency

Dominican peso (DOP)

Currency (code)

DOP

Exchange rates

Dominican pesos per US dollar - 17.310 (January 2002), 16.952 (2001), 16.415 (2000), 16.033 (1999), 15.267 (1998), 14.265 (1997)

Fiscal year

calendar year