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Dominican Republic Economy Profile 2019

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Economy - overview

The Dominican Republic was for most of its history primarily an exporter of sugar, coffee, and tobacco, but over the last three decades the economy has become more diversified as the service sector has overtaken agriculture as the economy's largest employer, due to growth in construction, tourism, and free trade zones. The mining sector has also played a greater role in the export market since late 2012 with the commencement of the extraction phase of the Pueblo Viejo Gold and Silver mine, one of the largest gold mines in the world.

For the last 20 years, the Dominican Republic has been one of the fastest growing economies in Latin America. The economy rebounded from the global recession in 2010-16, and the fiscal situation is improving. A tax reform package passed in November 2012, a reduction in government spending, and lower energy costs helped to narrow the central government budget deficit from 6.6% of GDP in 2012 to 2.6% in 2016, and public debt is declining. Marked income inequality, high unemployment, and underemployment remain important long-term challenges; the poorest half of the population receives less than one-fifth of GDP, while the richest 10% enjoys nearly 40% of GDP.

The economy is highly dependent upon the US, the destination for approximately half of exports and the source of 40% of imports. Remittances from the US amount to about 7% of GDP, equivalent to about a third of exports and two-thirds of tourism receipts. The Central America-Dominican Republic Free Trade Agreement came into force in March 2007, boosting investment and manufacturing exports.

GDP (purchasing power parity)
$173 billion (2017 est.)
$165.4 billion (2016 est.)
$155.2 billion (2015 est.)

note: data are in 2017 dollars

GDP (official exchange rate)
$76.09 billion (2017 est.)
GDP - real growth rate
4.6% (2017 est.)
6.6% (2016 est.)
7% (2015 est.)
GDP - per capita (PPP)
$17,000 (2017 est.)
$16,400 (2016 est.)
$15,500 (2015 est.)

note: data are in 2017 dollars

Gross national saving
21.6% of GDP (2017 est.)
20.8% of GDP (2016 est.)
20.7% of GDP (2015 est.)
GDP - composition, by end use
household consumption: 69.3% (2017 est.)
government consumption: 12.2% (2017 est.)
investment in fixed capital: 21.9% (2017 est.)
investment in inventories: -0.1% (2017 est.)
exports of goods and services: 24.8% (2017 est.)
imports of goods and services: -28.1% (2017 est.)
GDP - composition by sector
agriculture: 5.6% (2017 est.)
industry: 33% (2017 est.)
services: 61.4% (2017 est.)
Population below poverty line
30.5% (2016 est.)
Labor force
4.732 million (2017 est.)
Labor force - by occupation
agriculture: 14.4%
industry: 20.8% (2014)
services: 64.7% (2014 est.)
Unemployment rate
5.1% (2017 est.)
5.5% (2016 est.)
Unemployment, youth ages 15-24
total: 13.5%
male: 9.9%
female: 19.7% (2017 est.)
Household income or consumption by percentage share
lowest 10%: 1.9%
highest 10%: 37.4% (2013 est.)
Distribution of family income - Gini index
47.1 (2013 est.)
45.7 (2012 est.)
Budget
revenues: 11.33 billion (2017 est.)
expenditures: 13.62 billion (2017 est.)
Taxes and other revenues
14.9% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)
-3% (of GDP) (2017 est.)
Public debt
37.2% of GDP (2017 est.)
34.6% of GDP (2016 est.)
Inflation rate (consumer prices)
3.3% (2017 est.)
1.6% (2016 est.)
Commercial bank prime lending rate
13.91% (31 December 2017 est.)
15.08% (31 December 2016 est.)
Stock of narrow money
$7.011 billion (31 December 2017 est.)
$6.491 billion (31 December 2016 est.)
Stock of broad money
$7.011 billion (31 December 2017 est.)
$6.491 billion (31 December 2016 est.)
Stock of domestic credit
$35.42 billion (31 December 2017 est.)
$33.6 billion (31 December 2016 est.)
Market value of publicly traded shares

NA

Agriculture - products
cocoa, tobacco, sugarcane, coffee, cotton, rice, beans, potatoes, corn, bananas; cattle, pigs, dairy products, beef, eggs
Industries
tourism, sugar processing, gold mining, textiles, cement, tobacco, electrical components, medical devices
Industrial production growth rate
3.1% (2017 est.)
Current Account Balance
-$165 million (2017 est.)
-$815 million (2016 est.)
Exports
$10.12 billion (2017 est.)
$9.86 billion (2016 est.)
Exports - commodities
gold, silver, cocoa, sugar, coffee, tobacco, meats, consumer goods
Exports - partners
US 50.3%, Haiti 9.1%, Canada 8.2%, India 5.6% (2017)
Imports
$17.7 billion (2017 est.)
$17.4 billion (2016 est.)
Imports - commodities
petroleum, foodstuffs, cotton and fabrics, chemicals and pharmaceuticals
Imports - partners
US 41.4%, China 13.9%, Mexico 4.5%, Brazil 4.3% (2017)
Reserves of foreign exchange and gold
$6.873 billion (31 December 2017 est.)
$6.134 billion (31 December 2016 est.)
Debt - external
$29.16 billion (31 December 2017 est.)
$27.7 billion (31 December 2016 est.)
Stock of direct foreign investment - at home
$37.15 billion (31 December 2017 est.)
$33.56 billion (31 December 2016 est.)
Stock of direct foreign investment - abroad
$408.6 million (31 December 2017 est.)
$387.8 million (31 December 2016 est.)
Exchange rates
Dominican pesos (DOP) per US dollar -
47.42 (2017 est.)
46.078 (2016 est.)
46.078 (2015 est.)
45.052 (2014 est.)
43.556 (2013 est.)
Fiscal year
calendar year

Source: CIA World Factbook
This page was last updated on December 7, 2019

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