Central america dominican republic the world factbook. The countries had the same per capita real gdp in 1960 but, by 2005, the dominican republic s per capita real gdp had tripled whereas that of haiti had halved. Dominican republic gdp growth rate 19612020 macrotrends. Moderate credit growth is expected during the second half of 2016, rising to around 10.
In the first quarter of 2017, the economy expanded by 5. The caribbean nation of 10 million has notched the. Country risk tier 3 crt3 moderate level of country risk country risk tier 4 crt4 high level of country risk country risk tier 5 crt5 very high level of country risk dominican republic crt4 august 22, 2019 region. Despite the rapid economic growth in the dominican republic.
Dominican republic economic growth 19602020 macrotrends. Caribbean country risk criteria procedures guide to bests country risk tiers the country risk tier crt reflects am. Reuters breakingviews the dominican republics beneficial perfect storm wont keep blowing forever. Meanwhile, a slowdown was recorded in the services sector 3. Dominican republic gdp gross domestic product 2018. Your most up to date source for info on the dominican republic. In the same time period, over 19 percent of the countrys residents economic status actually fell despite the improved economy, widening the gaps between the poor and the rich.
Dominican republic economy gdp, inflation, cpi and interest rate. During 2017, in terms of international trade value, 31 per cent of the exports from dominican republic to the rest. The gross domestic product gdp in dominican republic contracted 0. There was no economic process more dynamic in the dominican republic during the 1980s than the rapid growth of free zones. Dominican republic forest carbon partnership facility. Dominican republic has fastest growing economy in latam.
This page has economic forecasts for dominican republic including a longterm outlook for the next decades, plus mediumterm expectations for the next four quarters and shortterm market predictions for the next release affecting the dominican republic economy. Introduction over the past 20 years, the dominican republic has experienced high and sustained economic growth, with an annual average increase of gdp per capita of 4 per cent against 1. April 2016 the economy, supported by solid macroeconomic fundamentals, continues to perform well, although the latest gdp data point to a slight moderation in the growth beachtown property dominican republic real estate company based in las terrenas samana selling villas, houses, apartments, land, hotels and investments for sale we also we. Development strategy vision 2030, the government drafted the 20162020. Learn more about the dominican republic economy, including the population of.
Dominican republic gross domestic product gdp growth rate. The first and only english language online news publication in the dominican republic. Dominican republic economic indicators moodys analytics. By 1987 the value of assembly exports surpassed that of traditional agricultural exports. Providing local and international news, dr guides and access to real estate and car portals. The 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 economys largest employer, due to growth in telecommunications, tourism, and free trade zones. The report outlines the macroeconomic stability in the dominican republic during the 1990s, suggesting its strong economic growth, and poverty reduction, will contribute to the gradual transformation the country is undergoing towards policy reform. Dominican republic economy live and invest overseas. All of this has helped to diversify the dominican republics economy away from raw resources and toward lowend manufacturing of goods such as textiles, plastics and medical instruments.
The percentage change in gdp per capita for the latest 5 years for which data is published. Poverty is also an issue despite the economic growth of the dominican republic over the last ten years with gdp per capita rising almost 50 percent from 2000 to 2011. Dominican republic economy faces tricky crosswinds reuters. Ranking of the country dominican republic at the global level is from the highest to the lowest data. Dominican republic gdp economic indicators, news and. Xiv regional conference central america, panama, and the. Dominican republic economic outlook economy data 2016. The dominican republic was for most of its history primarily an exporter of sugar, coffee, and tobacco, but in recent years the service sector has overtaken agriculture as the economys largest employer, due to growth in construction, tourism, and free trade zones.
The dominican republic and haiti share the island of hispaniola and are broadly similar in terms of geography and historical institutions, yet their growth performance has diverged remarkably. Looking forward, we estimate gdp annual growth rate in dominican republic to stand at 2. The international monetary fund imf projects that the dominican economy will fall 1% this year and then rise 4% in 2021. Economic outline of the dominican republic nordea trade. Dominican republic economic forecasts 20202022 outlook. The dominican republic s economic freedom score is 60. The dominican republic dr has enjoyed strong economic growth in recent years, averaging 5. The caribbean nation of 10 million has notched the strongest economic growth in the western. Infoplease has everything you need to know about dominican republic. Growth rate of the real gross domestic product gdp from 2014 to. The dominican republic s relationship with neighbouring haiti is strained over mass haitian migration to the dominican republic, with citizens of the dominican republic blaming the haitians for increased crime and other social problems. Dominican republic economy 2020, cia world factbook. Gross domestic product of dominican republic grew 7% in 2018 compared to last year. Dominican republic economy, politics and gdp growth.
The statistic shows the growth in real gdp in dominican republic from 2014 to 2018, with projections up until 2024. In the longterm, the dominican republic gdp annual growth rate is projected to trend around 2. It occupies the eastern twothirds of the island of hispaniola, which is between the caribbean sea and the north atlantic ocean, and has its western. The dominican republic is an upper middleincome developing country primarily dependent on mining, agriculture, trade, and services. Growth will likely ebb somewhat this year on a slowdown in the. In recent years, the countrys tropical forests have been decreasing due to deforestation and forest degradation, driven primarily by smallscale agricultural expansion and the extraction of timber for exportation. Dominican republic gdp annual growth rate 19922019 data. The economy of the dominican republic is the eighth largest in latin america, and is the. The country is the site of the single largest gold mine in latin america, the pueblo viejo mine. Dominican republic economy gdp, inflation, cpi and interest.
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. Economic and political instability during the transition period and subsequent u. Dec 30, 2016 reuters breakingviews the dominican republic s beneficial perfect storm wont keep blowing forever. Bleiwas new york state comptroller deputy comptroller highlights the population of washington heights and. The dominican republics relationship with neighbouring haiti is strained over mass haitian migration to the dominican republic, with citizens of the dominican republic blaming the haitians for increased crime and other social problems. The dr remains the most rapid economy in the region in 2014 and 2015, with a real gdp growth at 7 percent. 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 economys largest employer, due to growth in construction, tourism, and free trade zones. The dominican republic s economy rebounded from the global recession in 201016, and the fiscal situation is improving.
Dominican republic does not publish any house price statistics. Growth is the fastest in the region and the imf praised the countrys economic and financial progress following its most recent article iv visit in december 2015. Central bank leaves rates unchanged in january on encouraging growth and inflation metrics january 31, 2020 at its january monetary policy meeting, the central bank bcrd left the policy rate unchanged at 4. Gdp growth over the same period has surged, however, as growth in. This represented the worlds fastest growth in freezone employment during the 1980s. In preparing these policy notes, the world bank intends to provide the incoming administration with some considerations and recommendations on key development policy issues. Dominican republic economy gdp, inflation, cpi and. Mar 10, 2016 the dominican republics financial sector has seen rapid growth in recent years. Dominican liberation party pld won a second fouryear term in 2016, and the pld is.
Although the service sector has recently overtaken agriculture as the leading employer of dominicans due principally to growth in. Forests cover almost 40% of dominican republics total surface area. The dominican republic dr has enjoyed strong economic growth in recent. The dominican republic also enjoyed the caribbeans fastest growth in tourism during the 1980s. Over the last two decades, the dominican republic have been standing out as one of the fastest economies in the americas. Access the latest politics analysis and economic growth summary through 2011 for dominican republic from the economist intelligence unit. The other has not had a proper government for months. The human capital index hci database provides data at the country level for each of the components of the human capital index as well as for the overall index, disaggregated by gender. Dominican republic gdp economic indicators, news and forecasts. Mar 10, 2016 growth is the fastest in the region and the imf praised the countrys economic and financial progress following its most recent article iv visit in december 2015.
Dominican republic economy, politics and gdp growth summary. 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 economys largest employer, due to. Current economic development proposals seek to build on recent successes, and lay the foundation for future economic growth. Despite its strong growth and macroeconomic stability, the country has not witnessed significant welfare improvements, until very recently. Xiv regional conference on central america, panama, and the dominican republic venue. Dominican republic gdp growth rate 19912019 data 2020. Annual, not seasonally adjusted 1998 to 2016 20180921 bank deposits to gdp for dominican republic. Gdp growth rate at constant prices dominican republic. Country report 2017 includes the dominican republic real gross domestic product growth rate, with latest forecasts and historical data, gdp per capita, and gdp composition by sector. Latinamerican and caribbean economies will contract 0.
That the dominican republic can combine economic and political stability is an important part of the countrys appeal to international companies and investors. An economic snapshot of washington heights and inwood thomas p. The economy of the dominican republic is the eighth largest in latin america, and is the largest in the caribbean and central america region. The international monetary fund imf and the central bank of guatemala will host the xiv regional conference for central america, panama, and the dominican republic on november 1718, 2016 in antigua guatemala, guatemala. Percent change at annual rate, annual, not seasonally adjusted 1960 to 2018. World bank national accounts data, and oecd national accounts data files. The economy in the dominican republic international living. The countries had the same per capita real gdp in 1960 but, by 2005, the dominican republics per capita real gdp had tripled whereas that of haiti had halved. An economic snapshot of washington heights and inwood. Know about the economic context of the dominican republic thanks to key figures of the economy.
Migration from the dominican republic to the united states largely began after rebel forces killed dominican dictator rafael trujillo in 1961. Browse additional economic indicators and data sets, selected by global finance editors, to learn more about the. Dominican republic gdp growth rate table by year, historic, and current data. The economy shrank for the first time since 1990, the. After a decade of rapid economic growth, the dominican republic entered a downward spiral in 2003. 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. Access the latest politics analysis and economic growth summary through 2011 for dominican republic from the economist intelligence unit dominican republic economy, politics and gdp growth summary the economist intelligence unit.
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