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 economy s largest employer, due to growth in telecommunications, tourism, and free trade zones. Looking forward, we estimate gdp annual growth rate in dominican republic to stand at 2. Know about the economic context of the dominican republic thanks to key figures of the economy. Dominican republic has fastest growing economy in latam. The economy of the dominican republic is the eighth largest in latin america, and is the.
The report includes countryspecific threeyear forecasts for major macroeconomic indicators, including commodity and financial markets. Dominican republic gdp growth rate 19912019 data 2020. Dominican republic economy, politics and gdp growth. 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. 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 country is an important partner in hemispheric affairs due to its standing in the caribbean as the secondlargest economy behind cuba and thirdlargest country in terms of population behind cuba and haiti, its large bilateral trade with the united states, and its proximity to the united states. Gdp at purchasers prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. Tourism and economic growth in the dominican republic. Dominican republic economy 2020, cia world factbook. Dominican republic leads caribbean economies global. The international monetary fund predicted the dominican republic registered the fastest economic growth in latin america during 2018 with low, stable inflation.
Ranking of the country dominican republic at the global level is from the highest to the lowest data. The economy of the dominican republic is set to surpass its regional neighbors this year, notching the highest growth in the caribbean region. 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 economy s largest employer, due to growth in construction, tourism, and free trade zones. The country is one of the fastest growing economies. Dominican republic gdp annual growth rate 19922019 data. The combined value of exports and imports is equal to 52. The dominican economy has changed in numerous ways since the mid1980s and has become a complex economy with lots of moving parts. Dominican republic economic indicators moodys analytics. Conversely, for unemployment and inflation, a lower rank closer to 0% indicates a stronger economy. Dominican republic gdp gross domestic product 2018. Household final consumption expenditure formerly private consumption is the market value of all goods and services, including durable products such as cars, washing machines, and. These and many other public and private initiatives highlight the enormous range of possibilities to contain covid19, decrease its economic and social effects, preserve employment, return to the usual levels of growth, and shield the dominican economy from the new global recession. In the first quarter of 2017, the economy expanded by 5.
Looking forward, we estimate gdp growth rate in dominican republic to stand at 0. Better integration of immigrant workers would boost the dominican republic s economy, says new ilo oecd development centre report the report provides an unprecedented analysis of immigrant workers contribution in three areas of the dominican republic s economy. World bank national accounts data, and oecd national accounts data files. In central america, panama, and the dominican republic growth is projected to rebound to 3. Dominican republic economy gdp, inflation, cpi and. Economic outline of the dominican republic nordea trade. Dominican republics real gdp growth is forecasted to be 0. 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. 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. Gross domestic product of dominican republic grew 7% in 2018 compared to last year. Relations with the dominican republic united states. Plecher, oct 23, 2019 the statistic shows the growth in real gdp in dominican republic from 2014 to 2018, with projections up until 2024. The economy in the dominican republic international living. World bank dominican republic dominican republic gdp growth rate information is provided as is and solely for informational purposes, not for trading purposes or advice, and may be delayed.
World bank dominican republic dominican republic gdp growth rate. Dominican republic gdp growth rate 19612020 macrotrends. Dominican republic gross domestic product gdp growth. The dominican republic has the largest economy in the caribbean and central american region and is the eighthlargest economy in latin america. Accordingly, the dominican republic and haiti have been at opposite ends of the spectrum within latin. Although the service sector has recently overtaken agriculture as the leading employer of dominicans due principally to growth in tourism and. 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. Browse additional economic indicators and data sets, selected by global finance editors, to learn more about the.
Central america dominican republic the world factbook. Dominican republic recent trends the dominican republic has improved in several development indicators in the past decades. The economy bounced back in q3 from a sharp slowdown in the second quarter, according to central bank data q3. The united states has a strong interest in a democratic, stable, and economically healthy dominican republic and supports its democratic and economic development. While the country has made significant economic gains and is now a middle income country, more than 30 percent of dominicans still live in poverty. Dominican republic gdp per capita usd focuseconomics. As of june 30, 2018, according to the wto, the dominican republic had 89 nontariff measures in force. This nations gross domestic product gdp in 2020 is forecast to be 85. 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. Over the last two decades, the dominican republic has stood out as one of the fastest economies in the americas with an average real gdp growth rate of 5. The statistic shows the growth in real gdp in dominican republic from 2014 to 2018, with projections up until 2024.
The dominican republic is the fastestgrowing economy in the americas, with the caribbean country reporting 7% growth in gdp for 2015. Dominican republic economy live and invest overseas. An increase in tourist arrivals, rising foreign remittances, and low oil prices are the factors fueling the economy, according to the countrys central bank. For exports, fdi and gdp measures, a higher rank closer to 100% indicates a stronger economy.
Although there are many reasons why the dominican republic s economic growth will stay strong, some issues remain unsolved. The share of the population living on less than usd 5. The dr has been gaining attention for its ability to maintain steady robust economic growth. Dominican republic economic growth 19602020 macrotrends. Dominican republic global economic prospects examines trends for the world economy and how they affect developing countries. Dominican republic gross domestic product gdp growth rate. The dominican republic has the second largest economy in central america and the caribbean. Nominal current gross domestic product gdp of the dominican republic is. In general, the government does not discriminate against or screen foreign investment. The dominican republic s economic growth has been one of the strongest in the lac region over the past 25 years.
For example, dominican republic s exports rank is higher than please wait. Gdp annual growth rate in dominican republic is expected to be 1. Information is provided as is and solely for informational purposes, not for trading purposes or. Over the last 25 years, the dominican republic has had the fastestgrowing economy in the western hemisphere with an average real gdp growth rate of 5. Gdp growth rate in dominican republic is expected to be 6. The percentage change in gdp per capita for the latest 5 years for which data is published. Dominican republic vs united states economy stats compared. Gdp growth rate at constant prices dominican republic. Dollars the economy rediscovers a spring in its step in q3. This paper helps explain how economic growth from tourism fits into changes in the overall economy, with an overview of the dominican economy and its growth and evolution since the mid1980s.
Gdp continues to hover at 7% a year driven largely by construction, manufacturing and tourism. The gross domestic product gdp in dominican republic contracted 0. These major setbacks cause a lot of disbelief and harm to the countrys economic health. The dominican republic dr has enjoyed strong economic growth in recent years, averaging 5. Dominican republic does not publish any house price statistics. The dominican republic is an upper middleincome 14 developing country primarily dependent on mining, agriculture, trade, and services. 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 economy s largest employer, due to growth in tourism, telecommunications, and freetrade zones manufacturing. This contrasted sharply with that of the average 1. The dominican republic gdp forecast 2017, economic data. The dominican republic has faced many natural disasters such as droughts, extreme rainfall and flooding. 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. Learn more about the dominican republic economy, including the population of dominican republic, gdp, facts, trade, business, inflation and other data and analysis on its economy from the index of.