Dominican Republic Economy - 1990
SOURCE: 1990 CIA WORLD FACTBOOK
Overview: The economy is largely dependent on the agricultural sector, which employs 50% of the labor force and provides about half of export revenues. The principal commercial crop is sugarcane, followed by coffee, cocoa, and tobacco. Industry is based on the processing of agricultural products, durable consumer goods, minerals, and chemicals. Rapid growth of free trade zones has established a significant expansion of manufacturing for export, especially wearing apparel. Over the past decade tourism has also increased in importance and is a significant earner of foreign exchange and a source of new jobs. Unemployment is officially reported at about 25%, but underemployment may be much higher.
GDP: $5.1 billion, per capita $790; real growth rate 0.5% (1988)
Inflation rate (consumer prices): 57.6% (1988)
Unemployment rate: 25% (1988)
Budget: revenues $413 million; expenditures $522 million, including capital expenditures of $218 million (1988)
Exports: $711 million (f.o.b., 1988); commodities--sugar, coffee, cocoa, gold, ferronickel; partners--US, including Puerto Rico, 74%
Imports: $1.8 billion (c.i.f., 1988); commodities--foodstuffs, petroleum, cotton and fabrics, chemicals and pharmaceuticals; partners--US, including Puerto Rico, 37% (1985)
External debt: $3.6 billion (1989) est.
Industrial production: growth rate 30% (1987 est.)
Electricity: 1,376,000 kW capacity; 4,000 million kWh produced, 560 kWh per capita (1989)
Industries: tourism, sugar processing, ferronickel and gold mining, textiles, cement, tobacco
Agriculture: accounts for 18% of GDP and employs 49% of labor force; sugarcane most important commercial crop, followed by coffee, cotton, and cocoa; food crops--rice, beans, potatoes, corn, bananas; animal output--cattle, hogs, dairy products, meat, eggs; not self-sufficient in food
Aid: US commitments, including Ex-Im (FY70-88), $1.1 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $529 million
Currency: Dominican peso (plural--pesos); 1 Dominican peso (RD$) = 100 centavos
Exchange rates: Dominican pesos per US$1--6.3400 (January 1990), 6.3400 (1989), 6.1125 (1988), 3.8448 (1987), 2.9043 (1986), 3.1126 (1985)
Fiscal year: calendar year
NOTE: The information regarding Dominican Republic on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Dominican Republic Economy 1990 information contained here. All suggestions for corrections of any errors about Dominican Republic Economy 1990 should be addressed to the CIA.