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    Dominican Republic Economy - 1991

      Overview: The economy is largely dependent on trade; imported components average 60% of the value of goods consumed in the domestic market. 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 major earner of foreign exchange and a source of new jobs. Agriculture remains a key sector of the economy. The principal commercial crop is sugarcane, followed by coffee, cotton, cocoa, and tobacco. Domestic industry is based on the processing of agricultural products, durable consumer goods, minerals, and chemicals. Unemployment is officially reported at about 30%, but there is considerable underemployment. An increasing foreign debt burden and galloping inflation are the economy's greatest weaknesses.

      GDP: $6.68 billion, per capita $940; real growth rate 4.2% (1989)

      Inflation rate (consumer prices): 70% (1990 est.)

      Unemployment rate: 29% (1990 est.)

      Budget: revenues $413 million; expenditures $522 million, including capital expenditures of $218 million (1988)

      Exports: $922 million (f.o.b., 1990 est.); commodities--sugar, coffee, cocoa, gold, ferronickel; partners--US 60%, EC 19%, Puerto Rico 8% (1990)

      Imports: $1.9 billion (c.i.f., 1990 est.); commodities--foodstuffs, petroleum, cotton and fabrics, chemicals and pharmaceuticals; partners--US 50%

      External debt: $4.2 billion (1990 est.)

      Industrial production: growth rate 2.3% (1989 est.); accounts for 18% of GDP

      Electricity: 1,445,000 kW capacity; 4,200 million kWh produced, 580 kWh per capita (1990)

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

      Agriculture: accounts for 15% of GDP and employs 49% of labor force; sugarcane most important commercial crop, followed by coffee, cotton, cocoa, and tobacco; food crops--rice, beans, potatoes, corn, bananas; animal output--cattle, hogs, dairy products, meat, eggs; not self-sufficient in food

      Economic aid: US commitments, including Ex-Im (FY85-89), $576.5 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $569 million

      Currency: Dominican peso (plural--pesos); 1 Dominican peso (RD$) = 100 centavos

      Exchange rates: Dominican pesos per US$1--11.850 (January 1991), 8.290 (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 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Dominican Republic Economy 1991 information contained here. All suggestions for corrections of any errors about Dominican Republic Economy 1991 should be addressed to the CIA.

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    Revised 08-Feb-03
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