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    Dominican Republic Index 2006

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    Dominican Republic Economy - 2006
    https://theodora.com/wfbcurrent/dominican_republic/dominican_republic_economy.html
    SOURCE: 2006 CIA WORLD FACTBOOK

      Economy - overview:
      The Dominican Republic is a Caribbean representative democracy that enjoyed strong GDP growth until 2003. Although the country has long been viewed primarily as an exporter of sugar, coffee, and tobacco, in recent years the service sector has overtaken agriculture as the economy's largest employer due to growth in tourism and free trade zones. Growth turned negative in 2003 with reduced tourism, a major bank fraud, and limited growth in the US economy (the source of about 80% of export revenues), but recovered in 2004 and 2005. With the help of strict fiscal targets agreed in the 2004 renegotiation of an IMF standby loan, President FERNANDEZ has stabilized the country's financial situation. Although the economy continues to grow at a respectable rate, unemployment remains an important challenge. The country suffers from marked income inequality; the poorest half of the population receives less than one-fifth of GNP, while the richest 10% enjoys nearly 40% of national income. The Dominican Republic's development prospects improved with the ratification of the Central America-Dominican Republic Free Trade Agreement (CAFTA-DR) in September 2005.

      GDP (purchasing power parity):
      $60 billion (2005 est.)

      GDP (official exchange rate):
      $17.63 billion (2005 est.)

      GDP - real growth rate:
      6.5% (2005 est.)

      GDP - per capita (PPP):
      $6,600 (2005 est.)

      GDP - composition by sector:
      agriculture: 10.7%
      industry: 31.5%
      services: 57.8% (2003)

      Labor force:
      2.3 million-2.6 million (2000 est.)

      Labor force - by occupation:
      agriculture: 17%
      industry: 24.3%
      services: 58.7% (1998 est.)

      Unemployment rate:
      17% (2005 est.)

      Population below poverty line:
      25%

      Household income or consumption by percentage share:
      lowest 10%: 2.1%
      highest 10%: 37.9% (1998)

      Distribution of family income - Gini index:
      47.4 (1998)

      Inflation rate (consumer prices):
      4.3% (2005 est.)

      Investment (gross fixed):
      25.4% of GDP (2005 est.)

      Budget:
      revenues: $5.322 billion
      expenditures: $5.485 billion; including capital expenditures of $1.1 billion (2005)

      Public debt:
      51.4% of GDP (2005 est.)

      Agriculture - products:
      sugarcane, coffee, cotton, cocoa, tobacco, rice, beans, potatoes, corn, bananas; cattle, pigs, dairy products, beef, eggs

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

      Industrial production growth rate:
      2% (2001 est.)

      Electricity - production:
      12.6 billion kWh (2003)

      Electricity - consumption:
      11.71 billion kWh (2003)

      Electricity - exports:
      0 kWh (2003)

      Electricity - imports:
      0 kWh (2003)

      Oil - production:
      0 bbl/day (2003)

      Oil - consumption:
      128,000 bbl/day (2003 est.)

      Oil - exports:
      NA bbl/day

      Oil - imports:
      129,900 bbl/day (2003)

      Natural gas - production:
      0 cu m (2003 est.)

      Natural gas - consumption:
      300 million cu m (2003 est.)

      Natural gas - imports:
      NA cu m

      Current account balance:
      -$383 million (2005 est.)

      Exports:
      $5.818 billion f.o.b. (2005 est.)

      Exports - commodities:
      ferronickel, sugar, gold, silver, coffee, cocoa, tobacco, meats, consumer goods

      Exports - partners:
      US 80%, South Korea 2.1%, Canada 1.9% (2004)

      Imports:
      $9.747 billion f.o.b. (2005 est.)

      Imports - commodities:
      foodstuffs, petroleum, cotton and fabrics, chemicals and pharmaceuticals

      Imports - partners:
      US 48.1%, Venezuela 13.4%, Colombia 4.8%, Mexico 4.8% (2004)

      Reserves of foreign exchange and gold:
      $850 million (31 December 2005)

      Debt - external:
      $7.907 billion (2005 est.)

      Economic aid - recipient:
      $571.6 million (2004)

      Currency (code):
      Dominican peso (DOP)

      Exchange rates:
      Dominican pesos per US dollar - 30.409 (2005), 42.12 (2004), 30.831 (2003), 18.61 (2002), 16.952 (2001)

      Fiscal year:
      calendar year


      NOTE: The information regarding Dominican Republic on this page is re-published from the 2006 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Dominican Republic Economy 2006 information contained here. All suggestions for corrections of any errors about Dominican Republic Economy 2006 should be addressed to the CIA.

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    https://theodora.com/wfbcurrent/dominican_republic/dominican_republic_economy.html

    Revised 06-Jun-06
    Copyright © 2006 Photius Coutsoukis (all rights reserved)


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