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Dominican Republic Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Dominican Republic Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
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 mining sector has also played a greater role in the export market since late 2012 with the commencement of the extraction phase of the Pueblo Viejo Gold and Silver mine, one of the largest gold mines in the world. The country suffers from marked income inequality; the poorest half of the population receives less than one-fifth of GDP, while the richest 10% enjoys nearly 40% of GDP. High unemployment, a large informal sector, and underemployment remain important long-term challenges.The economy is highly dependent upon the US, the destination for approximately half of exports. Remittances from the US amount to about 7% of GDP, equivalent to about a third of exports and two-thirds of tourism receipts. The Central America-Dominican Republic Free Trade Agreement came into force in March 2007, boosting investment and manufacturing exports.The Dominican Republic's economy rebounded from the global recession in 2010-16, and the fiscal situation is improving. 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 6.6% of GDP in 2012 to 2.6% in 2016. A liability management operation in January 2015, in which the government paid down over $4 billion of the country’s Petrocaribe debt at a discount of 52% with proceeds from the sale of $2.5 billion in global bonds, reduced the country’s debt load by approximately by 4% of GDP. Since 2015 the Dominican Republic has posted the fastest economic growth in Latin America.

GDP (purchasing power parity):
$172.6 billion (2017 est.) $164.7 billion (2016 est.) $154.5 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 73

GDP (official exchange rate):
$74.87 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.8% (2017 est.) 6.6% (2016 est.) 7% (2015 est.)
country comparison to the world: 45
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$17,000 (2017 est.) $16,400 (2016 est.) $15,500 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 104

GDP - composition, by end use:
household consumption: 69.8%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 10.9%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 23.3%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.6%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 25.8%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -30.4% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 5.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 33.8%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 60.8% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

Industries:
tourism, sugar processing, gold mining, textiles, cement, tobacco, electrical components, medical devices

Industrial production growth rate:
6% (2017 est.)
country comparison to the world: 34
[see also: Industrial production growth rate country ranks ]

Labor force:
4.732 million (2017 est.)
country comparison to the world: 86
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 14.4%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 20.8%
[see also: Labor force - by occupation - industry country ranks ]
services: 64.7% (2014 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
5.5% (2017 est.) 5.5% (2016 est.)
country comparison to the world: 75
[see also: Unemployment rate country ranks ]

Population below poverty line:
30.5% (2016 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 37.4% (2013 est.)

Distribution of family income - Gini index:
47.1 (2013 est.) 45.7 (2012 est.)
country comparison to the world: 25
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $11.18 billion
[see also: Budget - revenues country ranks ]
expenditures: $12.77 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
14.9% of GDP (2017 est.)
country comparison to the world: 191
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.1% of GDP (2017 est.)
country comparison to the world: 89
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
47.1% of GDP (2017 est.) 47.4% of GDP (2016 est.)
country comparison to the world: 109
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
3% (2017 est.) 1.6% (2016 est.)
country comparison to the world: 128
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
14.6% (31 December 2017 est.) 15.08% (31 December 2016 est.)
country comparison to the world: 47
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$6.921 billion (31 December 2017 est.) $6.491 billion (31 December 2016 est.)
country comparison to the world: 91
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$21.44 billion (31 December 2017 est.) $19.81 billion (31 December 2016 est.)
country comparison to the world: 88
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$35.64 billion (31 December 2017 est.) $33.6 billion (31 December 2016 est.)
country comparison to the world: 74
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$1.192 billion (2017 est.) -$1.066 billion (2016 est.)
country comparison to the world: 138
[see also: Current account balance country ranks ]

Exports:
$10.33 billion (2017 est.) $9.86 billion (2016 est.)
country comparison to the world: 90
[see also: Exports country ranks ]

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

Exports - partners:
US 47.3%, Haiti 12%, Canada 7.8%, India 6.2% (2016)

Imports:
$19 billion (2017 est.) $17.48 billion (2016 est.)
country comparison to the world: 76
[see also: Imports country ranks ]

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

Imports - partners:
US 40.4%, China 12.5%, Mexico 5.2% (2016)

Reserves of foreign exchange and gold:
$6.233 billion (31 December 2017 est.) $6.134 billion (31 December 2016 est.)
country comparison to the world: 88
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$29.69 billion (31 December 2017 est.) $27.7 billion (31 December 2016 est.)
country comparison to the world: 81
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$35.93 billion (31 December 2017 est.) $33.56 billion (31 December 2016 est.)
country comparison to the world: 66
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$487.8 million (31 December 2017 est.) $387.8 million (31 December 2016 est.)
country comparison to the world: 92
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Dominican pesos (DOP) per US dollar - 47.42 (2017 est.) 46.078 (2016 est.) 46.078 (2015 est.) 45.052 (2014 est.) 43.556 (2013 est.)


NOTE: 1) The information regarding Dominican Republic on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Dominican Republic Economy 2018 information contained here. All suggestions for corrections of any errors about Dominican Republic Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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