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. 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.
For the last 20 years, the Dominican Republic has been one of the fastest growing economies in Latin America. The 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, and public debt is declining. Marked income inequality, high unemployment, and underemployment remain important long-term challenges; the poorest half of the population receives less than one-fifth of GDP, while the richest 10% enjoys nearly 40% of GDP.
The economy is highly dependent upon the US, the destination for approximately half of exports and the source of 40% of imports. 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.
4.6% (2017 est.)
6.6% (2016 est.)
7% (2015 est.)
1.8% (2019 est.)
3.5% (2018 est.)
3.2% (2017 est.)
Fitch rating: BB- (2016)
Moody's rating: Ba3 (2017)
Standard & Poors rating: BB- (2015)
$197.735 billion (2019 est.)
$188.225 billion (2018 est.)
$175.94 billion (2017 est.)
note: data are in 2017 dollars
$88.956 billion (2019 est.)
$18,413 (2019 est.)
$17,712 (2018 est.)
$16,735 (2017 est.)
note: data are in 2017 dollars
23.8% of GDP (2019 est.)
23.5% of GDP (2018 est.)
22% of GDP (2017 est.)
agriculture: 5.6% (2017 est.)
industry: 33% (2017 est.)
services: 61.4% (2017 est.)
household consumption: 69.3% (2017 est.)
government consumption: 12.2% (2017 est.)
investment in fixed capital: 21.9% (2017 est.)
investment in inventories: -0.1% (2017 est.)
exports of goods and services: 24.8% (2017 est.)
imports of goods and services: -28.1% (2017 est.)
Overall score: 60 (2020)
Starting a Business score: 85.4 (2020)
Trading score: 83.5 (2020)
Enforcement score: 50.6 (2020)
sugar cane, bananas, papayas, rice, plantains, milk, avocados, fruit, pineapples, coconuts
tourism, sugar processing, gold mining, textiles, cement, tobacco, electrical components, medical devices
3.1% (2017 est.)
4.732 million (2017 est.)
agriculture: 14.4%
industry: 20.8% (2014)
services: 64.7% (2014 est.)
5.1% (2017 est.)
5.5% (2016 est.)
21% (2019 est.)
43.7 (2018 est.)
45.7 (2012 est.)
lowest 10%: 1.9%
highest 10%: 37.4% (2013 est.)
revenues: 11.33 billion (2017 est.)
expenditures: 13.62 billion (2017 est.)
14.9% (of GDP) (2017 est.)
-3% (of GDP) (2017 est.)
37.2% of GDP (2017 est.)
34.6% of GDP (2016 est.)
calendar year
-$165 million (2017 est.)
-$815 million (2016 est.)
$10.12 billion (2017 est.)
$9.86 billion (2016 est.)
United States 54%, Switzerland 8%, Canada 5%, India 5%, China 5% (2019)
gold, medical instruments, cigars, low-voltage protection equipment, bananas (2019)
$17.7 billion (2017 est.)
$17.4 billion (2016 est.)
United States 50%, China 13% (2019)
refined petroleum, cars, jewelry, natural gas, broadcasting equipment (2019)
$6.873 billion (31 December 2017 est.)
$6.134 billion (31 December 2016 est.)
$23.094 billion (2019 est.)
$21.198 billion (2018 est.)
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: The information regarding Dominican Republic on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Dominican Republic 2021 information contained here. All suggestions for corrections of any errors about Dominican Republic 2021 should be addressed to the CIA or the source cited on each page.
This page was last modified 16 Dec 23, Copyright © 2023 ITA all rights reserved.