Dominican Republic Economy - 2022

GEOGRAPHICAL NAMES 

Economic overview

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.

Real GDP (purchasing power parity)

$184.45 billion (2020 est.)

$197.74 billion (2019 est.)

$188.23 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.6% (2017 est.)

6.6% (2016 est.)

7% (2015 est.)

Real GDP per capita

$17,000 (2020 est.)

$18,400 (2019 est.)

$17,700 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$88.956 billion (2019 est.)

Inflation rate (consumer prices)

1.8% (2019 est.)

3.5% (2018 est.)

3.2% (2017 est.)

Credit ratings

Fitch rating: BB- (2016)

Moody's rating: Ba3 (2017)

Standard & Poors rating: BB- (2015)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 5.6% (2017 est.)

industry: 33% (2017 est.)

services: 61.4% (2017 est.)

GDP - composition, by end use

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.)

Agricultural products

sugar cane, bananas, papayas, rice, plantains, milk, avocados, fruit, pineapples, coconuts

Industries

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

Industrial production growth rate

3.1% (2017 est.)

Labor force

4.732 million (2017 est.)

Labor force - by occupation

agriculture: 14.4%

industry: 20.8% (2014)

services: 64.7% (2014 est.)

Unemployment rate

5.1% (2017 est.)

5.5% (2016 est.)

Youth unemployment rate (ages 15-24)

total: 14.9%

male: 11.6%

female: 20.7% (2020 est.)

Population below poverty line

21% (2019 est.)

Gini Index coefficient - distribution of family income

43.7 (2018 est.)

45.7 (2012 est.)

Household income or consumption by percentage share

lowest 10%: 1.9%

highest 10%: 37.4% (2013 est.)

Budget

revenues: 11.33 billion (2017 est.)

expenditures: 13.62 billion (2017 est.)

Budget surplus (+) or deficit (-)

-3% (of GDP) (2017 est.)

Public debt

37.2% of GDP (2017 est.)

34.6% of GDP (2016 est.)

Taxes and other revenues

14.9% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$165 million (2017 est.)

-$815 million (2016 est.)

Exports

$14.44 billion (2020 est.) note: data are in current year dollars

$20.51 billion (2019 est.) note: data are in current year dollars

$20.05 billion (2018 est.) note: data are in current year dollars

Exports - partners

United States 54%, Switzerland 8%, Canada 5%, India 5%, China 5% (2019)

Exports - commodities

gold, medical instruments, cigars, low-voltage protection equipment, bananas (2019)

Imports

$20.19 billion (2020 est.) note: data are in current year dollars

$24.53 billion (2019 est.) note: data are in current year dollars

$24.11 billion (2018 est.) note: data are in current year dollars

Imports - partners

United States 50%, China 13% (2019)

Imports - commodities

refined petroleum, cars, jewelry, natural gas, broadcasting equipment (2019)

Reserves of foreign exchange and gold

$6.873 billion (31 December 2017 est.)

$6.134 billion (31 December 2016 est.)

Debt - external

$23.094 billion (2019 est.)

$21.198 billion (2018 est.)

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: The information regarding Dominican Republic on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Dominican Republic 2022 information contained here. All suggestions for corrections of any errors about Dominican Republic 2022 should be addressed to the CIA or the source cited on each page.