Dominican Republic Economy - 2024

Economic overview

surging middle-income tourism, construction, mining, and telecommunications OECS economy; major foreign US direct investment and free-trade zones; developing local financial markets; improving debt management; declining poverty

Real GDP (purchasing power parity)

$207.082 billion (2021 est.)
$184.447 billion (2020 est.)
$197.735 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

12.27% (2021 est.)
-6.72% (2020 est.)
5.05% (2019 est.)

Real GDP per capita

$18,600 (2021 est.)
$16,800 (2020 est.)
$18,200 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$88.956 billion (2019 est.)

Inflation rate (consumer prices)

8.24% (2021 est.)
3.78% (2020 est.)
1.81% (2019 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

15.89% (2021 est.)

Labor force

5.027 million (2021 est.)

Unemployment rate

8.5% (2021 est.)
6.13% (2020 est.)
6.36% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 20.6% (2021 est.)

male: 16.6%

female: 27.9%

Population below poverty line

21% (2019 est.)

Gini Index coefficient - distribution of family income

39.6 (2020 est.)

Average household expenditures

on food: 26.8% of household expenditures (2018 est.)

on alcohol and tobacco: 3.8% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 1.9%

highest 10%: 37.4% (2013 est.)

Remittances

11.4% of GDP (2021 est.)
10.57% of GDP (2020 est.)
8.34% of GDP (2019 est.)

Budget

revenues: $12.804 billion (2019 est.)

expenditures: $14.511 billion (2019 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

12.39% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$2.689 billion (2021 est.)
-$1.337 billion (2020 est.)
-$1.188 billion (2019 est.)

Exports

$20.509 billion (2021 est.) note: data are in current year dollars
$14.889 billion (2020 est.) note: data are in current year dollars
$20.509 billion (2019 est.) note: data are in current year dollars

Exports - partners

United States 51%, Haiti 7%, Switzerland 7%, India 5%, Netherlands 3% (2021)

Exports - commodities

gold, medical instruments, cigars, low-voltage protection equipment, iron alloys, clothing (2021)

Imports

$28.541 billion (2021 est.) note: data are in current year dollars
$20.302 billion (2020 est.) note: data are in current year dollars
$24.526 billion (2019 est.) note: data are in current year dollars

Imports - partners

United States 42%, China 19%, Spain 3%, Brazil 3%, Mexico 3% (2021)

Imports - commodities

refined petroleum, cars, natural gas, jewelry, vaccines and cultures (2021)

Reserves of foreign exchange and gold

$13.125 billion (31 December 2021 est.)
$10.845 billion (31 December 2020 est.)
$8.871 billion (31 December 2019 est.)

Debt - external

$23.094 billion (2019 est.)
$21.198 billion (2018 est.)

Exchange rates

Dominican pesos (DOP) per US dollar -

Exchange rates:
57.221 (2021 est.)
56.525 (2020 est.)
51.295 (2019 est.)
49.51 (2018 est.)
47.534 (2017 est.)