Economic Profile

 

Economy of the Dominican Republic

According to statistics from the World Bank, the economy of the Dominican Republic has experienced one of the highest GDP growths in Latin America, averaging well above 5% over the last decade. The Dominican market, one of the largest in Central America and the Caribbean, has been expanding and evolving into a robust and diversified economy, proving itself by exhibiting a positive GDP growth even through the global financial crisis.

The diversification of the economy is driven primarily by the expansion of the service sector and the production of value-added goods, along with key traditional industries; embracing a solid business community in tourism, mining, telecommunications, local and duty-free zone manufacturing, and agribusiness, including a wide selection of high quality organic produce.

The Dominican Republic policies promote economic growth through free-market strategies, such as the elimination of price controls, exchange rate liberalization, assurance of investment protection, as well as socially-oriented policies such as government support to small and medium enterprises. As result of these policies, the country exhibits a reliable and vigorous economy in a competitive environment that make the Caribbean nation an ideal business partner for a wide range of industries in the globalized economy.

Moreover, the strategic geographic location of the Caribbean country, along with major Free Trade Agreements have been deciding factors in making the nation an important trade junction between Europe, North America and the rest of Latin America.

 

Economic Indicators

 

ECONOMIC INDICATORS

(US$ Millions)

2014

2015

2016

GDP

65,312.0

68,185.7

71,654.0

GDP growth rate

5.3%

4.4%

5.1%

Inflation

3.0%

0.84%

1.61%

Foreign Direct Investment

2,208.5

2,204.9

2,406.7

  Source: Central Bank of the Dominican Republic

 

INTERNATIONAL TRADE

(US$ Millions)

2014

2015

2016

Total Exports

9,898.9

9,441.8

9,860.3

  • Manufacturing and others

  • Free Zones manufacturing

  • Mining

  • Agriculture

2,324.5

5,069.3

1,737.1

768.0

2,098.1

5,230.7

1,358.6

754.4

1,938.5

5,303.2

1,787.7

830.9

Total Imports

17,273.1

16,906.5

17,483.5

  • Consumer goods

  • Raw material

  • Capital goods

7,419.4

7,877.1

1,976.6

7,024.6

7,445.1

2,436.8

7,213.8

7,354.8

2,914.9

  Source: Central Bank of the Dominican Republic

 

Major Industries

Tourism

With over 200 miles of pristine beaches, spectacular resorts and attractions, the Dominican tourism is one of the major industries in the country, consistently generating revenues over US$4 billion every year. The Dominican Republic is the most visited country in the Caribbean and Central America according to the World Tourism Organization, with more than 4 million tourist arrivals every year. Please visit our Tourism Section for more information.

 

Telecommunications

During the last ten years, the telecommunications sector has experienced an average growth rate of over 10%, becoming one of the major players in the Dominican Economy. Its growth is backed by the most modern telecom infrastructure in the region, a highly competitive environment, skilled human resources, and an increasingly demanding market of over 10 million people.

 

Agriculture

The Dominican agriculture has a long history as a major contributor to the economy thanks to the extensive areas of highly fertile land and the favorable weather conditions. It is known for its commodities such as coffee, sugar, cocoa beans, and tobacco, and for its wide selection of fresh products such as bananas, avocados, mangoes, oriental vegetables, among others.

 

Manufacturing

The manufacturing sector has been constantly growing until reaching more than 20% as share of the national GDP. The local manufacturing is dominated by the food and beverages value added production, while the duty-free zone targets the production of apparel, jewelry, electrical components, tobacco products, medical devices, and pharmaceutical goods.





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