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Dominican Republic Economy 2017
http://www.theodora.com/wfbcurrent/dominican_republic/dominican_republic_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Dominican Republic Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
The Dominican Republic has long been viewed primarily as 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. 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 (CAFTA-DR) came into force in March 2007, boosting investment and exports and reducing losses to the Asian garment industry.The Dominican Republic's economy rebounded from the global recession in 2010-15, 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 2015. 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. Analysts project 6% GDP growth in 2016 and inflation within the Central Bank’s target of 4.0% � 1.0%, due to low oil prices, increased remittances, and continued expansion in the services sector based on growth in construction.

GDP (purchasing power parity):
$160.9 billion (2016 est.) $151.9 billion (2015 est.) $142 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 74
[see also: GDP country ranks ]

GDP (official exchange rate):
$71.46 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5.9% (2016 est.) 7% (2015 est.) 7.3% (2014 est.)
country comparison to the world: 25
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$15,900 (2016 est.) $15,200 (2015 est.) $14,400 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 103
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household consumption: 67.4%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 10.7%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 24.8%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -0.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 24%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -26.8% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 5.1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 32.8%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 62.2% (2016 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:
7% (2016 est.)
country comparison to the world: 16
[see also: Industrial production growth rate country ranks ]

Labor force:
5.113 million (2016 est.)
country comparison to the world: 82
[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:
13.8% (2016 est.) 14% (2015 est.)
country comparison to the world: 149
[see also: Unemployment rate country ranks ]

Population below poverty line:
41.1% (2013 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.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
47.1 (2013 est.) 45.7 (2012 est.)
country comparison to the world: 27
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $11.17 billion
[see also: Budget revenues country ranks ]
expenditures: $13 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
15.6% of GDP (2016 est.)
country comparison to the world: 184
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.6% of GDP (2016 est.)
country comparison to the world: 86
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
44% of GDP (2016 est.) 44.6% of GDP (2015 est.)
country comparison to the world: 105
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.9% (2016 est.) 0.8% (2015 est.)
country comparison to the world: 107
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
15.2% (31 December 2016 est.) 14.88% (31 December 2015 est.)
country comparison to the world: 38
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$6.536 billion (31 December 2016 est.) $5.986 billion (31 December 2015 est.)
country comparison to the world: 92
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$20.13 billion (31 December 2016 est.) $18.43 billion (31 December 2015 est.)
country comparison to the world: 90
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$33.08 billion (31 December 2016 est.) $30.9 billion (31 December 2015 est.)
country comparison to the world: 75
[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:
-$1.709 billion (2016 est.) -$1.307 billion (2015 est.)
country comparison to the world: 144
[see also: Current account balance country ranks ]

Exports:
$9.822 billion (2016 est.) $9.523 billion (2015 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 42.5%, Haiti 16.5%, Canada 8.1%, India 4.8% (2015)

Imports:
$16.67 billion (2016 est.) $16.86 billion (2015 est.)
country comparison to the world: 81
[see also: Imports country ranks ]

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

Imports - partners:
US 42%, China 9.2%, Venezuela 5.6%, Trinidad and Tobago 4.5%, Mexico 4.4% (2015)

Reserves of foreign exchange and gold:
$5.566 billion (31 December 2016 est.) $5.266 billion (31 December 2015 est.)
country comparison to the world: 91
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$26.05 billion (31 December 2016 est.) $25.71 billion (31 December 2015 est.)
country comparison to the world: 82
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$33.39 billion (31 December 2016 est.) $31.05 billion (31 December 2015 est.)
country comparison to the world: 67
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$372 million (31 December 2016 est.) $272 million (31 December 2015 est.)
country comparison to the world: 89
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Dominican pesos (DOP) per US dollar - 46.2 (2016 est.) 45.052 (2015 est.) 45.052 (2014 est.) 43.556 (2013 est.) 39.34 (2012 est.)


NOTE: The information regarding Dominican Republic on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Dominican Republic Economy 2017 information contained here. All suggestions for corrections of any errors about Dominican Republic Economy 2017 should be addressed to the CIA.




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