Economy of the Dominican Republic
Santo Domingo is the financial center of Dominican Republic
|
|
| Currency | 1 Dominican Peso (RD$) = 100 Centavos |
|---|---|
| Calendar year | |
|
Trade organisations
|
WTO |
| Statistics | |
| GDP | $143.100 billion (2015 est.) |
|
GDP growth
|
7.0% (2015 est.) |
|
GDP per capita
|
$10,060 (2013 est.) |
|
GDP by sector
|
agriculture: 11.5%; industry: 21%; services: 67.5% (2010 est.) |
| 3.9% (2012) | |
|
Population below poverty line
|
40.9% (2012 est) |
| 49.9 | |
|
Labour force
|
4.498 million (2010 est.) |
|
Labour force by occupation
|
agriculture: 14.6%; industry: 22.3%; services: 63.1% (2005) |
| Unemployment | 12.5% (2013 est.) |
|
Main industries
|
ferronickel and gold mining, textiles, cement, tobacco, and sugar production, tourism |
| 103rd (2017) | |
| External | |
| Exports | $6.161 billion (2010 est.) |
|
Export goods
|
ferronickel, sugar, gold, silver, coffee, cocoa, tobacco, meats, consumer goods |
|
Main export partners
|
 United States 46.1% Haiti 17.4% China 4.2%(2012 est.) |
| Imports | $14.53 billion (2010 est.) |
|
Import goods
|
foodstuffs, petroleum, cotton and fabrics, chemicals and pharmaceuticals |
|
Main import partners
|
United States 42.5% Venezuela 7.4% China 6.2% Mexico 5.2% Colombia 4.2% (2012 est.) |
|
FDI stock
|
$19.45 billion (31 December 2010 est.) |
|
Gross external debt
|
$11.62 billion (31 December 2011 est.) |
| Public finances | |
| 30.7% of GDP (2011 est.) | |
| Revenues | $7.11 billion (2010 est.) |
| Expenses | $8.634 billion (2010 est.) |
| B+ (Domestic) B+ (Foreign) BB (T&C Assessment) (Standard & Poor's) |
|
|
Foreign reserves
|
$2.705 billion (31 December 2010 est.) |
The Dominican Republic has the ninth largest economy in Latin America, and is the largest in the Caribbean and Central American region. It is an upper middle-income developing country primarily dependent on agriculture, mining, trade, and services. Although the service sector has recently overtaken agriculture as the leading employer of Dominicans (due principally to growth in tourism and Free Trade Zones), agriculture remains the most important sector in terms of domestic consumption and is in second place (behind mining) in terms of export earnings. Tourism accounts for more than $1 billion in annual earnings. Free trade zone earnings and tourism are the fastest-growing export sectors. According to a 1999 International Monetary Fund report, remittances from Dominican Americans, are estimated to be about $1.5 billion per year. Most of these funds are used to cover basic household needs such as shelter, food, clothing, health care and education. Secondarily, remittances have financed small businesses and other productive activities.
The Dominican Republic’s most important trading partner is the United States (75% of export revenues). Other main markets are the People’s Republic of China, Haiti, Mexico, Colombia, Spain, and Brazil, in that quantitative order. The country exports free-trade-zone manufactured products (garments, medical devices, and so on), nickel, sugar, coffee, cacao, and tobacco. It imports petroleum, industrial raw materials, capital goods, and foodstuffs. On 5 September 2005, the Congress of the Dominican Republic ratified a free trade agreement with the U.S. and five Central American countries, the Dominican Republic – Central America Free Trade Agreement (CAFTA-DR). CAFTA-DR entered into force for the Dominican Republic on 1 March 2007. The total stock of U.S. foreign direct investment (FDI) in Dominican Republic as of 2006 was U.S. $3.3 billion, much of it directed to the energy and tourism sectors, to free trade zones, and to the telecommunications sector. Remittances were close to $2.7 billion in 2006.
...
Wikipedia