Economic growth, percent change in quarterly real gdp in dominican republic, december, 2019. Dominican republic s economy posted a yearonyear growth of 4. Ranking of the country dominican republic at the global level is from the highest to the lowest data. This is a high frequency indicator that, as it says, has a monthly periodicity. Dominican republic has fastest growing economy in latam. The top individual income tax rate is 25 percent, and the. Despite a falling poverty rate, income inequality remains high and the country faces considerable obstacles to sustaining such robust growth over the long term, including the poor. In comparison to other countries, the drastic price increases are no longer on average. The dominican republic s economic growth has been one of the strongest in the lac region over the past 25 years. Strategies for economic growth in the dominican republic. Chart 2 dominican republic gdp real growth rate, 19802011 % chart 3 balance of trade and remittances to the dominican republic, 20002010 usd million chart 4 trends in employment to population ratio, male and female, selected countries, 1991.
The dominican republic remains focused on growth and innovation within the tourism sector. Dominican republic economy 2020, cia world factbook. The dominican republic is an upper middleincome developing country primarily dependent on mining, agriculture, trade, and services. Long dependent on sugar, the dominican republic diversified its economy during the 1970s and the 1980s to include mining, assembly manufacturing, and tourism. The dominican republic has the second largest economy in central america and the caribbean. The calculation was based on the monthly indicator of economic activity, known as the imae. Gdp growth rate in dominican republic is expected to be 6. The dominican republic s economy has maintained robust growth over the last 5 years, outperforming its latin american and caribbean peers in 2018 with gdp growth rate of 7%. Latin american economic outlook 2019 country notes dominican republic recent trends the dominican republic has improved in several development indicators in the past decades. The gross domestic product gdp in dominican republic expanded 5. World bank national accounts data, and oecd national accounts data files. The report includes countryspecific threeyear forecasts for major macroeconomic indicators, including commodity and financial markets. Dominican republic gross domestic product gdp growth rate. Hci and gdp per capita ppp log scale, horizontal axis productivity relative to benchmark of complete education and full health.
The dominican republics economy has maintained robust growth over. 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 economys largest employer, due to growth in telecommunications, tourism, and free trade zones. Dominican republic systematic country diagnostic english abstract. Looking forward, we estimate gdp annual growth rate in dominican republic to stand at 1. Dominican republic gdp annual growth rate 19922019 data.
Dominican republic economic growth 19602020 macrotrends. Dominican economic growth is worlds 9th highest santo domingo. All of this has helped to diversify the dominican republic s economy away from raw resources and toward lowend manufacturing of goods such as textiles, plastics and medical instruments. Dominican republic economic growth, percent change in. Dominican republic records slowest growth since 2004. Dominican republic population 2020 demographics, maps. Dominica to lead economic growth in region for 2019. Dominican republic gdp 1870 2020 data ppp current real. The global uncertainty and the challenges ahead for the dominican economy were on wed. The rate of growth rate, however, has been decreasing for some time and currently sits around an annual growth rate. The percentage change in gdp per capita for the latest 5 years for which data is published. Usually this is a sign of political and economic turmoil. Dominican republic gdp growth rate table by year, historic, and current data. 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 economys largest employer, due to growth.
The dominican republic s gross domestic product is projected to grow by 5. Dominican republic gdp growth rate 19612020 macrotrends. The statistic shows the growth in real gdp in dominican republic from 2009 to 2018, with projections up until 2021. Dominican republic economy gdp, inflation, cpi and. Economy gains steam before covid19 arrives april 27, 2020 economic activity grew 5. Gdp growth over the same period has surged, however, as growth in. The economy in the dominican republic international living. The international monetary fund predicted the dominican republic registered the fastest economic growth in latin america during 2018 with low, stable inflation. Dominican republic economy live and invest overseas. Access the latest politics analysis and economic growth summary through 2011 for dominican republic from the economist intelligence unit. Dominican republic gross domestic product gdp growth. The economy is seen shrinking this year as social distancing measures restrain domestic activity.
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 economys largest employer, due to growth in tourism, telecommunications, and freetrade zones manufacturing. The dominican republic s economic freedom score is 60. In 2018, dominican republic s real gross domestic product grew by around 7. The country is the site of the single largest gold mine in latin america, the pueblo viejo mine. The share of the population living on less than usd 5. Gross domestic product gdp growth rate in dominican republic 2021 dominican republic. Gdp annual growth rate in dominican republic is expected to be 5. This report provides a comprehensive treatment of economic growth in the dominican republic, with the objective of building on existing knowledge in order to enhance understanding of how the country arrived where it is today. The dominican republic dr has enjoyed strong economic growth in recent years, averaging 5. Relations with the dominican republic united states. The dominican republic is the caribbeans fastestgrowing.
There was no economic process more dynamic in the dominican republic during the 1980s than the rapid growth of free zones. For example, dominican republic s exports rank is higher than please wait. The population has more than doubled in the past 50 years in the dominican republic, going from 4. On a country level, dominica will lead regional growth in 2019, with a nine per cent expansion, the economic commission for latin america and the caribbean eclac is predicting in its latest economic report. The dominican republic dr has enjoyed strong economic growth in recent. The dominican republic s economy rebounded from the global recession in 201016, and the fiscal situation is improving. The country is one of the fastest growing economies. Central america dominican republic the world factbook. The economy of the dominican republic is the eighth largest in latin america, and is the largest in the caribbean and central america region. World economics makes available of worlds most comprehensive gdp database covering over countries with historical gdp ppp data from 18702018, building on the lifetimes work of angus maddison. In the first quarter of 2017, the economy expanded by 5. Dominican republic gdp economic indicators, news and.
Dominican republic economic indicators moodys analytics. Dominican republic economy, politics and gdp growth. Dominican republic global economic prospects examines trends for the world economy and how they affect developing countries. In the longterm, the dominican republic gdp annual growth rate is projected to trend around 2.
Percentile ranks are calculated using the latest available data for all countries within the last 5 years. Central bank slashes rates at emergency meeting in march and announces liquidity. Learn more about the dominican republic economy, including the. Dominican republic gdp growth rate 19912019 data 2020. Dominican republic inflation rate 19842021 statista. The purpose of this graph is to take a snapshot of a countrys economy in comparison to other economies. Share in global gdp adjusted for ppp 2024 share of economic sectors in the gdp in dominican republic 2018. The human capital index hci database provides data at the country level for each of the components of the human capital index as well as for the overall index, disaggregated by gender. Over the last 25 years, the dominican republic has had the fastestgrowing economy in the americas with an average real gdp growth rate of 5. 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.