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Dominican Republic:
Economy

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Dominican Republic Page


Other pages in this profile of the Dominican Republic:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Economy - overview
Definition
The Dominican Republic has enjoyed strong GDP growth since 2005, with double digit growth in 2006. In 2007, exports were bolstered by the nearly 50% increase in nickel prices; however, prices are expected to fall in 2008, contributing to a slowdown in GDP growth for the year. Although the country has long been viewed primarily as an exporter of sugar, coffee, and tobacco, in recent years the service sector has overtaken agriculture as the economy's largest employer due to growth in tourism and free trade zones. The economy is highly dependent upon the US, the source of nearly three-fourths of exports, and remittances represent about a tenth of GDP, equivalent to almost half of exports and three-quarters of tourism receipts. With the help of strict fiscal targets agreed to in the 2004 renegotiation of an IMF standby loan, President FERNANDEZ has stabilized the country's financial situation, lowering inflation to less than 6%. A fiscal expansion is expected for 2008 prior to the elections in May and for Tropical Storm Noel reconstruction. Although the economy is growing at a respectable rate, high unemployment and underemployment remains an important challenge. The country suffers from marked income inequality; the poorest half of the population receives less than one-fifth of GNP, while the richest 10% enjoys nearly 40% of national income. The Central America-Dominican Republic Free Trade Agreement (CAFTA-DR) came into force in March 2007, which should boost investment and exports and diminishs losses to the Asian garment industry.
GDP (purchasing power parity)
Definition - World rank and map
$61.79 billion (2007 est.)
GDP (official exchange rate)
Definition
$36.4 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
8.5% (2007 est.)
GDP - per capita
Definition - World rank and map
$7,000 (2007 est.)
GDP - composition by sector
Definition
agriculture: 11.7%
industry: 23.8%
services: 64.4% (2007 est.)
Labor force
Definition
4.027 million (2007 est.)
Labor force - by occupation
Definition
agriculture: 17%
industry: 24.3%
services: 58.7% (1998 est.)
Unemployment rate
Definition - World rank and map
15.6% (2007 est.)
Population below poverty line
Definition
42.2% (2004)
Household income or consumption by percentage share
Definition
lowest 10%: 1.4%
highest 10%: 41.1% (2004)
Distribution of family income - Gini index
Definition - World rank and map
51.6 (2004)
Inflation rate (consumer prices)
Definition - World rank and map
6.1% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
17.1% of GDP (2007 est.)
Budget
Definition
revenues: $7.942 billion
expenditures: $7.766 billion (2007 est.)
Public debt
Definition - World rank and map
40.6% of GDP (2007 est.)
Agriculture - products
Definition
sugarcane, coffee, cotton, cocoa, tobacco, rice, beans, potatoes, corn, bananas; cattle, pigs, dairy products, beef, eggs
Industries
Definition
tourism, sugar processing, ferronickel and gold mining, textiles, cement, tobacco
Industrial production growth rate
Definition - World rank and map
2.4% (2007 est.)
Electricity - production
Definition - World rank and map
12.22 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
8.791 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
924.7 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
12 bbl/day (2004)
Oil - consumption
Definition - World rank and map
116,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
12.2 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004)
Oil - imports
Definition - World rank and map
116,700 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
239.8 million cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
25 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
239.8 million cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$2.041 billion (2007 est.)
Exports
Definition - World rank and map
$7.237 billion f.o.b. (2007 est.)
Exports - commodities
Definition
ferronickel, sugar, gold, silver, coffee, cocoa, tobacco, meats, consumer goods
Exports - partners
Definition
US 66.9%, Belgium 3.7%, Finland 3.4% (2006)
Imports
Definition - World rank and map
$13.82 billion f.o.b. (2007 est.)
Imports - commodities
Definition
foodstuffs, petroleum, cotton and fabrics, chemicals and pharmaceuticals
Imports - partners
Definition
US 44.5%, Venezuela 8.5%, Colombia 6.5%, Mexico 5.9% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$2.562 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$10.21 billion (31 December 2007 est.)
Stock of direct foreign investment - at home
Definition
$12.37 billion (2007 est.)
Stock of direct foreign investment - abroad
Definition
$59 million (2007 est.)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$76.99 million (2005)
Currency (code)
Definition
Dominican peso (DOP)
Exchange rates
Definition
Dominican pesos per US dollar - 33.113 (2007), 33.406 (2006), 30.409 (2005), 42.12 (2004), 30.831 (2003)
Fiscal year
Definition
calendar year


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