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Dominican Republic Economy 2016
https://allcountries.org/world_fact_book_2016/dominican_republic/dominican_republic_economy.html
SOURCE: 2016 CIA WORLD FACTBOOK AND OTHER SOURCES











Dominican Republic Economy 2016
SOURCE: 2016 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 11, 2016

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 telecommunications, 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 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 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 and underemployment remains an important long-term challenge. 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 and a reduction in government spending helped to narrow the central government budget deficit from 6.6% of GDP in 2012 to 1.6% in 2015. A successful government bond placement in 2013 and 2014 helped finance the deficit. 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.

GDP (purchasing power parity):
$147.6 billion (2015 est.) $139.9 billion (2014 est.) $130.3 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 74
[see also: GDP country ranks ]

GDP (official exchange rate):
$66.58 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5.5% (2015 est.) 7.3% (2014 est.) 4.8% (2013 est.)
country comparison to the world: 30
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$14,900 (2015 est.) $14,200 (2014 est.) $13,200 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 108
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household consumption: 68.2%
[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: 21%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 23.4%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -24.3% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 5.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 31.4%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 63% (2015 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

Industrial production growth rate:
5% (2015 est.)
country comparison to the world: 31
[see also: Industrial production growth rate country ranks ]

Labor force:
4.93 million (2015 est.)
country comparison to the world: 84
[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:
14% (2015 est.) 14.5% (2014 est.)
country comparison to the world: 147
[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%: 35.8% (2012 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
45.7 (2012 est.) 52 (2000 est.)
country comparison to the world: 38
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $10.68 billion
[see also: Budget revenues country ranks ]
expenditures: $11.71 billion (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
16% of GDP (2015 est.)
country comparison to the world: 185
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.6% of GDP (2015 est.)
country comparison to the world: 61
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
44.7% of GDP (2015 est.) 45.4% of GDP (2014 est.)
country comparison to the world: 101
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.7% (2015 est.) 3% (2014 est.)
country comparison to the world: 63
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
14.7% (31 December 2015 est.) 13.9% (31 December 2014 est.)
country comparison to the world: 44
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$6.005 billion (31 December 2015 est.) $5.488 billion (31 December 2014 est.)
country comparison to the world: 93
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$18.74 billion (31 December 2015 est.) $16.99 billion (31 December 2014 est.)
country comparison to the world: 90
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$28.87 billion (31 December 2015 est.) $27.16 billion (31 December 2014 est.)
country comparison to the world: 74
[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:
-$1.579 billion (2015 est.) -$2.026 billion (2014 est.)
country comparison to the world: 140
[see also: Current account balance country ranks ]

Exports:
$9.617 billion (2015 est.) $9.92 billion (2014 est.)
country comparison to the world: 91
[see also: Exports country ranks ]

Exports - commodities:
gold, silver, cocoa, sugar, coffee, tobacco, meats, consumer goods

Exports - partners:
US 40.1%, Haiti 15.3%, Canada 14.5% (2014)

Imports:
$15.26 billion (2015 est.) $17.29 billion (2014 est.)
country comparison to the world: 83
[see also: Imports country ranks ]

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

Imports - partners:
US 45.8%, China 7.3%, Venezuela 6.3%, Mexico 5.1%, Trinidad and Tobago 4.2% (2014)

Reserves of foreign exchange and gold:
$4.962 billion (31 December 2015 est.) $4.862 billion (31 December 2014 est.)
country comparison to the world: 94
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$24.31 billion (31 December 2014 est.) $23.83 billion (31 December 2013 est.)
country comparison to the world: 82
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$30.3 billion (31 December 2015 est.) $28.31 billion (31 December 2014 est.)
country comparison to the world: 69
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$347.2 million (31 December 2015 est.) $127.2 million (31 December 2014 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 - 45.02 (2015 est.) 43.56 (2014 est.) 43.56 (2013 est.) 39.34 (2012 est.) 38.23 (2011 est.)


NOTE: The information regarding Dominican Republic on this page is re-published from the 2016 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Dominican Republic Economy 2016 information contained here. All suggestions for corrections of any errors about Dominican Republic Economy 2016 should be addressed to the CIA.




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