Dominican Republic:
Economy

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

Dominican Republic: Economy

Dominican Republic:
Economy