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EconomyEconomy - 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 economy is highly dependent upon the US, the destination for more than half of exports. Remittances from the US amount to about a 10th of GDP, equivalent to almost half of exports and three-quarters 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 growth of the Dominican Republic's economy rebounded in 2010-11 from the global recession, and remains one of the fastest growing in the region. Gdp (purchasing power parity) World Ranking: 74
$94.58 billion (2011 est.)
$90.52 billion (2010 est.) $84.01 billion (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$56.7 billion (2011 est.)
Gdp - real growth rate World Ranking: 80
4.5% (2011 est.)
7.8% (2010 est.) 3.5% (2009 est.) Gdp - per capita (ppp) World Ranking: 115
$9,400 (2011 est.)
$9,200 (2010 est.) $8,700 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 6.7%
Industry 26.1% Services 67.2% (2011 est.) Labor force World Ranking: 80
4.732 million (2011 est.)
Labor force - by occupation
Agriculture 14.6%
Industry 22.3% Services 63.1% (2005 est.) Unemployment rate World Ranking: 136
13.1% (2011 est.)
13.3% (2010 est.) Population below poverty line
34.4% (2010 est.)
Household income or consumption by percentage share
Lowest 10% 1.8%
Highest 10% 36.4% (2010 est.) Distribution of family income - gini index World Ranking: 26
48.4 (2007)
47.4 (1998) Investment (gross fixed) World Ranking: 124
17.1% of GDP (2011 est.)
Budget
Revenues $8.007 billion
Expenditures $9.477 billion (2011 est.) Taxes and other revenues World Ranking: 200
14.1% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 91
-2.6% of GDP (2011 est.)
Public debt World Ranking: 93
36% of GDP (2011 est.)
37.1% of GDP (2010 est.) Inflation rate (consumer prices) World Ranking: 177
8.5% (2011 est.)
6.3% (2010 est.) Commercial bank prime lending rate World Ranking: 70
15.55% (31 December 2011 est.)
12.14% (31 December 2010 est.) Stock of narrow money World Ranking: 103
$4.546 billion (31 December 2011 est.) $4.237 billion (31 December 2010 est.) Stock of broad money World Ranking: 87
$18.27 billion (31 December 2011 est.) $15.48 billion (31 December 2009 est.) Stock of domestic credit World Ranking: 77
$24.81 billion (31 December 2011 est.) $21.87 billion (31 December 2010 est.) Market value of publicly traded shares
$NA
Agriculture - products
Sugarcane, coffee, cotton, cocoa, tobacco, rice, beans, potatoes, corn, bananas; cattle, pigs, dairy products, beef, eggs Industries
Tourism, sugar processing, ferronickel and gold mining, textiles, cement, tobacco Industrial production growth rate World Ranking: 128
1.5% (2010 est.)
Electricity - production World Ranking: 82
14.58 billion kWh (2008 est.)
Electricity - consumption World Ranking: 81
12.87 billion kWh (2008 est.)
Electricity - exports
0 kWh (2009 est.)
Electricity - imports
0 kWh (2009 est.)
Oil - production World Ranking: 111
392.2 bbl/day (2010 est.)
Oil - consumption World Ranking: 71
119,000 bbl/day (2010 est.)
Oil - exports World Ranking: 151
0 bbl/day (2009 est.)
Oil - imports World Ranking: 62
107,300 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 124
0 bbl (1 January 2011 est.)
Natural gas - production World Ranking: 173
0 cu m (2009 est.)
Natural gas - consumption World Ranking: 95
560 million cu m (2009 est.)
Natural gas - exports World Ranking: 89
0 cu m (2009 est.)
Natural gas - imports World Ranking: 66
560 million cu m (2009 est.)
Natural gas - proved reserves World Ranking: 170
0 cu m (1 January 2011 est.)
Current account balance World Ranking: 165
-$4.456 billion (2011 est.)
-$4.435 billion (2010 est.) Exports World Ranking: 99
$8.536 billion (2011 est.)
$6.598 billion (2010 est.) Exports - commodities
Ferronickel, sugar, gold, silver, coffee, cocoa, tobacco, meats, consumer goods Exports - partners
US 49.3%, Haiti 16.9% (2011)
Imports World Ranking: 79
$17.42 billion (2011 est.)
$15.3 billion (2010 est.) Imports - commodities
Foodstuffs, petroleum, cotton and fabrics, chemicals and pharmaceuticals Imports - partners
US 43.4%, Venezuela 7.1%, Mexico 6%, China 5.7% (2011) Reserves of foreign exchange and gold World Ranking: 103
$2.902 billion (31 December 2011 est.) $3.502 billion (31 December 2010 est.) Debt - external World Ranking: 86
$14.42 billion (31 December 2011 est.) $12.86 billion (31 December 2010 est.) Stock of direct foreign investment - at home World Ranking: 68
$21.38 billion (31 December 2011 est.) $19 billion (31 December 2010 est.) Stock of direct foreign investment - abroad World Ranking: 84
$59 million (31 December 2011 est.) $59 million (31 December 2010 est.) Exchange rates
Dominican pesos (DOP) per US dollar - 38.232 (2011 est.)37.307 (2010 est.) 36.03 (2009) 34.775 (2008) 33.113 (2007) Fiscal year
Calendar year
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Arroyo Cabullas Provincia De San Cristobal
La Jagua Provincia De Samana
Paso De Los Burros Puerto Plata
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El Sanjon Puerto Plata
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