Domin. Rep. Economic Outlook
June 14, 2022Momentum seemingly eased in Q1 2022, in part due to a tougher base effect. Economic activity moderated in annual terms in January–March amid a record-breaking wave of Covid-19 cases in January and associated restrictions. Moreover, a year-on-year fall in remittances and elevated inflation in Q1 should have dented private spending. However, late February’s scrapping of all pandemic-related restrictions for citizens should have cushioned household consumption’s fall. In addition, the tourism sector remained robust, with annual growth in visitor arrivals in Q1 picking up on an annual basis. Turning to Q2, domestic conditions remained muted: Economic activity grew at a 15-month low in April. Lastly, the IMF concluded its Article IV consultation in the country on 16 May. The Fund heralded the country’s resilience to external shocks thanks to sound fiscal policy.
Dominican Republic Economic GrowthThis year, the country is set to be one of the region’s top performers. The removal of all Covid-19 restrictions will boost domestic demand, while a buoyant tourism sector will also drive growth. That said, GDP growth should nevertheless moderate in 2022, largely due to a less favorable base effect, a normalization of economic activity and elevated commodity prices. FocusEconomics panelists see the economy growing 5.1% in 2022, which is unchanged from last month’s forecast, and expanding 4.6% in 2023.
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Dominican Republic Facts
|Exchange Rate||52.96||0.80 %||Jan 01|
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Dominican Republic Economic News
November 3, 2022
Inflation came in at 8.2% in October, down from September’s 8.6%.
October 31, 2022
At its 31 October meeting, the Central Bank of the Dominican Republic (BCRD) delivered another 25 basis point hike, raising its policy rate to 8.50%.
October 25, 2022
Economic activity increased 4.8% compared to the same month of the previous year in September, which was a deterioration from August's annual 5.4% increase. Consequently, annual average economic activity growth moderated to 6.8% in September (August: +7.3%), which marked an over one-year low. Lastly, on a seasonally-adjusted month-on-month basis, activity slid 0.2% in September, which was a deterioration from the prior month’s 1.3% expansion.
October 19, 2022
Inflation came in at 8.6% in September, down from August’s 8.8%.
October 5, 2022
Economic activity increased 5.4% compared to the same month of the previous year in August, which followed July's 4.7% increase.