Dominican Republic GDP

Dominican Republic

Economy decelerates in Q1

According to more detailed data from the Central Bank, the economy expanded 6.5% in the first quarter, thus marking a deceleration over the 6.6% expansion observed in the previous quarter. The figure matched the expansion reported in the preliminary estimate and marked the slowest increase in nearly two years.

In Q1, private consumption grew 4.1%, which was an acceleration over the 2.2% seen in the previous quarter. In addition, growth in fixed investment accelerated from 11.4% in Q4 to 16.4% in Q1. Conversely, government spending increased 9.0%, which was slightly down from the 10.0% rise seen in the previous quarter.

On the external side of the economy, exports grew a weak 0.6% in Q1, which marked a notable deceleration over the 9.4% increase observed in the previous quarter. Conversely, growth in imports accelerated from 5.8% in Q4 to 10.4% in the first quarter, marking the fastest increase since Q4 2010. As a result, the net contribution of the external sector to overall economic growth dropped from plus 0.9 percentage points in Q4 to minus 4.1 percentage points in the first quarter.

The government’s 2015 budget projects that the economy will grow 5.0% in 2015. FocusEconomics Consensus Forecast participants see the economy growing 5.7% in 2015, which is unchanged from last month’s forecast. For 2016, panelists expect the economy to expand 4.8%.

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Dominican Republic GDP Chart

Dominican Republic GDP Q1 2015 0

Note: Year-on-year changes of GDP in %.
Source: Dominican Republic Central Bank and FocusEconomics Consensus Forecast.

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