Dominican Republic GDP

Dominican Republic

Economy decelerates in Q1

According to more detailed data from the Central Bank, in the first quarter GDP rose 5.5% over the same period last year. The figure met the preliminary estimate and represented a deceleration compared to the 7.3% expansion recorded in Q4, which had marked the highest growth rate in three years.

Q1’s slowdown came as a result of a deceleration in both the domestic and external sectors. Fixed investment slowed from a 10.7% increase in Q4 to a 2.6% rise in Q1. In addition, private consumption added 2.0% in the first quarter (Q4: +2.4% year-on-year), while government consumption jumped to a 6.0% increase (Q4: +0.1% yoy).

On the external side of the economy, exports accelerated from a 10.2% rise in Q4 to a 13.8% increase in Q1. In addition, imports rose 4.3% in the first quarter, which was up from the flat reading recorded in the previous quarter. As a result, the external sector’s net contribution to overall economic growth fell from 3.3 percentage points in Q4 to 3.1 percentage points in Q1.

The government’s 2014 budget projects that the economy will grow between 4.5% and 5.0% this year. FocusEconomics Consensus Forecast participants are less optimistic than the government and see the economy growing 3.7% in 2014, which is unchanged from last month’s forecast. For 2015, panelists expect economic growth to pick up to 3.8%.

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Dominican Republic GDP Chart

Dominican Republic GDP Q1 2014

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

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