Dominican Republic GDP

Dominican Republic

Economy decelerates in Q1

According to preliminary estimates from the Central Bank, in the first quarter, GDP rose 5.5% over the same period last year. The increase represented a deceleration over 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 the agriculture sector (Q1: +6.2% year-on-year; Q4: +7.7% yoy). In addition, the services sector expanded 4.3% in the first quarter, which was down from the 4.7% rise recorded in the fourth quarter. Conversely, manufacturing rose 5.9% in Q1, which was an improvement over the 3.5% rise tallied in Q4.

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 0

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

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