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.
Dominican Republic Economy Data
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Dominican Republic Facts
|Exchange Rate||52.96||0.80 %||Jan 01|
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Dominican Republic Economic News
June 10, 2022
Consumer prices increased 0.49% from the previous month in May, easing from April’s 0.96% rise.
June 9, 2022
Consumer prices increased 0.49% from the previous month in May, picking up from April’s 0.96% rise.
June 3, 2022
Economic activity increased 4.7% in year-on-year terms in April, which was below March’s 6.4% increase.
May 31, 2022
At its 31 May meeting, the Central Bank of the Dominican Republic (BCRD) raised its policy rate by 100 basis points to 6.50%.
May 15, 2022
Consumer prices increased 0.96% from the previous month in April, picking up from March's 0.67% rise.