Dominican Republic

Dominican Republic Economic Activity August 2020

Dominican Republic: Decline in economic activity softens in August

Economic activity declined 7.2% compared to the same month a year earlier in August, which was above July’s 8.8% decrease. August’s fall was driven in large part by the hotels, bars and restaurants sector amid weak visitor arrivals. Retail and transport also contracted sharply, with the latter likely influenced by the night-time curfew. Other areas of the economy performed more strongly amid looser social distancing restrictions, with financial services, health and housing registering growth. Moreover, fiscal and monetary stimulus since March likely cushioned overall activity.

Meanwhile, the trend pointed down, with the annual average variation of economic activity coming in at minus 3.7%, down from July’s minus 2.7%.

Looking ahead, the economy should continue to gradually gain steam amid a resumption of construction projections and a gradual revival in external demand. However, the uncertain evolution of the pandemic at home and abroad is a downside risk.

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