Dominican Republic

Dominican Republic Economic Activity April 2024

Dominican Republic: Economic activity expands at quickest pace since December 2021 in April

Economic activity grew 7.8% compared to the same month a year earlier in April, which followed March’s 1.6% increase. April’s result marked the best reading in over two years.

On a monthly basis, economic activity increased 5.2% in seasonally adjusted terms in April, rebounding from March’s 3.4% fall and marked the best result since June 2020. Meanwhile, the trend improved, with the annual average growth of economic activity coming in at 3.6%, up from March’s 3.0% rise.

Analysts at the EIU commented on the outlook:

“GDP growth will accelerate to 4.3% in 2024, based on our forecast that monetary policy easing, strong tourism revenue and steady inflows of workers’ remittances (as the US economy slows down only modestly) will lift private consumption and fixed investment. Tourist arrivals and receipts will exceed last year’s record, boosting GDP. Government consumption growth will accelerate, as slightly higher tax revenue following the 2023 tax amnesty will create fiscal space to increase spending. Net export growth will remain muted in the first half of 2024, before picking up later in the year as the US economy strengthens and flows across the Haitian border normalise.”

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