Dominican Republic Economic Activity February 2021

Dominican Republic

Dominican Republic: Economic activity notches quickest growth since February 2020 in February

March 30, 2021

Economic activity expanded 1.1% compared to the same month a year earlier in February, which contrasted January's 1.8% decrease. February's figure marked the strongest rise since February 2020. Looking at the details, the construction, mining and manufacturing sectors drove the reading, although the services sector remained in contractionary territory, held back by still-depressed visitor arrivals.

Meanwhile, the trend pointed down, with the annual average variation of economic activity coming in at minus 7.5% in February, down from January's minus 7.2%.

The economy should bounce back strongly this year. The external sector should benefit from greater fiscal stimulus in the U.S. under Biden, which will support exports and remittances. Moreover, fiscal and monetary support at home will aid domestic demand. However, lingering Covid-19 restrictions and subdued tourism arrivals will keep a lid on momentum.

FocusEconomics panelists see the economy growing 5.1% in 2021, down 0.3 percentage points from last month’s forecast, before expanding 4.7% in 2022.


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Dominican Republic Economic Activity Chart

Dominican Republic Economic Activity February 2021

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

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