Dominican Republic: Growth accelerates further in November
December 30, 2019
The economy expanded 5.5% in November according to Central bank data, up slightly from October’s 5.2% expansion, with the economy continuing to benefit from significant monetary stimulus earlier in 2019—which has fed through to faster credit growth.
November’s expansion was driven by construction, financial services, and manufacturing in free trade zones, although weak tourist arrivals hurt the hotels, bars and restaurants sector, restraining the overall expansion somewhat.
Turning to 2020, our panelists expect growth to ebb slightly on slower momentum in the U.S., the Dominican Republic’s key trading partner. However, monetary stimulus measures should continue to support the economy, which will likely remain the region’s top performer.
Author: Oliver Reynolds, Economist