Dominican Republic

Dominican Republic Economy

Dominican Republic's economy in numbers:

Nominal GDP of USD 114.0 billion in 2022.

GDP per capita of USD 10,719 compared to the global average of USD 10,589.

Average real GDP growth of 5% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 62% of overall GDP, manufacturing 15%, other industrial activity 17%, and agriculture 6%. Looking at GDP by expenditure, private consumption accounted for 66% of GDP in 2021, government consumption 11%, fixed investment 31%, and net exports -8%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 57% of total merchandise exports, mineral fuels 1%, food 23%, ores and metals 3% and agricultural raw materials 1%, with other categories accounting for 15% of the total. In the same period, manufactured products made up 68% of total merchandise imports, mineral fuels 18%, food 17%, ores and metals 2% and agricultural raw materials 1%, with other goods accounting for -6% of the total. Total exports were worth USD 14 billion in 2022, while total imports were USD 31 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 5.0% in the decade to 2022. To read more about GDP growth in Dominican Republic, go to our dedicated page.

Fiscal policy:

Dominican Republic's fiscal deficit averaged 3.4% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 6.6% in the decade to 2022. For more information on Dominican Republic's unemployment click here.

Inflation:

Inflation averaged 4.0% in the decade to 2022. Go to our Dominican Republic inflation page for extra insight.

Monetary Policy:

Dominican Republic's monetary policy rate ended 2022 at 8.50%, up from 5.00% a decade earlier. See our Dominican Republic monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the peso weakened by 28.3% vs the U.S. dollar. For more info on the peso, click here.
The economy gained steam in Q4 2023, despite November’s severe flooding: GDP growth accelerated year on year to a 15-month high of 4.7% in December (November: +4.2% yoy). Consequently, growth averaged notably above Q3’s rate in Q4. Declining inflation and lower interest rates in the quarter should have supported domestic demand, counteracting downside pressure on spending from moderating remittances growth. Meanwhile, available data paints a mixed picture of the external sector’s performance: While tourist arrivals grew more strongly in Q4 than in Q3, muted activity in the U.S. and the ongoing diplomatic spat with Haiti likely hurt goods exports. GDP growth should be rising further in Q1 2024 on expectations of sustained disinflation and further rate cuts. In other news, in late January, the country secured USD 3.5 billion in investment to boost the tourism sector.
Projections out to 2033.

43 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 20 expert analysts.

Want to get insight on the economic outlook for Dominican Republic in the coming years? FocusEconomics collects projections out to 2033 on 43 economic indicators for Dominican Republic from a panel of 20 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Dominican Republic economy. To download a sample report on the Dominican Republic's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Dominican Republic Economic Data

2018 2019 2020 2021 2022
Population (million) 10.3 10.4 10.4 10.5 10.6
GDP (USD bn) 85.6 88.8 78.8 94.5 114.0
GDP per capita (USD) 8,335 8,574 7,545 8,966 10,719
GDP (DOP bn) 4,236 4,562 4,457 5,393 6,261
Economic Growth (Nominal GDP, ann. var. %) 11.4 7.7 -2.3 21.0 16.1
Economic Growth (GDP, ann. var. %) 7.0 5.1 -6.7 12.3 4.9
Total Consumption (ann. var. %) 5.2 4.8 -2.4 5.6 5.0
Private Consumption (ann. var. %) 5.7 4.6 -3.4 6.6 5.1
Government Consumption (ann. var. %) 2.8 6.3 4.9 0.1 3.9
Fixed Investment (ann. var. %) 13.3 8.1 -12.1 22.1 4.0
Exports (G&S, ann. var. %) 6.1 1.5 -30.3 36.2 13.7
Imports (G&S, ann. var. %) 8.5 5.8 -14.5 25.7 14.4
Unemployment (% of active population, aop) 5.7 6.2 5.8 7.4 5.3
Fiscal Balance (% of GDP) -2.3 -2.3 -7.6 -2.5 -2.7
Public Debt (% of GDP) 50.5 53.6 71.5 63.2 59.5
Money (ann. var. of M2 %) 4.5 10.4 16.0 15.3 7.0
Inflation (CPI, ann. var. %, eop) 1.2 3.7 5.6 8.5 7.8
Inflation (CPI, ann. var. %, aop) 3.6 1.8 3.8 8.2 8.8
Key Policy Rate (%, eop) 5.50 4.50 3.00 3.50 8.50
Exchange Rate (DOP per USD, eop) 50.46 53.25 58.12 57.29 56.23
Exchange Rate (DOP per USD, aop) 49.50 51.37 56.53 57.07 54.94
Current Account Balance (USD bn) -1.3 -1.2 -1.3 -2.7 -6.3
Current Account Balance (% of GDP) -1.5 -1.3 -1.7 -2.8 -5.6
Merchandise Trade Balance (USD bn) -9.6 -9.1 -6.8 -11.7 -17.0
Merchandise Exports (USD bn) 10.6 11.2 10.3 12.5 13.8
Merchandise Imports (USD bn) 20.2 20.3 17.1 24.1 30.7
Merchandise Exports (ann. var. %) 5.0 5.2 -8.0 21.0 10.6
Merchandise Imports (ann. var. %) 13.9 0.3 -15.6 41.1 27.3
Foreign Direct Investment (USD bn) 2.5 3.0 2.6 3.2 4.0
International Reserves (USD bn) 7.6 8.8 10.8 13.0 14.4
International Reserves (months of imports) 4.5 5.2 7.5 6.5 5.6
External Debt (USD bn) 31.9 35.1 40.6 43.9 48.2
External Debt (% of GDP) 37.2 39.5 51.4 46.4 42.3

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