Dominican Republic: Economic growth moderates in the second quarter
August 30, 2011
According to preliminary Central Bank estimates for the second quarter, GDP increased 3.7% over the same period last year. The reading came in below the 4.3% rise recorded in the first quarter, marking the weakest quarterly result since Q3 2009. However, the result was affected by a high comparison base, as the economy had expanded a strong 7.5% in the second quarter of 2010. At the sector level, the moderation was led by slower growth in services and industry. The services sector experienced the strongest moderation, expanding 1.3% year-on-year, down from the 2.5% rise recorded in the previous quarter. Industry moderated from a 7.2% expansion in the first quarter to a 3.8% increase in the second. Finally, agriculture soared 13.7% over the same period last year, marking a notable improvement compared to the 0.5% expansion observed in Q1. More complete data for economic growth in the second quarter will be published on 30 September. The Central Bank expects the economy to grow 5.5% in 2011.
Author: Armando Ciccarelli, Head of Data Solutions