Dominican Republic: Economic growth picks up in third quarter
October 21, 2011
On 21 October, Central Bank Governor Hector Valdez Albizu announced preliminary growth estimates for the Dominican economy in the third quarter. According to the statement issued, GDP increased 4.2% over the January-September period compared to the same period last year. The reading implies 4.5% year-on-year growth in the third quarter, which would mark an improvement compared to the 3.6% growth recorded in the second quarter and, in fact, the strongest result since the last quarter of 2010. At the sector level, the improvement was led by strong results in the mining sector, which expanded a buoyant 73.9% in the January-September period over the same period last year, and manufacturing in free trade zones, which expanded 13.8%. Some key service sub-categories also recorded strong results, in particular education, financial services and healthcare, which all expanded 5.3%. According to the Central Bank Governor, the country will grow about 5.0% in 2011.
Author: Armando Ciccarelli, Head of Data Solutions