Dominican Republic: GDP rebounds in Q2
August 11, 2013
According to preliminary Central Bank estimates for the second quarter, GDP rose 2.8% over the same period last year. The rise marked an acceleration over the meagre 0.3% year-on-year expansion recorded in the first quarter, which had represented the slowest growth rate since Q3 2008.
The improvement was largely the result of a rebound in the industry sector, which swung from a 1.2% contraction in Q1 2013 to a 2.7% expansion in Q2. In addition, the services sector accelerated from a 1.2% rise in Q1 to a 2.2% increase in Q2. Meanwhile, agriculture expanded 1.2% in Q2, mirroring the result seen in the previous quarter.
The Bank sees GDP expanding 3.0% in 2013. FocusEconomics Consensus Forecast participants are more optimistic than the Central Bank and see the economy growing 3.9% in 2013, which is unchanged from last month's forecast. For 2014, panellists expect economic growth to pick up to 4.8%.
Author: Armando Ciccarelli, Head of Data Solutions