Dominican Republic: GDP records largest expansion since Q4 2010
January 16, 2014
According to preliminary estimates from the Central Bank, GDP rose 7.2% over the same period of the previous year in Q4. The increase represented a significant acceleration over the 5.5% expansion recorded in Q3 and marks the fastest growth rate since Q4 2010. In the full year 2013, GDP grew 4.1%, which was slightly above the 3.9% increase tallied in 2012. The improvement was largely the result of an acceleration in the industry sector, which expanded 11.7% in Q4 (Q3: +5.1% year-on-year). The services sector picked-up from a 3.8% increase in Q3 to a 4.8% expansion in Q4. Conversely, growth in agriculture slowed (Q3: +8.3% yoy; Q4: +7.8% yoy). The government's 2014 budget projects that the economy will grow between 4.5% and 5.0% this year. FocusEconomics Consensus Forecast participants are less optimistic than the Central Bank and see the economy growing 3.5% in 2014, which is unchanged from last month's forecast. For 2015, panelists expect economic growth to pick up to 3.7%.