Dominican Republic: GDP records largest expansion since Q4 2010
November 29, 2013
According to preliminary Central Bank estimates for the third quarter, GDP rose 5.5% over the same period last year. The rise represents a significant acceleration over the 2.8% year-on-year expansion recorded in the second quarter and marks the fastest growth rate since Q4 2010.
The improvement was largely the result of a pick-up in agriculture, which expanded 8.3% in the third quarter (Q2: +1.2% year-on-year). The industry sector rose a healthy 5.2% in the third quarter, exceeding the 2.6% increase tallied in the previous quarter. Finally, the services sector grew 3.8% over the same period last year (Q2: +2.2% yoy).
The Central Bank sees GDP expanding 3.0% in 2013 and the government's 2014 budget projects that the economy will grow 4.5% next year. FocusEconomics Consensus Forecast participants are less optimistic than the Central Bank and see the economy growing 2.8% in 2013, which is unchanged from last month's forecast. For 2014, panelists expect economic growth to pick up to 3.5%, which is also unchanged over the previous month's estimate.