Dominican Republic: GDP slows in Q4 amid moderation in services
February 28, 2013
According to preliminary Central Bank estimates for the fourth quarter, GDP increased 3.9% over the same period the previous year, which was down from the 4.1% expansion recorded in the previous three-month period. In the full year 2012, the economy grew 3.9%. The result was broadly in line with Central Bank expectations of a 4.0% expansion and marked a moderation compared to the 4.5% increase recorded in the previous year.
At the sector level, the reading was largely the result of a moderation in the services sector, which expanded 3.0% in annual terms, down from the 3.9% rise recorded in the previous quarter. In contrast, agriculture improved from a 0.4% rise in Q3 to a 3.4% expansion, while industry rose 1.4% (Q3 2012: +1.0% year-on-year).
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 anticipate economic growth to pick up to 4.8%.
Author: Armando Ciccarelli, Head of Data Solutions