Dominican Republic: Pace of economic growth accelerated in Q2
October 3, 2016
According to detailed data from the Central Bank, the economy grew a robust 8.7% in the second quarter of the year, marking the best result since Q1 2010. Q2’s expansion represented an acceleration over the 6.1% growth in the previous quarter.
According to the Central Bank, Q2’s reading was the result of broad-based growth in all sectors of the economy. Growth in the agricultural sector jumped from the 3.2% increase recorded in Q1 to a 12.4% expansion in Q2, which represents a two-and-a-half-year high. Industry expanded 13.3% in Q2, a substantial improvement over the 7.4% growth logged in Q1 and marked the fastest growth rate since Q4 2014. Growth in the industrial sector came on the back of a stronger expansion in local manufacturing and a return to growth in the country’s special economic zones. Finally, growth in the services sector increased from 5.7% in Q1 to 6.5% in Q2.