Dominican Republic GDP Q2 2016

Dominican Republic

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.

The government predicts that the economy will grow 5.0% in both 2016 and 2017. FocusEconomics Consensus Forecast participants see the economy growing 5.3% in 2016, which is unchanged from last month’s forecast. For 2017, panelists expect the economy to expand 4.4%.

Author: Massimo Bassetti, Economist

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Dominican Republic GDP Chart

Dominican Republic GDP Q2 2016

Note: Year-on-year changes of GDP in %.
Source: Dominican Republic Central Bank and FocusEconomics Consensus Forecast.

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