Current Account in Dominican Republic
Dominican Republic - Current AccountMomentum seemingly eased in Q1 2022, in part due to a tougher base effect. Economic activity moderated in annual terms in January–March amid a record-breaking wave of Covid-19 cases in January and associated restrictions. Moreover, a year-on-year fall in remittances and elevated inflation in Q1 should have dented private spending. However, late February’s scrapping of all pandemic-related restrictions for citizens should have cushioned household consumption’s fall. In addition, the tourism sector remained robust, with annual growth in visitor arrivals in Q1 picking up on an annual basis. Turning to Q2, domestic conditions remained muted: Economic activity grew at a 15-month low in April. Lastly, the IMF concluded its Article IV consultation in the country on 16 May. The Fund heralded the country’s resilience to external shocks thanks to sound fiscal policy.
Dominican Republic - Current Account Data
|Current Account (% of GDP)||-1.8||-1.1||-0.2||-1.4||-1.4|
5 years of economic forecasts for more than 30 economic indicators.
Dominican Republic Current Account Chart
Source: Dominican Republic Central Bank and FocusEconomics calculations
Dominican Republic Facts
|Exchange Rate||52.96||0.80 %||Jan 01|
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February 1, 2023
Economic activity expanded 3.3% in year-on-year terms in December, which was above November's 2.9% increase. Still, the trend pointed down, with the annual average growth of economic activity coming in at an over one-year low of 4.9%, down from November's 5.5% reading. Lastly, on a seasonally adjusted month-on-month basis, activity expanded 0.2% in December, markedly below the prior month’s 1.4% increase.
January 15, 2023
Inflation edged up to 7.8% in December from November’s 7.6%.
January 1, 2023
Economic activity rose 2.9% compared to the same month of the previous year in November, which was a deterioration from October’s 3.8% annual expansion.
December 29, 2022
At its last meeting of the year on 29 December, the Central Bank of the Dominican Republic (BCRD) opted to leave the policy rate unchanged at 8.50%.
December 5, 2022
Inflation came in at 7.6% in November, down from October’s 8.2%.