Current Account in Dominican Republic

Dominican Republic Current Account | Economic News & Forecasts

Dominican Republic - Current Account

The Covid-19 pandemic is hitting the economy hard. Ongoing containment measures are dampening domestic activity, while the collapse in international travel and border closures are depressing tourism. In addition, lockdowns abroad—in particular the U.S.—are affecting exports and remittances: Remittances were down 22% year-on-year in March, with sharper falls likely in coming months due to surging U.S. unemployment. The deteriorations in the external and fiscal sectors led Fitch Ratings to downgrade its outlook on the Dominican Republic to negative on 8 May. However, more positive news has come in the form of international financial support: The IMF and World Bank have approved USD 650 million and USD 150 million in financial assistance, respectively. Moreover, the government recently announced a four-phase plan to reactivate the economy. The first phase, from 20 May, will allow companies to reopen with some restrictions.

Dominican Republic - Current Account Data

2015   2016   2017   2018   2019  
Current Account (% of GDP)-1.8  -1.1  -0.2  -1.4  -1.4  

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Dominican Republic Current Account Chart

Dominican Republic Current Account
Note: Current account balance as % of GDP.
Source: Dominican Republic Central Bank and FocusEconomics calculations

Dominican Republic Facts

Value Change Date
Exchange Rate52.960.80 %Jan 01

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