Fiscal Balance in Dominican Republic
Dominican Republic - Fiscal BalanceThe 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 - Fiscal Balance Data
|Fiscal Balance (% of GDP)||-0.4||-2.8||-2.9||-2.4||-2.3|
5 years of economic forecasts for more than 30 economic indicators.
Dominican Republic Facts
|Exchange Rate||52.96||0.80 %||Jan 01|
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June 30, 2020
At its end-June meeting, the Central Bank (BCRD) left its monetary stance unchanged for the third straight meeting, after substantial easing in March to combat the Covid-19 fallout.
June 23, 2020
Consumer prices fell 0.11% over the prior month in May, coming after April’s 0.82% decrease.
June 15, 2020
The Dominican peso has fallen markedly against the USD in recent weeks, and on 12 June traded at 58.0 per USD, down 5.3% month-on-month and 8.7% year-to-date. The Covid-19 pandemic is the key factor behind the depreciation.
June 10, 2020
On 5 July the country will elect a new president and Parliament.
June 8, 2020
Economic activity was down 29.8% year-on-year in April (March: -9.4% year-on-year) due to Covid-19 containment measures, which included a curfew, border closures and the shutdown of non-essential businesses.