GDP in Dominican Republic
Dominican Republic - GDP
The economy rediscovers a spring in its step in Q3
The economy bounced back in Q3 from a sharp slowdown in the second quarter, according to Central Bank data (Q3: +4.9% year-on-year; Q2: +3.7% yoy).
The Central Bank’s recent monetary easing—in the form of 100 basis points of rate cuts since June and a DOP 34 billion liquidity injection—was likely key to this improved performance. Private-sector credit growth has accelerated notably since the easing was implemented, averaging over 10% year-on-year in Q3. This, coupled with robust remittances growth, should have buttressed private consumption. Looking at individual economic sectors, over the first nine months of the year growth was driven chiefly by construction, services and agriculture, with manufacturing performing more sluggishly amid a less favorable external environment.
Looking ahead, monetary stimulus measures should continue to feed through to the economy in coming months, aiding consumption and investment. Turning to 2020, growth is likely to ebb in line with a slowing U.S. economy, although the Dominican Republic should continue to strongly outperform the regional average.
FocusEconomics Consensus Forecast participants see the economy expanding 5.1% in 2019 and 4.6% in 2020.
Dominican Republic - GDP Data
|Economic Growth (GDP, annual variation in %)||7.1||6.9||6.7||4.7||7.0|
5 years of economic forecasts for more than 30 economic indicators.
Dominican Republic GDP 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 10, 2020
Consumer prices rose 0.33% in January over the prior month, up from December’s 0.20% rise.
Dominican Republic: Central Bank leaves rates unchanged in January on encouraging growth and inflation metrics
January 31, 2020
At its January monetary policy meeting, the Central Bank (BCRD) left the policy rate unchanged at 4.50% for the fifth straight month, following 100 basis points of easing in June–August to boost economic activity.
January 28, 2020
The economy surged 5.8% in Q4 according to preliminary data, up from Q3’s 4.8% expansion and likely marking the strongest reading in Central America and the Caribbean.
January 9, 2020
Consumer prices rose 0.20% in December over the prior month, down from November’s 0.37% rise.
December 30, 2019
The economy expanded 5.5% in November according to Central bank data, up slightly from October’s 5.2% expansion, with the economy continuing to benefit from significant monetary stimulus earlier in 2019—which has fed through to faster credit growth. November’s expansion was driven by construction, financial services, and manufacturing in free trade zones, although weak tourist arrivals hurt the hotels, bars and restaurants sector, restraining the overall expansion somewhat. Turning to 2020, our panelists expect growth to ebb slightly on slower momentum in the U.S., the Dominican Republic’s key trading partner.