GDP in Dominican Republic
Dominican Republic - GDP (billions of U.S. Dollars)
Economy plunges in Q2 overall, although contraction eases in May and June
The economy contracted 16.8% in the second quarter according to monthly economic activity (IMAE) data as domestic lockdown measures and the border closure crushed activity (Q1: +0.2% year-on-year). While a breakdown by sector has yet to be made available, Q2’s reading was likely driven by steep falls in the hotels, bars and restaurants; construction; and mining sectors. More positively, economic activity started to recover in May and June, after reaching a low point in April, as containment measures were lifted.
Turning to the second half of the year, despite the reopening of international borders from 1 July, the rebound in the economy could stall after the government reimposed the state of emergency until 10 August due to surging new Covid-19 cases. Health concerns will also temper tourist arrivals.
Regarding the medium-term outlook, Carlos de Sousa, economist at Oxford Economics, comments: “We expect a sharp rebound in 2021, supported by expansionary fiscal and monetary policies, but the economy will remain below its pre-crisis trend as the tourism sector is unlikely to recover its 2019 level until 2023.”
The panel expects the economy to contract 4.2% in 2020, which is down 0.7 percentage points from last month’s estimate, and to expand 5.6% in 2021.
Dominican Republic - GDP (USD bn) Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| GDP (USD bn) | 71.2 | 75.8 | 80.0 | 85.5 | 88.9 |
Dominican Republic Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 52.96 | 0.80 % | Jan 01 |
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Economic News
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Dominican Republic: Economic activity growth speeds up in December
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.
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Dominican Republic: Inflation reverts downward trend in December and picks up slightly
January 15, 2023
Inflation edged up to 7.8% in December from November’s 7.6%.
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Dominican Republic: Economic activity growth drops to over one-year low in November
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.
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Dominican Republic: Central Bank stays put once again in December
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%.
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Dominican Republic: Inflation falls to lowest level since February 2021 in November
December 5, 2022
Inflation came in at 7.6% in November, down from October’s 8.2%.
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