Dominican Republic Economic Forecast

Domin. Rep. Economic Outlook

June 14, 2022

Momentum 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 Economic Growth

This year, the country is set to be one of the region’s top performers. The removal of all Covid-19 restrictions will boost domestic demand, while a buoyant tourism sector will also drive growth. That said, GDP growth should nevertheless moderate in 2022, largely due to a less favorable base effect, a normalization of economic activity and elevated commodity prices. FocusEconomics panelists see the economy growing 5.1% in 2022, which is unchanged from last month’s forecast, and expanding 4.6% in 2023.

Dominican Republic Economy Data

2015 2016 2017 2018 2019
Population (million)
GDP per capita (USD)7,1397,5207,8698,3328,574
GDP (USD bn)71.275.880.085.588.9
Economic Growth (GDP, annual variation in %)
Consumption (annual variation in %)
Investment (annual variation in %)18.912.3-0.313.38.1
Industrial Production (annual variation in %)8.5-  -  -  -  
Unemployment Rate-  -  -  -  -  
Fiscal Balance (% of GDP)-0.4-2.8-2.9-2.4-2.3
Public Debt (% of GDP)44.746.648.950.453.6
Money (annual variation in %)11.610.010.34.510.4
Inflation Rate (CPI, annual variation in %, eop)
Inflation Rate (CPI, annual variation in %)
Policy Interest Rate (%)5.005.505.255.504.50
Exchange Rate (vs USD)45.5346.3447.8050.2752.96
Exchange Rate (vs USD, aop)44.9845.9347.3149.6351.27
Current Account (% of GDP)-1.8-1.1-0.2-1.4-1.4
Current Account Balance (USD bn)-1.3-0.8-0.1-1.2-1.2
Trade Balance (USD billion)-7.5-7.6-7.6-9.3-9.1
Exports (USD billion)9.49.810.110.911.2
Imports (USD billion)16.917.417.720.220.3
Exports (annual variation in %)-
Imports (annual variation in %)-
International Reserves (USD)
External Debt (% of GDP)37.537.339.039.6-  

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Dominican Republic Facts

Value Change Date
Exchange Rate52.960.80 %Jan 01

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