The economy of the dominican republic is the eighth largest in latin america, and is the. The dr remains the most rapid economy in the region in 2014 and 2015, with a real gdp growth at 7 percent. Dominican republic gdp gross domestic product 2018. Current gdp estimated data for 2020 and national debt. This page links all who information to its response on the public health emergency of international concern. The dominican republics economic freedom score is 60. Hci and gdp per capita ppp log scale, horizontal axis productivity relative to benchmark of complete education and full health. Merchandise trade summary statistics data for dominican republic dom including exports and imports, applied tariffs, top export and import by partner countries and top exportedimported product groups, along with development indicators from wdi such as gdp, gni per capita, trade balance and trade as percentage of gdp for year 2016. The country is the site of the single largest gold mine in latin america, the pueblo viejo mine. The central americadominican republic free trade agreement came into force in march 2007, boosting investment and manufacturing exports.
For the last 20 years, the dominican republic has been one of the fastest growing economies in latin america. The economy bounced back in q3 from a sharp slowdown in the second quarter, according to central bank data q3. Looking forward, we estimate gdp annual growth rate in dominican republic to stand at 1. These figures have been taken from the international monetary funds world economic outlook weo database, october 2019 edition. The gross domestic product gdp is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time. Ranking of the country dominican republic at the global level is from the highest to the lowest data. The statistic shows gross domestic product gdp in dominican republic from 1984 to 2018, with projections up until 2021. Dominican republic contribution of travel and tourism to gdp.
As the graph below shows, over the past 58 years this indicator reached a maximum value of 398,586. Dominican republic global economic prospects examines trends for the world economy and how they affect developing countries. Growth is the fastest in the region and the imf praised the countrys economic and financial progress following its most recent article iv visit in december 2015. Percentile ranks are calculated using the latest available data for all countries within the last 5 years. Dominican republic gross domestic product gdp 19842021. Dominican republic economic indicators moodys analytics. Dominican republic expenditure on education % of gdp 2016. This is an alphabetical list of countries by past and future gross domestic product per capita, based on the purchasing power parity ppp methodology, not on official exchange rates. In the first quarter of this year, the dominican economy grew 5. This entry gives the gross domestic product gdp or value of all final goods and services produced within a nation in a given year.
The dominican republics economy rebounded from the global recession in 201016, and the fiscal situation is improving. Dominican republic gdp annual growth rate 19922019 data. Dominican republic gdp 19602019 data 20202022 forecast. The dominican republics economic growth has been one of the strongest in the lac region over the past 25 years.
Its area equals that of vermont and new hampshire combined. The gross domestic product gdp measures of national income and output for a given countrys economy. The economy of the dominican republic is the eighth largest in latin america, and is the largest in the caribbean and central america region. The dominican republic is an upper middleincome developing country primarily dependent on mining, agriculture, trade, and services. Gdp at purchasers prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of. The dominican republic was for most of its history primarily an exporter of sugar, coffee, and tobacco, but over the last three decades the economy has become more diversified as the service sector has overtaken agriculture as the economys largest employer, due to growth in construction, tourism, and free trade zones. Central america dominican republic the world factbook. Economic and political instability during the transition period and subsequent u. High unemployment and underemployment remains an important longterm challenge.
Dollars, annual, not seasonally adjusted 1951 to 2017 20190611 cash surplusdeficit % of gdp for the dominican republic. Dominican republic extractive industries transparency. Duarte peak, at 10,417 ft 3,175 m, is the highest point in the west indies. Live estimate for national public debt today and since the beginning of the year. The dominican republic continues to be one of the best performing countries in latin america in economic terms, with an average gdp growth of around 7% in the period of 20142016. Though dominican republic contribution of travel and tourism to gdp % of gdp fluctuated substantially in recent years, it tended to decrease through 1999 2018 period ending at 17. As of june 30, 2018, according to the wto, the dominican republic had 89 nontariff measures in force.
The human capital index hci database provides data at the country level for each of the components of the human capital index as well as for the overall index, disaggregated by gender. In the first quarter of 2017, the economy expanded by 5. The purpose of this graph is to take a snapshot of a countrys economy in comparison to other economies. Institutions and perceptions about public services dominican republic lac oecd 2007 2016 2007 2016 2007 2016 total tax revenue as a share of gdp % 12 15. President danilo medina of the longruling dominican liberation party pld won a second fouryear term in 2016, and the pld is likely to be wellpositioned to.
This rate is 23 tenths of one percent higher than the figure of 4. Economic survey of latin america and the caribbean. Dominican republic gdp growth rate table by year, historic, and current data. Economy gains steam before covid19 arrives april 27, 2020 economic activity grew 5. In 2014, the dominican republics economy grew at the fastest rate in latin america, driven by a continuing expansion of mining activity and strong growth in. Share of economic sectors in the gdp in dominican republic 2018. Real gdp at constant national prices for dominican republic millions of 2011 u. Following economic turmoil in the late 1980s and 1990, during which the gross domestic product gdp fell by up to 5% and consumer price inflation reached an unprecedented 100%, the dominican republic entered a period of growth and declining inflation until 2002, after which the economy entered a recession. Gdp per capita current lcu the value for gdp per capita current lcu in dominican republic was 398,586. The growth of the dominican republics economy rebounded in 2010 from the global recession. The economy in the dominican republic international living. The dominican republic dr has enjoyed strong economic growth in recent years, averaging 5. Browse additional economic indicators and data sets, selected by global finance editors, to learn more about the. Over the last two decades, the dominican republic have been standing out as one of the fastest economies in the americas.
The combined value of exports and imports is equal to 52. World economics makes available of worlds most comprehensive gdp database covering over countries with historical gdp ppp data from 18702018, building on the lifetimes work of angus maddison. Dominican republic gdp growth rate chart, historic, and current data. Migration from the dominican republic to the united states largely began after rebel forces killed dominican dictator rafael trujillo in 1961. These are the poorest places in the dominican republic. Zika and complications this page links all who information to its response on the public health emergency of international concern. In 2018, contribution of travel and tourism to gdp % of gdp for dominican republic was 17. Remittances from the us amount to about 7% of gdp, equivalent to about a third of exports and twothirds of tourism receipts. In 2018, dominican republics gross domestic product amounted to around 186. Dominican republic economy gdp, inflation, cpi and interest. Dominican republic economy 2020, cia world factbook.
A tax reform package passed in november 2012, a reduction in government spending, and lower energy costs helped to narrow the central government budget deficit from 6. Following economic turmoil in the late 1980s and 1990, during which the gross domestic product gdp fell by up to 5% and consumer price inflation reached an unprecedented 100%, the dominican republic entered a period of growth and declining inflation until 2002, after which the economy entered a. Health expenditure as share of gdp in the dominican republic. Politics are currently dominated by the may presidential election. Inflation dips in february but stays within the target range. This contrasted sharply with that of the average 1. Dominican republic gdp growth rate 19612020 macrotrends.
Gdp growth annual % dominican republic from the world bank. The central america dominican republic free trade agreement came into force in march 2007, boosting investment and manufacturing exports. Country report 2017 includes the dominican republic real gross domestic product growth rate, with latest forecasts and historical data, gdp per capita, and gdp composition by sector. Dominican republic gdp the economy rediscovers a spring in its step in q3.
Access the latest politics analysis and economic growth summary through 2011 for dominican republic from the economist intelligence unit. The dominican republic was explored by columbus on. The dominican republic in the west indies occupies the eastern twothirds of the island of hispaniola, which it shares with haiti. The report includes countryspecific threeyear forecasts for major macroeconomic indicators, including commodity and financial markets. Central bank slashes rates at emergency meeting in march and announces liquidity. This page provides dominican republic gdp actual values, historical data, forecast, chart, statistics, economic calendar and news. Apr 29, 2020 the statistic shows gross domestic product gdp in dominican republic from 1984 to 2018, with projections up until 2021. In the longterm, the dominican republic gdp annual growth rate is projected to trend around 2. Merchandise trade statistics for dominican republic dom including exports and imports, applied tariffs, top exporting and importing countries, effectively applied and mfn tariff along with most exported and imported product groups, along with development indicators such as gdp, gni per capita, trade balance and trade as percentage of gdp for most recent year. The dominican republic gdp forecast 2017, economic data. That the dominican republic can combine economic and political stability is an important part of the countrys appeal to international companies and investors. Dominican republic economy gdp, inflation, cpi and. Dollars, annual, not seasonally adjusted 1951 to 2017 20190611 cash surplusdeficit % of. Dominican republic economy, politics and gdp growth summary.
Despite its strong growth and macroeconomic stability, the country has not witnessed significant welfare improvements, until very recently. Jan 14, 2020 in 2017, spending on health represented nearly 6. Gross domestic product gdp denotes the aggregate value of all services. World bank national accounts data, and oecd national accounts data files. Gross domestic product of dominican republic grew 7% in 2018 compared to last year.
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