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Dominican Economy

The Dominican Republic is a small and open economy with nearly 10 million inhabitants. During the last 20 years (1995-2015) the country has had a yearly average growth of gross domestic product (GDP) of 5.2%, far above the average in Latin America and the Caribbean during the same period (3.2%).

The economy of the Dominican Republic has changed throughout its history, from being an exporter of agricultural goods to exporting services. The growth of the country has been driven by sectors like tourism, telecommunications, duty-free zones, and remittances. In addition, in recent years it has evidenced an important role in other industries like construction, mining or financial intermediation, which are united in the country’s desire to openly integrate into globalization and broaden and diversity its exports.

Key elements for the transformation of the productive and commercial endeavors of the country, like innovation, technology and entrepreneurship, currently are taking place and generating significant changes in the Dominican economy.

Different international organizations, regional agencies and local entities have reported how the economy of the Dominican Republic reflects growth rates above its potential, positioning the country as a leader of economic performance in Latin America in recent years.

The best way to become informed of the evolution and status of the DR’s economy is to frequently review publications by the official entities dealing with economics. For example, the Central Bank of the Dominican Republic publishes the results of national consumption surveys, and surveys on income, spending, sector analysis, social indicators, economics and all of the national accounts. You can access these publications by visiting: http://www.bancentral.gov.do/publicaciones_economicas/consulta/ and the section on Reports of the Dominican Economy: http://www.bancentral.gov.do/publicaciones_economicas/consulta/1/0/Informe-de-la-Econom%C3%ADa-Dominicana.

To know the relevant information on inflation in the country (Consumer Price Index) visit: http://www.bancentral.gov.do/publicaciones_economicas/consulta/5/0/Indice-de-Precios-al-Consumidor-(Publicación-Anual); and to know relevant information on the job market in the Dominican Republic, visit: http://www.bancentral.gov.do/publicaciones_economicas/consulta/7/0/Mercado-de-Trabajo.

Related links

Local Authorities Office

President: https://presidencia.gob.do
Senate: http://www.senado.gob.do/senado/
Deputies: http://www.camaradediputados.gob.do
Central Bank of the Dominican Republic (BCRD): http://www.bancentral.gov.do
Ministry of Culture: http://cultura.gob.do
Ministry of Economy, Planning and Development: http://economia.gob.do/mepyd/
Ministry of Housing: http://www.hacienda.gov.do
Ministry of Industry and Commerce: http://www.mic.gob.do
Ministry of Agriculture: http://www.agricultura.gob.do
Ministry of Tourism: http://www.mitur.gob.do
Ministry of Foreign Affairs: http://www.mirex.gob.do
Ministry of Labor: http://www.ministeriodetrabajo.gob.do
General Directorate of Internal Taxation (DGII): http://www.dgii.gov.do/
General Directorate of Customs: http://www.aduanas.gob.do
General Budget Directorate (DIGEPRES): http://www.digepres.gob.do
General Directorate for Public Credit: http://www.creditopublico.gov.do
General Directorate for Purchases and Contracts: http://www.comprasdominicana.gov.do
General Directorate of Migration: https://www.migracion.gob.do
General Comptroller of the Republic: http://www.contraloria.gob.do/Sitecontraloria/
National Treasury of the Republic: http://www.tesoreria.gov.do
Accounting Chamber: https://www.camaradecuentas.gob.do
Juridical Consultancy of the Executive Branch: http://www.consultoria.gov.do
Bureau of Pensions: http://www.sipen.gov.do
Bureau of Finance: http://www.siv.gov.do
Bureau of Banks: http://www.sib.gob.do
Bureau of Insurance: http://www.superseguros.gob.do
Association of Commercial Banks: http://www.aba.org.do
National Office of Statistics: http://www.one.gob.do
Center for Exportation and Investment: http://cei-rd.gob.do/es/inicio/
National Council for Competitiveness: http://www.cnc.gob.do
Dominican Sugar Institute: http://www.inazucar.gov.do
Stock Exchange of the Dominican Republic: http://bvrd.com.do
National Bank of Exports: http://www.bnv.com.do
Agricultural Bank: http://www.bagricola.gob.do

International entities with economic information about the Dominican Republic

International Monetary Fund (IMF): http://www.imf.org/external/spanish/index.htm
World Bank: http://www.bancomundial.org
Inter-American Development Bank (IDB): http://www.iadb.org/
Economic Commission for Latin America and the Caribbean (ECLAC): http://www.cepal.org/en United Nations: http://portal.onu.org.do
Central American Monetary Council: http://www.secmca.org
Feller Rate – Risk Rating: http://www.feller-rate.com.do
Fitch Ratings: http://fitchca.com/default.aspx
The Economist Intelligence Unit: https://country.eiu.com/dominican-republic
United Nations Development Program (UNDP): http://www.do.undp.org
Central American Integration System (SICA): http://www.sica.int/miembros/rd/datos.aspx?IdEnt=401
Inter-American Institute of Agricultural Cooperation – IICA Link: http://www.iica.int/es/countries/república-dominicana

Information about the impact of the IICA in the country

Latin America Development Bank (CAF): https://www.caf.com/es/paises/republica-dominicana/nuestra-accion/#
Information System for the Millennium Development Goals (ODM): http://odm.gob.do
Latin American Department for Social Sciences – Dominican Republic Program (FLACSO – RD): http://www.flacso.org.do
Food and Agriculture Organization of the United Nations (FAO): http://www.fao.org/countryprofiles/index/en/?iso3=dom
World Labor Organization (OIT): http://www.ilo.org/sanjose/lang–es/index.htm
Central Intelligence Agency (CIA): https://www.cia.gov/library/publications/the-world-factbook/geos/dr.html
Organization of American States (OAS): http://www.oas.org/es/acerca/offices_detail.asp?sCode=dre
Organization of Ibero-American States (OEI): https://oeidominicana.org.do
World Trade Organization (WTO): https://www.wto.org/English/thewto_e/countries_e/dominican_republic_e.htm

Dominican Economic Newspapers

Listín Diario – Economy and Business Section: http://www.listindiario.com/economia
Diario Libre – Economy Section: http://www.diariolibre.com/economia
El Caribe –Economy Section: http://www.elcaribe.com.do/panorama/dinero
Hoy – Economy Section: http://hoy.com.do/economia/
Digital newspaper Acento – Economy Section: http://acento.com.do/economia/
Digital newspaper 7 días.com.do –Economy Section: http://www.7dias.com.do/economia/
El Dinero: http://www.eldinero.com.do
El Día –Economy Section: http://eldia.com.do/economia-y-finanzas/
El Mercantil: http://www.elmercantil.com.do
El Nacional – Economy Section: http://elnacional.com.do/seccion/economia/
El Nuevo Día – Economy Section: http://www.elnuevodia.com/negocios/ec