External Sector

Remittances

The Dominican Republic is one of the countries in Latin America with the largest amount of remittances being sent to its people by the large number of Dominican workers living abroad.

In 2008, family remittances reached $3.110 billion dollars which grew 2.1% from 2007 when the amount was $3.045 billion dollars. In June 2009, remittances had already amounted to $1.46 billion dollars.

Out of a population of around 8 million, it is estimated that one million people live abroad. In spite of the pessimistic prognosis predicting a significant drop in activity for 2008, remittances as well as the free trade zones and tourism showed positive economic growth in terms of generating income, although less than their normal  averages.

The number one source of remittances is the United States followed by Europe, Canada and other Latin countries.  The remittances are earned and sent by members of the Dominican population who have emigrated to these countries and regions in search of jobs and wages that allows them to sustain their families back home.

Between 1998 and 2005 there was a sustained increase in the amount of remittances being sent back to the DR. In 1998 the amount grew to $1.326 billion dollars and in 2005 climbed to $2.411 billion, representing an approximate increase of 80%. 

Related Links:

• Banco Central de la República Dominicana (BCRD)
  
• Centro de Exportación e Inversión de la República Dominicana (CEI-RD)
  
• Secretaría de Estado de Relaciones Exteriores (SEREX)