Economy Of Dominican Republic
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Economy overview
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The Dominican Republic is a Caribbean representative democracy which enjoyed GDP growth of more than 7% in 1998-2000. Growth subsequently plummeted as part of the global economic slowdown. Although the country has long been viewed primarily as an exporter of sugar, coffee, and tobacco, in recent years the service sector has overtaken agriculture as the economy's largest employer, due to growth in tourism and free trade zones. The country suffers from marked income inequality; the poorest half of the population receives less than one-fifth of GNP, while the richest 10% enjoys nearly 40% of national income. Growth turned negative in 2003 with reduced tourism, a major bank fraud, and limited growth in the US economy, the source of 87% of export revenues. Resumption of a badly needed IMF loan was slowed due to government repurchase of electrical power plants.
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GDP
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purchasing power parity - $52.71 billion (2004 est.)
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GDP - real growth rate
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-0.7% (2004 est.)
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GDP - per capita
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purchasing power parity - $6,000 (2004 est.)
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GDP - composition by sector
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agriculture: 10.7%
industry: 31.5%
services: 57.8% (2003)
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Investment gross fixed
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19.9% of GDP (2004 est.)
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Population below poverty line
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25%
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Household income or consumption by percentage share
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lowest 10%: 2.1%
highest 10%: 37.9% (1998)
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Distribution of family income - Gini index
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47.4 (1998)
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Inflation rate consumer prices
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27.5% (2004 est.)
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Labor force
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2.3 million - 2.6 million (2000 est.)
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Labor force by occupation
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agriculture 17%, industry 24.3%, services and government 58.7% (1998 est.)
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Unemployment rate
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16.5% (2004 est.)
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Budget
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revenues: $2.601 billion
expenditures: $3.353 billion, including capital expenditures of $1.1 billion (2004 est.)
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Public debt
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59.4% of GDP (2004 est.)
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Agriculture products
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sugarcane, coffee, cotton, cocoa, tobacco, rice, beans, potatoes, corn, bananas; cattle, pigs, dairy products, beef, eggs
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Industries
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tourism, sugar processing, ferronickel and gold mining, textiles, cement, tobacco
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Industrial production growth rate
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2% (2001 est.)
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Electricity production
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9.186 billion kWh (2001)
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Electricity production by source
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fossil fuel: 92%
hydro: 7.6%
other: 0.4% (2001)
nuclear: 0%
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Electricity consumption
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8.543 billion kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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129,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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$867 million (2004 est.)
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Exports
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$5.524 billion f.o.b. (2004 est.)
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Exports commodities
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ferronickel, sugar, gold, silver, coffee, cocoa, tobacco, meats, consumer goods
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Exports partners
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US 83.8%, Canada 1.5%, Haiti 1.5% (2003)
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Imports
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$7.911 billion f.o.b. (2003 est.)
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Imports commodities
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foodstuffs, petroleum, cotton and fabrics, chemicals and pharmaceuticals
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Imports partners
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US 52.1%, Venezuela 11.9%, Mexico 4.7%, Colombia 4.2% (2003)
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Reserves of foreign exchange gold
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$261 million (2004 est.)
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Debt external
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$6.567 billion (2004 est.)
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Economic aid recipient
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$239.6 million (1995)
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Currency
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Dominican peso (DOP)
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Currency code
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DOP
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Exchange rates
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Dominican pesos per US dollar - 30.8307 (2003), 18.6098 (2002), 16.9516 (2001), 16.415 (2000), 16.0331 (1999)
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Fiscal year
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calendar year
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Applied Language Solutions offer English to Spanish Translation .
This information was reproduced in part from the CIA World Fact book.
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