Economy

Economy – overview: The Dominican Republic has enjoyed strong GDP growth since 2005, with double digit growth in 2006. In 2007, exports were bolstered by the nearly 50% increase in nickel prices; however, prices are expected to fall in 2008, contributing to a slowdown in GDP growth for the year. 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.
  • GDP (purchasing power parity): $85.4 billion (2007 est.)

  • GDP (official exchange rate): $35.49 billion (2007 est.)

  • GDP – real growth rate: 7.2% (2007 est.)

  • GDP – per capita (PPP): $9,200 (2007 est.)

  • GDP – composition by sector: agriculture: 11.5%
    industry: 28.3%
    services: 60.2% (2007 est.)

  • Labor force: 3.986 million (2007 est.)
    by occupation: agriculture: 17%
    industry: 24.3%
    services: 58.7% (1998 est.)

  • Household income or consumption by percentage share: lowest 10%: 1.4%
    highest 10%: 41.1% (2004)

  • Distribution of family income – Gini index: 51.6 (2004)

  • Inflation rate (consumer prices): 5.8% (2007 est.)

  • Investment (gross fixed): 17.2% of GDP (2007 est.)

  • Budget: revenues: $7.014 billion
    expenditures: $6.985 billion (2007 est.)

  • Agriculture – products: sugarcane, coffee, cotton, cocoa, tobacco, rice, beans, potatoes, corn, bananas; cattle, pigs, dairy products, beef, eggs

  • Industries: tourism, sugar processing, ferronickel and gold mining, textiles, cement, tobacco

  • Industrial production growth rate: 5.5% (2007 est.)

  • Electricity – production: 12.22 billion kWh (2005)

  • Electricity – production by source: fossil fuel: 92%
    hydro: 7.6%
    nuclear: 0%
    other: 0.4% (2001)

  • Electricity – consumption: 8.791 billion kWh (2005)

  • Electricity – exports: 0 kWh (2005)

  • Electricity – imports: 0 kWh (2005)

  • Oil – production: 12 bbl/day (2004)

  • Oil – consumption: 116,000 bbl/day (2005 est.)

  • Oil – exports: 0 bbl/day (2004)

  • Oil – imports: 116,700 bbl/day (2004)

  • Oil – proved reserves: 0 bbl (1 January 2006 est.)

  • Natural gas – production: 0 cu m (2005 est.)

  • Natural gas – consumption: 239.8 million cu m (2005 est.)

  • Natural gas – exports: 0 cu m (2005 est.)

  • Natural gas – imports: 239.8 million cu m (2005)

  • Natural gas – proved reserves: 0 cu m (1 January 2006 est.)

  • Current account balance: -$1.993 billion (2007 est.)

  • Exports: $6.881 billion f.o.b. (2007 est.)

  • Exports – commodities: ferronickel, sugar, gold, silver, coffee, cocoa, tobacco, meats, consumer goods

  • Exports – partners: US 72.7%, UK 3.2%, Belgium 2.4% (2006)

  • Imports: $12.89 billion f.o.b. (2007 est.)

  • Imports – commodities: foodstuffs, petroleum, cotton and fabrics, chemicals and pharmaceuticals

  • Imports – partners: US 46.9%, Venezuela 8.4%, Colombia 6.3%, Mexico 5.7% (2006)

  • Economic aid – recipient: $76.99 million (2005)

  • Reserves of foreign exchange and gold: $2.525 billion (31 December 2007 est.)

  • Debt – external: $8.842 billion (31 December 2007 est.)

  • Stock of direct foreign investment – at home: $10.67 billion (2006 est.)

  • Stock of direct foreign investment – abroad: $59 million (2006 est.)