Support our Sponsor

. . Flags of the World Maps of All Countries
; geographic.org; Home; Page; Country Index

Dominican Republic Economy

    Economy—overview: In December 1996, incoming President FERNANDEZ presented a bold reform package for this Caribbean economy—including the devaluation of the peso, income tax cuts, a 50% increase in sales taxes, reduced import tariffs, and increased gasoline prices—in an attempt to create a market-oriented economy that can compete internationally. Even though most reforms are stalled in the legislature, the economy grew vigorously in 1997-98, with tourism and telecommunications leading the advance. The government is working to increase electric generating capacity, a key to continued economic growth, but the privatization of the state electricity company has met numerous delays. In late September 1998, Hurricane Georges caused approximately $1.3 billion in damages, largely to agriculture and infrastructure.

    GDP: purchasing power parity—$39.8 billion (1998 est.)

    GDP—real growth rate: 7% (1998 est.)

    GDP—per capita: purchasing power parity—$5,000 (1998 est.)

    GDP—composition by sector:
    agriculture: 19%
    industry: 25%
    services: 56% (1996 est.)

    Population below poverty line: 20.6% (1992 est.)

    Household income or consumption by percentage share:
    lowest 10%: 1.6%
    highest 10%: 39.6% (1989)

    Inflation rate (consumer prices): 6% (1998 est.)

    Labor force: 2.3 million to 2.6 million

    Labor force—by occupation: agriculture 50%, services and government 32%, industry 18% (1991 est.)

    Unemployment rate: 16% (1997 est.)

    Budget:
    revenues: $2.3 billion
    expenditures: $2.9 billion, including capital expenditures of $867 million (1999 est.)

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

    Industrial production growth rate: 6.3% (1995 est.)

    Electricity—production: 6.7 billion kWh (1996)

    Electricity—production by source:
    fossil fuel: 70.15%
    hydro: 29.85%
    nuclear: 0%
    other: 0% (1996)

    Electricity—consumption: 6.7 billion kWh (1996)

    Electricity—exports: 0 kWh (1996)

    Electricity—imports: 0 kWh (1996)

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

    Exports: $997 million (1997 est.)

    Exports—commodities: ferronickel, sugar, gold, coffee, cocoa

    Exports—partners: US 45%, EU 19.9%, Canada 3.6%, South Korea 3.3% (1996)

    Imports: $3.6 billion (1998)

    Imports—commodities: foodstuffs, petroleum, cotton and fabrics, chemicals and pharmaceuticals

    Imports—partners: US 44%, EU 16%, Venezuela 11%, Netherlands Antilles, Mexico, Japan (1995)

    Debt—external: $3.6 billion (1997)

    Economic aid—recipient: $239.6 million (1995)

    Currency: 1 Dominican peso (RD$) = 100 centavos

    Exchange rates: Dominican pesos (RD$) per US$1—15.949 (January 1999), 15.267 (1998), 14.265 (1997), 13.775 (1996), 13.597 (1995), 13.160 (1994)

    Fiscal year: calendar year

Support Our Sponsor

Support Our Sponsor

Please put this page in your BOOKMARKS - - - - -



Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)