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