University of Phoenix

The fastest growing school in the world. Highly career-focused education, designed to accelerate the careers of working professionals. Both campus-based and online. Wide range of degrees, programs, locations.

Dominican Republic Economy: from the All Country Info reference guide to country facts

Dominican Republic Economy

Dominican Republic Economy: A summary of information about Dominican Republic Economy, from government research data as well as independent research and other sources.

You are here:
All CountriesDominican Republic > Dominican Republic Economy

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 - including the intellectual property rights bill, social
security reform, and a new electricity law first submitted in 1993 -
the economy has grown vigorously under FERNANDEZ's administration.
Construction, tourism and telecommunications are leading the advance.
The government is working to increase electric generating capacity, a
key to continued economic growth; the state electricity company was
finally privatized following numerous delays. The continuation of this
vigorous growth in 2000 will depend on the policies adopted by the new
administration.
GDP
purchasing power parity - $43.7 billion (1999 est.)
GDP - real growth rate
8.3% (1999 est.)
GDP - per capita
purchasing power parity - $5,400 (1999 est.)
GDP - composition by sector
agriculture: 13.6%
industry: 30.8%
services: 55.6% (1998 est.)
Population below poverty line
25% (1999 est.)
Household income or consumption by percentage share
lowest 10%: 1.6%
highest 10%: 39.6% (1989)
Inflation rate (consumer prices)
5.1% (1999)
Labor force
2.3 million to 2.6 million
Labor force - by occupation
services and government 58.7%, industry
24.3%, agriculture 17% (1998 est.)
Unemployment rate
13.8% (1999 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
8.476 billion kWh (1998)
Electricity - production by source
fossil fuel: 72.04%
hydro: 27.62%
nuclear: 0%
other: 0.34% (1998)
Electricity - consumption
7.883 billion kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
sugarcane, coffee, cotton, cocoa, tobacco,
rice, beans, potatoes, corn, bananas; cattle, pigs, dairy products,
beef, eggs
Exports
$5.1 billion (f.o.b., 1999)
Exports - commodities
ferronickel, sugar, gold, silver, coffee,
cocoa, tobacco, meats
Exports - partners
US 61.6%, Belgium 11.1%, Asia 5.9%, Canada 2.9%
(1998 est.)
Imports
$8.2 billion (f.o.b., 1999)
Imports - commodities
foodstuffs, petroleum, cotton and fabrics,
chemicals and pharmaceuticals
Imports - partners
US 56%, Venezuela 23%, Mexico 9%, Japan 4% (1999
est.)
Debt - external
$3.7 billion (1999 est.)
Economic aid - recipient
$239.6 million (1995)
Currency
1 Dominican peso (RD$) = 100 centavos
Exchange rates
Dominican pesos (RD$) per US$1 - 16.161 (January
2000), 16.033 (1999), 15.267 (1998), 14.265 (1997), 13.775 (1996),
13.597 (1995)
Fiscal year
calendar year
Locations:
Home
Afghanistan
Albania
Algeria
American Samoa
Andorra
Angola
Anguilla
Antarctica
Antigua & Barbuda
Arctic Ocean
Argentina
Armenia
Aruba
Ashmore & Cartier Islands
Atlantic Ocean
Australia
Austria
Azerbaijan
Bahrain
Baker Island
Bangladesh
Barbados
Bassas Da India
Belarus
Belgium
Belize
Benin
Bermuda
Bhutan
Bolivia
Bosnia & Herzegovina
Botswana
Bouvet Island
Brazil
British Indian Ocean Territory
British Virgin Islands
Brunei
Bulgaria
Burkina Faso
Burma
Burundi
Cambodia
Cameroon
Canada
Cape Verde
Cayman Islands
Central African Republic
Chad
Chile
China
Christmas Island
Clipperton Island
Colombia
Comoros
Cook Islands
Coral Sea Islands
Costa Rica
Croatia
Cuba
Cyprus
Czech Republic
Denmark
Djibouti
Dominica
Dominican Republic
Ecuador
Egypt
El Salvador
Equatorial Guinea
Eritrea
Estonia
Ethiopia
Europa Island
Faroe Islands
Fiji
Finland
France
French Guiana
French Polynesia
Gabon
Gaza Strip
Georgia
Germany
Ghana
Gibraltar
Glorioso Islands
Greece
Greenland
Grenada
Guadeloupe
Guam
Guatemala
Guernsey
Guinea
Guyana
Haiti
Honduras
Hong Kong
Howland Island
Hungary
Iceland
India
Indian Ocean
Indonesia
Iran
Iraq
Ireland
Israel
Italy
Jamaica
Jan Mayen
Japan
Jarvis Island
Jersey
Johnston Atoll
Jordan
Juan De Nova Island
Kazakhstan
Kenya
Kingman Reef
Kiribati
Korea
Kuwait
Kyrgyzstan
Laos
Latvia
Lebanon
Lesotho
Liberia
Libya
Liechtenstein
Lithuania
Luxembourg
Macau
Madagascar
Malawi
Malaysia
Maldives
Mali
Malta
Marshall Islands
Martinique
Mauritania
Mauritius
Mayotte
Mexico
Midway Islands
Moldova
Monaco
Mongolia
Montserrat
Morocco
Mozambique
Namibia
Nauru
Navassa Island
Netherlands
Netherlands Antilles
New Caledonia
New Zealand
Nicaragua
Niger
Nigeria
Niue
Norfolk Island
Northern Mariana Islands
Norway
Oman
Pacific Ocean
Pakistan
Palau
Palmyra Atoll
Panama
Papua New Guinea
Paracel Islands
Paraguay
Peru
Philippines
Pitcairn Islands
Poland
Portugal
Puerto Rico
Qatar
Reunion
Romania
Rwanda
Saint Helena
Saint Kitts & Nevis
Saint Lucia
Saint Pierre & Miquelon
Saint Vincent & The Grenadines
San Marino
Sao Tome & Principe
Saudi Arabia
Senegal
Serbia & Montenegro
Seychelles
Sierra Leone
Singapore
Slovakia
Solomon Islands
Somalia
South Africa
Southern Ocean
Spain
Spratly Islands
Sri Lanka
Sudan
Suriname
Svalbard
Swaziland
Sweden
Switzerland
Syria
Taiwan
Tajikistan
Tanzania
Thailand
Togo
Tokelau
Tonga
Trinidad & Tobago
Tromelin Island
Tunisia
Turkey
Turkmenistan
Turks & Caicos Islands
Tuvalu
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States
Uruguay
Uzbekistan
Vanuatu
Venezuela
Vietnam
Virgin Islands
Wake Island
Wallis & Futuna
West Bank
Western Sahara
World
Yemen
Zambia
Zimbabwe