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