Dominican Economy Up 6%

In the first quarter of 2019, the Dominican Republic's GDP grew 5.7% over the same period in 2018, a rise that is partly explained by the behavior of construction and financial intermediation.

Wednesday, May 15, 2019

Authorities from the Central Bank of the Dominican Republic (BCRD) reported that the sectors with the greatest growth in the first three months were Construction (12.5%), Energy and Water (11.7%), Financial Intermediation (9.5%), Mining (6.3%), Transport and Storage (6.2%), Public Administration (5.7%), Hotels, Bars and Restaurants (5%), Other Service Activities (5.2%), among others.

The BCRD statement notes that "... In the first quarter of 2019, the current account of the Balance of Payments presented a US$241.7 million surplus, and foreign exchange income from exports of goods, tourism, remittances, foreign direct investment and other services totaled about US$7.8 billion, representing an additional US$600 million over 2018."

The document adds that "... foreign direct investment reached US$803.7 million in January-March 2019, an extraordinary increase of 28.2% compared to the first quarter of 2018, mainly focused on the communications, tourism and real estate sectors, reaffirming that we are an attractive destination and a leader in this area in Central America and the Caribbean in recent years."

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