Dominican Republic: GDP Up 5% in 2019

Construction and financial intermediation were the sectors contributing most to the growth of the Gross Domestic Product registered during 2019.

Wednesday, January 29, 2020

Construction, with its significant expansion of 10.5%, remained the activity with the greatest impact on economic growth in 2019, driven by the development of public and private investment projects corresponding to low and medium cost housing, by the execution of works in the tourism, commercial and energy sectors, as well as the construction and remodeling of infrastructure for land transport and access roads in rural areas, reported the Central Bank of the Dominican Republic (BCRD).

The BCRD report explains that "... The dynamism of construction is also reflected in the behavior of the sales volume of the main inputs such as metal structures (9.9%), cement (7.2%) and the rest of the materials (19.5%).

The 9.0% growth in the real added value of the financial intermediation activity was closely linked to the implementation of the monetary policy during 2019. These flexibility measures boosted private credit in national currency, which registered a year-on-year increase of RD$104,304.0 million, for a 12.0% growth, higher than the nominal GDP growth. This increase in credit was slightly more than three times the amount freed up by the legal reserve, given the multiplier effect of the financial system's own resources.

In terms of the credit portfolio to the private sector in both national and foreign currency, it closed 2019 with an 11.7% year-on-year increase, equivalent to an increase of RD$127,668.4 million, the largest annual expansion in the history of the Dominican economy for a calendar year. The increase in financing for household consumption (RD$40,720.9 million) and the greater channeling of loans to productive sectors such as construction and home purchases (RD$36,855.0 million), manufacturing industries (RD$11,326.7 million) and commerce (RD$3,160.0 million), among others, stand out.
"

See full report (in Spanish).

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Panama: GDP Up 3% in First Quarter 2019

June 2019

During the first quarter of the year, constant GDP totaled $10.599 million, 3% more than reported in the same period of 2018.

Transport and communications, financial intermediation, electricity and water supply, construction and government services provided good performance during this period, according to the Comptroller General of the Republic.

Dominican Economy Up 6%

May 2019

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.

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.

Panama: GDP Up 4% in 2018

March 2019

During 2018, the constant Gross Domestic Product totaled $41,693 million, almost 4% more than what was reported in 2017, a rise that is partly explained by the behavior of the commercial sector.

During 2018, the behavior of economic activities related to the external sector highlighted the Panama Canal, the Colon Free Zone and financial intermediation, reported the Office of the General Comptroller of the Republic.

Costa Rica: GDP Up 3.2% in 2017

April 2018

The increase reported at the end of the fourth quarter of 2017 is mainly explained by higher spending on final household consumption and higher gross capital formation.

From a report by the Central Bank of Costa Rica:

In the fourth quarter of 2017, economic activity, measured by the trend of the real Gross Domestic Product (GDP), grew at an annualized rate of 3.2%, in response, mainly, to higher spending on final household consumption and in gross capital formation.  In the year-on-year comparison, production registered a growth of 3.1%.    

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