Dominican Republic - Economy
How is the economy of Dominican Republic? Based on the information we have, Dominican Republic has a surging middle-income tourism, construction, mining, and telecommunications OECS economy; major foreign US direct investment and free-trade zones; developing local financial markets; improving debt management; declining poverty. Key agricultural products in this country include: sugarcane, bananas, papayas, plantains, rice, milk, avocados, watermelons, vegetables, pineapples (2022).
More about the economy of Dominican Republic
| Labor force | 5.175 million (2022 est.) |
|---|---|
| Industrial production growth rate | 1.43% (2022 est.) |
| Industries | tourism, sugar processing, gold mining, textiles, cement, tobacco, electrical components, medical devices |
| Population below poverty line | 23.9% (2021 est.) |
| Taxes and other revenues | 14.38% (of GDP) (2021 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Dominican pesos (DOP) per US dollar - |
| Exchange rates 2022 | 55.141 (2022 est.) |
| Exchange rates 2021 | 57.221 (2021 est.) |
| Exchange rates 2020 | 56.525 (2020 est.) |
| Exchange rates 2019 | 51.295 (2019 est.) |
| Exchange rates 2018 | 49.51 (2018 est.) |
| Debt - external | |
| Debt - external 2019 | $23.094 billion (2019 est.) |
| Debt - external 2018 | $21.198 billion (2018 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2022 | $14.523 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $13.125 billion (2021 est.) |
| Reserves of foreign exchange and gold 2020 | $10.845 billion (2020 est.) |
| Current account balance | |
| Current account balance 2022 | -$6.327 billion (2022 est.) |
| Current account balance 2021 | -$2.685 billion (2021 est.) |
| Current account balance 2020 | -$1.337 billion (2020 est.) |
| Public debt | |
| Public debt 2017 | 37.2% of GDP (2017 est.) |
| Public debt 2016 | 34.6% of GDP (2016 est.) |
| Budget | |
| Revenues | $12.804 billion (2019 est.) |
| Expenditures | $14.511 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | -3% (of GDP) (2017 est.) |
| Remittances | |
| Remittances 2022 | 9.05% of GDP (2022 est.) |
| Remittances 2021 | 11.4% of GDP (2021 est.) |
| Remittances 2020 | 10.57% of GDP (2020 est.) |
| Household income | |
| Lowest 10% | 2.6% |
| Highest 10% | 30.2% (2021 est.) |
| Average household expenditures | |
| On food | 26.8% of household expenditures (2021 est.) |
| On alcohol and tobacco | 3.8% of household expenditures (2021 est.) |
| Imports | |
| Imports 2022 | $36.36 billion (2022 est.) |
| Imports 2021 | $28.69 billion (2021 est.) |
| Imports 2020 | $20.302 billion (2020 est.) |
| Imports (partners) | US 44%, China 15%, Brazil 4%, Colombia 3%, Spain 3% (2022) |
| Comodities Imports force | refined petroleum, natural gas, cars, plastic products, crude petroleum (2022) |
| Exports | |
| Imports 2022 | $36.36 billion (2022 est.) |
| Imports 2021 | $28.69 billion (2021 est.) |
| Imports 2020 | $20.302 billion (2020 est.) |
| Exports (partners) | US 50%, Switzerland 8%, Haiti 7%, China 3%, India 3% (2022) |
| Comodities Exports force | medical instruments, gold, tobacco, power equipment, garments (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2022 | $217.143 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $207.082 billion (2021 est.) |
| Real GDP (purchasing power parity) 2020 | $184.447 billion (2020 est.) |
| GDP (official exchange rate) | $113.537 billion (2022 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2022 | $19,300 (2022 est.) |
| Real GDP per capita 2021 | $18,600 (2021 est.) |
| Real GDP per capita 2020 | $16,800 (2020 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 5.6% (2017 est.) |
| Industry | 33% (2017 est.) |
| Services | 61.4% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 69.3% (2017 est.) |
| Government consumption | 12.2% (2017 est.) |
| Investment in fixed capital | 21.9% (2017 est.) |
| Investment in inventories | -0.1% (2017 est.) |
| Exports of goods and services | 24.8% (2017 est.) |
| Imports of goods and services | -28.1% (2017 est.) |
| Unemployment rate | |
| Unemployment rate 2022 | 5.5% (2022 est.) |
| Unemployment rate 2021 | 7.7% (2021 est.) |
| Unemployment rate 2020 | 6.13% (2020 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 20.6% (2021 est.) |
| Male | 16.6% |
| Female | 27.9% |
All Important Facts about Dominican Republic
Want to know more about Dominican Republic? Check all different factbooks for Dominican Republic below.
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Dominican Republic Factbook
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The Economy of Dominican Republic
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Learn about the Government of Dominican Republic
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Communication in Dominican Republic
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Popular Universities in Dominican Republic
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Enerny in Dominican Republic
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Transport in Dominican Republic
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The Geography and society of Dominican Republic
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The Environment of Dominican Republic
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Military and security in Dominican Republic