The Cibao Economy

NALs

Economist by Profession
Jan 20, 2003
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On Sept 22, 2023 Listín Diario publishes an article about one of the most prominent busnessman the Cibao region, Manuel Estrella, who is the founder and CEO of Acero Estrella (currently one of the leading engineering companies in the DR and the most international of Dominican firms from that sector building things throughout the Caribbean and Central America.)

The article is about a speech he gave during a breakfast meeting organized by American Chamber of Commerce in the DR (AmCamDR) celebrating its 100 years anniversary. He mentions that if the Cibao continues to maintain its current economic growth rate, in a decade the Cibao will be the major countributor of the country's economy. He cited that during the last 4 years the Cibao has grown in 7.2% vs the Ozama region (contains Santo Domingo) that during the same period grew 4.2%. It's possible that with similar growth, the Cibao's contribution to the nation's economy will be equal to the contribution of the Ozama region. By July 2022 the amount of loans given by the major banks amounted to 15.1% for the Cibao (11.5% for Santiago). By July 2023 it had risen to 23.5% for the Cibao (25.8% for Santiago). Regarding loans to the construction industry, by July 2023 the Cibao had grown by 51.1% (Santiago by 86.4%) vs the national credit growth average of 25.8%.

In 2022, the Cibao accounted for 33% of the national economy or a GDP of US$36 billion, which is greater than the entire economy of El Salvador (country in Central America.) The Cibao GDP per capita is just under US$10,500 which is greater than the GDP per capita of Colombia. The Cibao was also the destination of Foreign Direct Investments that amounted to US#$978 million which positions the region in the 16th position of Latin American and Caribbean countries, surpassing Ecuador's FDI. Also, around 40% of remittances sent to the DR go to the Cibao.

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NALs

Economist by Profession
Jan 20, 2003
13,867
3,380
113
The Central Bank of the Dominican Republic published three infographies of the Cibao regarding loans given to the region by the major banks in 2022.

The credit amounts forvthe Cibao has grown from RD$145.2 billion in 2019 to RD$192.1 billion in 2022.
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55.8% of the loans to the Cibao went to productive activities, 32.1% to consumption (credit cards, personal loans, loans to buy a vehicle/motorcycle, etc) and 12.1% to buy a home (mortgages, etc.)
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Santiago leads the Cibao with RD$92.2 billion followed by La Vega (RD$19.6 billion) and Duarte (provincial capital = San Francisco de Macorís; RD$17.6 billion.) The amount of loans given to the Cibso on an average of every 10,000 inhaitants Santiago continues to lead (871) followed by Duarte (856) and María Trinidad Sánchez (provincial capital = Nagua; 488.)
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* It should be noted that the Cibao provinces with the most expats probably are Puerto Plata and Samaná. Puerto Plata came in fourth place (RD$13.3 billion) and Samana in ninth place (RD$5.4 billion.) In per every 10,000 inhabitants Samaná came in fifth place (475) and Puerto Plata in eighth place (396.)
 

JD Jones

Moderator:North Coast,Santo Domingo,SW Coast,Covid
Jan 7, 2016
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The amount of growth in the Cibao is mind-boggling. When I worked in Santiago, once you left the Monument for Santo Domingo, there was virtually nothing other than little colmados and rum shacks here and there. Oh, and the Autopista Duarte was only two lanes.

A stop at Jacaranda was almost a necessity after dealing with trucks for hours.
 
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bachata

Aprendiz de todo profesional de nada
Aug 18, 2007
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The amount of growth in the Cibao is mind-boggling. When I worked in Santiago, once you left the Monument for Santo Domingo, there was virtually nothing other than little colmados and rum shacks here and there. Oh, and the Autopista Duarte was only two lanes.

A stop at Jacarundo was almost a necessity after dealing with trucks for hours.
Yes Jacaranda great place to rest and enjoy food and drink right in the middle of Santiago and SD

JJ