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.
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.
