According to the Economic Commission for Latin America (whose acronym is CEPAL in Spanish), the Dominican Republic had the second highest Gross Domestic Product in Latin America and the Caribbean. The D.R. grew 7.5% in 1997, only surpassed by an 8% growth the Argentinian economy. The organization attributed the growth to domestic investments and exports. Nevertheless, it indicates that exports did not compensate for the increase in imports. The trade deficit increased to US$995 million, up from US$594 million in 1996. CEPAL says inflation in 1997 was 9.9%, up from 4% in 1996.
