El Siglo newspaper reports that the Dominican economy showed negative growth during the first trimester of the year, after more than five years of posting high growth rates. The economy declined 1%, according to Technical Secretary of the Presidency Rafael Calderon. Regardless, he said the forecast is for the DR to post a growth rate above the Latin American average. He said inflation has been kept below 3% while the slowdown in imports means for the first time in many years the country will show a surplus in its current account. Furthermore, he commented that the net international reserves have been increasing and are at US$440 million. He also said that tax collections were up in March, to RD$4,929 million. Sources at the Central Bank say this is an indication that the difficult adjustment period to the new economic measures has passed and there should be a recovery of the economy.
