2003News

Retail sales down 25-35%

The economic section of the El Caribe newspaper provides some interesting reading today. According to the lead article, retail sales in Santo Domingo have fallen 25-35% in recent weeks, due to the government?s tightening of the economy. The 10% surcharge on imports, the high interest rates for credit and the general lack of liquidity in the streets are being blamed for the slowing sales, in addition to the higher prices in the stores. Steel re-bar for construction has gone from RD$240 a hundredweight to RD$500. Cement has gone from RD$65 a bag to RD$100. A 100-tin case of sardines has risen over 100%, going from RD$500 to RD$1,025.