The fall of the peso, while disastrous for so many, makes the Dominican Republic
a very attractive proposition for tourists, and the sector is experiencing a
boom, with high hotel occupancy levels. The first ten months of the year saw a
record number of tourist arrivals numbering nearly 2,700,000 – the first
Caribbean tourist destination to attain this figure. This represents a 21.6%
increase on the figure for the equivalent period last year and additional income
of US$410 million. The total income for the tourist sector this year is
estimated at US$2.78 billion, according to Central Bank statistics. Three
million tourists will have visited the Dominican Republic by the end of 2003,
and the income generated will rise to well over US$3 billion, according to these
projections. The Dominican Republic’s main competitors in the region, Cuba and
Mexico’s Caribbean coast, have seen a lower growth in tourist traffic, 14% and
7% respectively. The average Dominican hotel’s occupancy rate for this year is
74%. These improvements can also be attributed to the economic upturn in the US,
which sent 25% more tourists this year, as well as the Dominican tourist
authorities’ promotional work abroad. The stronger euro currency is also a
factor in the 22% increase in tourism from Europe. This coming weekend, which is
a long weekend for Dominicans, all hotels in the main tourist areas are fully
booked.