2006News

Changes over time in DR economy

The change in just how the Central Bank calculates the Dominican Republic’s GDP also reflects how the local economy is changing. The 1970 numbers show the Dominican Republic as shifting from 23.2% of the GDP stemming from agriculture to 12.6% in 1991 and then to just 7.1% in 2005.

At the same time, local manufacturing and industry increased from 43.5% in 1970 to 54.3% on 1991 but fell to just 31% on 2005.

The biggest change is observed in the service sector where significant changes were seen between 1991 and 2005. The service sector contributed 47.2% in 1991 and 60.4% in 2005.

In addition to the numbers, the Central Bank is also changing the way it looks at the different sectors, and, thus, it is including more activities in each sector. For example, in the manufacturing sector, the 1991 figures looked at just three different activities and 15 products. In the figures for 2005, the Central Bank looked at 12 activities and 118 different products.