The Dominican economy experienced 2.9% growth in the third quarter of the year and the Central Bank forecasts are still within sight. By the end of 2013 the GDP will grow by 3% or thereabouts. Speaking at the Central Bank’s 66th anniversary celebration, governor Hector Valdez Albizu stated that the pick up in activity was fueled by agriculture (8.3%), construction (8.6%) and other sectors such as hotels, bars and restaurants, as well as financial services and insurance.
During his keynote speech to a large audience of Central Bank employees, Valdez Albizu also stressed that credit to the private sector has increased by approximately RD$43.5 billion so far this year.
He said that this sum is equivalent to more than 22 times the variation experienced during the same period last year. He said that in the year from September 2012-September 2013, a growth of more than 15% was seen, and an increase of RD$61.5 billion, nearly five times greater than the previous year’s total placement.
Referring to the exchange rate and the volatility in August and September, the governor said that the exchange rate is showing signs of relative stability and that on average the dollar is quoted at RD$42.50, which he said was evidence that it will end the year with perhaps a 5% variation, which is within the forecasts.
http://www.bancentral.gov.do/notas_del_bc.asp?a=bc2013-10-23