Central Bank governor Hector Valdez Albizu reports that the Dominican economy has grown by 7% from January to September 2014, second only to Panama in Latin America. Valdez gave the keynote speech as part of the celebration of the 67th anniversary of the Central Bank yesterday, Thursday 23 October 2014. He said that sectors showing the highest growth were mining 24.1%, construction 10.7%, hotels, bars and restaurants 8.2%, health 8.2%, finance and insurance 7.8%, education 6.7%, manufacturing 5.7%, transport 5.6%, farming 5.4% and commerce 5%, as reported in Listin Diario.
Valdez said that the growth of the economy and increases of sales reported by businesses are similar. He said companies reported sales increases of 7.6% from January to August 2014 to the Tax Agency (DGII). The Central Bank governor said that the combination of sustained economic growth, increased job creation and low inflation have led to a reduction in poverty over the past two years. He said data shows that 534,139 people or 6% have come out of poverty during this period.
Meanwhile, an editorial column in today’s Hoy newspaper, Friday 24 October 2014, states that what is needed now is an improvement in the quality of government spending to ensure that the trickle-down effect of the economic bonanza is fairer. He called on the government to invest in vital services such as health and drinking water services, the creation of quality jobs, and for the purchasing power of wages to be increased.
http://www.listindiario.com/economia-and-negocios/2014/10/23/342621/BC-revela-pais-crecio-7-del-PIB