Deloitte economist Nassim Alemany told Diario Libre that in 2016 the Dominican Republic received US$5.2 billion in remittances through formal channels. This is around 7.3% of the Gross Domestic Product. Remittances are an important source of revenue for Dominican families and help fill in the void generated by increasing imports compared to exports in the country’s balance of payments. Alemany said that remittances represented 70% of the trade deficit in 2016.
Alemany explained that remittances primarily come from the United States where the largest Dominican community abroad lives. An estimated US$70 of every US$100 received in remittances comes from the United States.
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Diario Libre
18 July 2017
