The Dominican Republic’s economy continues to surge, with a projected growth rate that outpaces its Latin American counterparts. According to the Central Bank, the country’s economy expanded by an average of 5.1% in the first eleven months of 2024, compared to the same period in 2023.
Key drivers of this robust growth include the tourism, financial services, and manufacturing sectors. The tourism industry, in particular, has seen a significant uptick, driven by increased visitor arrivals. The financial sector has also expanded, supported by a rise in credit to the private sector.
The Central Bank also attributes the growth to the strong US economy and effective local government policies. The robust performance of the US economy has positively impacted the Dominican Republic through increased remittances, tourism, and foreign direct investment.
Breakdown of key sectors:
• Tourism: The number of tourists visiting the Dominican Republic has soared, with both air and cruise arrivals contributing to the sector’s growth.
• Financial Services: The expansion of credit to the private sector has fueled economic activity and supported business investment.
• Manufacturing: Both local manufacturing and free zone manufacturing have contributed to overall economic growth.
• Construction: The construction sector has shown steady growth, driven by increased demand for housing and infrastructure projects.
• Agriculture: The agriculture sector has benefited from government support programs, leading to increased production of key commodities.
Read more in Spanish:
Central Bank
2 January 2025