The Central Bank published insights into the performance of the Dominican Republic in 2023. In its 28 January 2024 update, the Central Bank highlights that the Dominican economy grew 2.4%, compared to 2.2%, the average growth in Latin America.
The forecast is for much better numbers in 2024. The monthly indicator of economic activity (IMAE) registered an interannual expansion of 4.7% in December 2023, this being the highest monthly rate in 2023.
The Central Bank reports that inflation for January-December 2023 was the lowest annual rate in the last five years, standing at 3.57%, continuing downward to settle below the target range of 4.0%±1.0% established in the monetary program.
The good news is that foreign currency earnings from tourism were US$9.83 billion, for an interannual growth of 16.9% compared to 2022. Likewise, during 2023, US$10.16 billion in remittances were received, a growth of 3.1% compared to the same period of the previous year. Foreign Direct Investment (FDI) amounted to US$4.38 billion in 2023, a year-on-year increase of around 9.2%.
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Central Bank
30 January 2024