The Dominican Republic’s economy continued its robust expansion in July 2024, posting a 4.8% growth rate, according to preliminary data released by the Central Bank. This brings the average annual growth for the first seven months of the year to a solid 5.0%.
In a press release, the Central Bank expresses optimism about the country’s economic outlook, citing strong macroeconomic fundamentals, resilient productive sectors, and improved country risk indicators.
The country’s strong economic performance has positioned it as the fastest-growing economy in Latin America, outpacing its regional peers. This growth trajectory has been achieved amid a backdrop of price stability, thanks to prudent monetary and fiscal policies implemented by the government.
Despite global challenges such as elevated interest rates and geopolitical tensions, the Dominican economy has shown remarkable resilience. The United States, the country’s primary trading partner, has exhibited positive macroeconomic indicators, and expectations for a more accommodative global monetary policy remain favorable.
Key sectors driving the Dominican Republic’s economic growth include construction, manufacturing in free zones, and services, particularly tourism. The tourism sector has been particularly robust, with a record number of tourists arriving in the country during the first seven months of the year.
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Central Bank
29 August 2024