2004News

CB reveals economy down 0.4% in 2003

According to the Diario Libre, the goods and services placed on the international markets averted the economic decline of 1.3% predicted by the IMF. The GDP fell from RD$7.206 billion to just RD$7.125 billion last year, painting a rosier picture than was projected by the IMF. The numbers show that 2003 saw a deficit increase accompanied by less income in a situation of restricted demand and increased capitol spending. The hardest hit sectors represent 62% of domestic production industries. Agriculture suffered a 2.9% decline as the result of the increase in its principal inputs. Manufacturing fell 2.7% and construction, electricity and water suffered falls of 8.5%. On the other hand, hotel and restaurant business grew by 29.6%; communications by 15.2%; free zones by 3.4% and mining rose by 8.7%.