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In a press conference called on Thursday, 26 January 2017, Central Bank Governor Hector Valdez Albizu announced that the preliminary data indicates the Dominican economy grew 6.6% in 2016. This would be the third time the Dominican Republic reports the largest GDP growth in the Latin American region.<\/p>\n
The annual rate of inflation in the Dominican Republic came in at 1.70%, which, according to the Central Bank, is the second lowest rate ever recorded in the country in the past 33 years. Valdez also said that the current account deficit closed at -1.5% of GDP, the lowest in this decade.<\/p>\n
Other good economic news is that the country\u2019s gross international reserves are at a historic level of US$6,047.4 million, while net international reserves are at US$6,046.7 million, equal to 3.9 months of imports.<\/p>\n
The Central Bank also reported that US$24.3 billion in foreign exchange entered the country in 2016. Tourism receipts reached US$6,721.5 million.<\/p>\n
The official open unemployment rate is recorded as 7.1%, with almost 150,000 jobs created in 2016.<\/p>\n
The Central Bank also reports that 1,072,400 Dominicans moved out of poverty, and 480,692 Dominicans from extreme poverty in the past year.<\/p>\n
Central Bank statistics for the year show that the most dynamic sectors of the economy were: Mining (up 26.5%), Financial Intermediation (11%), Farming (9.6%), Construction (8.8%), Other Services (6.8%), Hotels, Bars and Restaurants (6.4%), Commerce (5.9%), Transport and Warehousing (5.3%), Education (5.2%) and Local Manufacturing (4.8%).<\/p>\n
Data shows that remittances at US$5.3 billion for the first time surpassed the five billion mark, for a 6.1% annual growth.<\/p>\n
Total exports were up 3.5%, including 8.6% growth in non-free zone exports. Imports were up 3.1%, given the reduction of US$216.7 million due to the decline in fuel import prices.<\/p>\n
Direct foreign investment was US$2,593.4 million, for an inter-annual increase of 16.7%.<\/p>\n
The Central Bank governor highlighted the exchange stability in 2017. He said the peso depreciated 2.5%, ending with a relation as of 30 December 2016 of RD$46.71 to the US$1.00. This was below the forecasted for the 2016 National Budget.<\/p>\n
Valdez praised the financial system, saying total assets increased 12% with a bank payment delinquency of only 1.6%.<\/p>\n
Read more in Spanish: 27 January 2017<\/p>\n","protected":false},"excerpt":{"rendered":" In a press conference called on Thursday, 26 January 2017, Central Bank Governor Hector Valdez Albizu announced that the preliminary data indicates the Dominican economy grew 6.6% in 2016. This would be the third time the Dominican Republic reports the largest GDP growth in the Latin American region. The annual rate of inflation in the … <\/p>\n
\nBanco Central<\/a>
\nBanco Central<\/a><\/p>\n