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Dominican Republic
| Economy Overview |
| The Dominican Republic is a Caribbean representative democracy which enjoyed GDP growth of more than 7% in 1998-2000. Growth subsequently plummeted as part of the global economic slowdown. Although the country has long been viewed primarily as an exporter of sugar, coffee, and tobacco, in recent years the service sector has overtaken agriculture as the economy's largest employer, due to growth in tourism and free trade zones. The country suffers from marked income inequality; the poorest half of the population receives less than one-fifth of GNP, while the richest 10% enjoys nearly 40% of national income. Growth turned negative in 2003 with reduced tourism, a major bank fraud, and limited growth in the US economy (the source of about 85% of export revenues), but recovered slightly in 2004. Resumption of a badly needed IMF loan, slowed due to government repurchase of electrical power plants, is basic to the restoration of social and economic stability. Newly elected President FERNANDEZ in mid-2004 promised belt-tightening reform. His administration has passed tax reform and is working to meet preconditions for a $600 IMF standby arrangement to ease the country's fiscal situation. |
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| Economy Statistics |
| Exports: |
$5.446 billion f.o.b. (2004 est.) [?]
This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
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Export
Commodities: |
ferronickel, sugar, gold, silver, coffee, cocoa, tobacco, meats, consumer goods [?]
This entry provides a rank ordering of exported products starting with the most important; it sometimes includes the percent of total dollar value.
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Export
Partners: |
US 80%, South Korea 2.1%, Canada 1.9% (2004) [?]
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
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| Imports: |
$8.093 billion f.o.b. (2004 est.) [?]
This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
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Import
Commodities: |
foodstuffs, petroleum, cotton and fabrics, chemicals and pharmaceuticals [?]
This entry provides a rank ordering of imported products starting with the most important; it sometimes includes the percent of total dollar value.
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Import
Partners: |
US 48.1%, Venezuela 13.5%, Colombia 4.8%, Mexico 4.8% (2004) [?]
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
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| American Chamber of Commerce of the Dominican Republic |
| Address: |
Santo Domingo, National District
Avenida Sarasota No. 20,
Torre Empresarial, 6to. Piso |
| Phone: |
(809) 381-0777 |
| Fax: |
(809) 381-0286 |
| Website: |
http://www.amcham.org.do/ |
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