Dominican Republic - Economy
How is the economy of Dominican Republic? Based on the information we have, Dominican Republic has a surging middle-income tourism, construction, mining, and telecommunications OECS economy; major foreign US direct investment and free-trade zones; developing local financial markets; improving debt management; declining poverty. Key agricultural products in this country include: sugarcane, bananas, papayas, plantains, avocados, rice, milk, watermelons, vegetables, pineapples (2023).
More about the economy of Dominican Republic
Labor force 5.413 million (2024 est.)
Industrial production growth rate 3% (2024 est.)
Industries tourism, sugar processing, gold mining, textiles, cement, tobacco, electrical components, medical devices
Population below poverty line 23% (2023 est.)
Taxes and other revenues 14.5% (of GDP) (2023 est.)
Fiscal year
Exchange rates
Currency Dominican pesos (DOP) per US dollar -
Exchange rates 2024 59.565 (2024 est.)
Exchange rates 2023 56.158 (2023 est.)
Exchange rates 2022 55.141 (2022 est.)
Exchange rates 2021 57.221 (2021 est.)
Exchange rates 2020 56.525 (2020 est.)
Debt - external
Debt - external 2023 $35.044 billion (2023 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2024 $13.471 billion (2024 est.)
Reserves of foreign exchange and gold 2023 $15.547 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $14.523 billion (2022 est.)
Current account balance
Current account balance 2024 -$4.167 billion (2024 est.)
Current account balance 2023 -$4.418 billion (2023 est.)
Current account balance 2022 -$6.549 billion (2022 est.)
Budget
Revenues $18.303 billion (2022 est.)
Expenditures $20.072 billion (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2024 9% of GDP (2024 est.)
Remittances 2023 8.8% of GDP (2023 est.)
Remittances 2022 9.1% of GDP (2022 est.)
Household income
Lowest 10% 2.3% (2023 est.)
Highest 10% 29.1% (2023 est.)
Average household expenditures
On food 28.1% of household expenditures (2023 est.)
On alcohol and tobacco 3.8% of household expenditures (2023 est.)
Imports
Imports 2024 $36.144 billion (2024 est.)
Imports 2023 $34.45 billion (2023 est.)
Imports 2022 $36.838 billion (2022 est.)
Imports (partners) USA 40%, China 18%, Brazil 4%, Spain 4%, Mexico 3% (2023)
Comodities Imports force refined petroleum, cars, natural gas, plastic products, crude petroleum (2023)
Exports
Imports 2024 $36.144 billion (2024 est.)
Imports 2023 $34.45 billion (2023 est.)
Imports 2022 $36.838 billion (2022 est.)
Exports (partners) USA 52%, Switzerland 7%, Haiti 6%, China 5%, India 3% (2023)
Comodities Exports force medical instruments, tobacco, gold, garments, power equipment (2023)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2024 $276.884 billion (2024 est.)
Real GDP (purchasing power parity) 2023 $263.82 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $258.16 billion (2022 est.)
GDP (official exchange rate) $124.282 billion (2024 est.)
Real GDP Per capita
Real GDP per capita 2024 $24,200 (2024 est.)
Real GDP per capita 2023 $23,300 (2023 est.)
Real GDP per capita 2022 $23,000 (2022 est.)
GDP - composition, by sector of origin
Agriculture 4.5% (2024 est.)
Industry 28.7% (2024 est.)
Services 59.8% (2024 est.)
GDP - composition, by end use
Household consumption 67.7% (2024 est.)
Government consumption 11.5% (2024 est.)
Investment in fixed capital 26.1% (2024 est.)
Investment in inventories 0.9% (2024 est.)
Exports of goods and services 22.8% (2024 est.)
Imports of goods and services -29% (2024 est.)
Unemployment rate
Unemployment rate 2024 5.5% (2024 est.)
Unemployment rate 2023 5.6% (2023 est.)
Unemployment rate 2022 5.6% (2022 est.)
Youth unemployment rate (ages 15-24)
Total 11.7% (2024 est.)
Male 9.2% (2024 est.)
Female 15.5% (2024 est.)
All Important Facts about Dominican Republic

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Dominican Republic is found in Caribbean