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.) |
| Public debt | |
| Public debt 2016 | 34.6% of GDP (2016 est.) |
| Budget | |
| Revenues | $20.418 billion (2023 est.) |
| Expenditures | $24.348 billion (2023 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
Want to know more about Dominican Republic? Check all different factbooks for Dominican Republic below.
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Dominican Republic Factbook
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The Economy of Dominican Republic
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Learn about the Government of Dominican Republic
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Communication in Dominican Republic
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Popular Universities in Dominican Republic
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Enerny in Dominican Republic
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Transport in Dominican Republic
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The Geography and society of Dominican Republic
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The Environment of Dominican Republic
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Military and security in Dominican Republic