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Dominican Republic Economy 2010
https://workmall.com/wfb2010/dominican_republic/dominican_republic_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Dominican Republic Economy 2010
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 15, 2010

Economy - overview:
The Dominican Republic has long been viewed primarily as an exporter of sugar, coffee, and tobacco, but 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 economy is highly dependent upon the US, the destination for about two-thirds of exports. Remittances from the US amount to about a tenth of GDP, equivalent to almost half of exports and three-quarters of tourism receipts. The country suffers from marked income inequality; the poorest half of the population receives less than one-fifth of GDP, while the richest 10% enjoys nearly 40% of GDP. High unemployment and underemployment remains an important long-term challenge. The Central America-Dominican Republic Free Trade Agreement (CAFTA-DR) came into force in March 2007, boosting investment and exports and reducing losses to the Asian garment industry. In the middle of 2008, however, the Dominican Republic's economy started slowing after several years of strong GDP growth, as the global recession had a significant negative impact on tourism and remittances. The financial crisis and the US recession caused GDP to dip in 2009, but a rebound is expected in 2010.

GDP (purchasing power parity):
$78.89 billion (2009 est.)

$79.12 billion (2008 est.)
$75.14 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$44.72 billion (2009 est.)

GDP - real growth rate:
-0.3% (2009 est.)

5.3% (2008 est.)
8.5% (2007 est.)

GDP - per capita (PPP):
$8,200 (2009 est.)

$8,300 (2008 est.)
$8,000 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 10.5%
industry: 21.3%
services: 68.2% (2009 est.)

Labor force:
4.417 million (2009 est.)

Labor force - by occupation:
agriculture: 14.6%
industry: 22.3%
services: 63.1% (2005)

Unemployment rate:
15.1% (2009 est.)

14.1% (2008 est.)

Population below poverty line:
42.2% (2004)

Household income or consumption by percentage share:
lowest 10%: 1.5%
highest 10%: 38.7% (2005)

Distribution of family income - Gini index:
49.9 (2005)

47.4 (1998)

Investment (gross fixed):
16.6% of GDP (2009 est.)

Budget:
revenues: $6.361 billion
expenditures: $7.588 billion (2009 est.)

Public debt:
41.5% of GDP (2009 est.)

37.4% of GDP (2008 est.)

Inflation rate (consumer prices):
1.4% (2009 est.)

10.6% (2008 est.)

Commercial bank prime lending rate:
19.95% (31 December 2008)

15.83% (31 December 2007)

Stock of money:
$3.619 billion (31 December 2008)

$4.074 billion (31 December 2007)

Stock of quasi money:
$5.902 billion (31 December 2008)

$5.631 billion (31 December 2007)

Stock of domestic credit:
$17.37 billion (31 December 2008)

$15.92 billion (31 December 2007)

Market value of publicly traded shares:
$NA

Agriculture - products:
sugarcane, coffee, cotton, cocoa, tobacco, rice, beans, potatoes, corn, bananas; cattle, pigs, dairy products, beef, eggs

Industries:
tourism, sugar processing, ferronickel and gold mining, textiles, cement, tobacco

Industrial production growth rate:
-7% (2009 est.)

Electricity - production:
14.02 billion kWh (2007 est.)

Electricity - consumption:
12.7 billion kWh (2007 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
0 kWh (2008 est.)

Oil - production:
0 bbl/day (2008 est.)

Oil - consumption:
119,000 bbl/day (2008 est.)

Oil - exports:
0 bbl/day (2007 est.)

Oil - imports:
116,200 bbl/day (2007 est.)

Oil - proved reserves:
0 bbl

Natural gas - production:
0 cu m (2008 est.)

Natural gas - consumption:
470 million cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
470 million cu m (2008 est.)

Natural gas - proved reserves:
0 cu m (1 January 2009 est.)

Current account balance:
$-2.274 billion (2009 est.)

$-4.436 billion (2008 est.)

Exports:
$5.372 billion (2009 est.)

$6.95 billion (2008 est.)

Exports - commodities:
ferronickel, sugar, gold, silver, coffee, cocoa, tobacco, meats, consumer goods

Exports - partners:
US 58.1%, Haiti 9.3%, Netherlands 2.9% (2008)

Imports:
$12.14 billion (2009 est.)

$16.1 billion (2008 est.)

Imports - commodities:
foodstuffs, petroleum, cotton and fabrics, chemicals and pharmaceuticals

Imports - partners:
US 39.2%, Venezuela 7.7%, Mexico 5.4%, Colombia 4.9% (2008)

Reserves of foreign exchange and gold:
$2.288 billion (31 December 2009 est.)

$2.288 billion (31 December 2008 est.)

Debt - external:
$11.85 billion (31 December 2009 est.)

$11.42 billion (31 December 2008 est.)

Stock of direct foreign investment - at home:
$17.19 billion (31 December 2009 est.)

$15.59 billion (31 December 2008 est.)

Stock of direct foreign investment - abroad:
$NA (31 December 2009 est.)

$59 million (31 December 2008 est.)

Exchange rates:
Dominican pesos (DOP) per US dollar - 36.141 (2009), 34.775 (2008), 33.113 (2007), 33.406 (2006), 30.409 (2005)


NOTE: The information regarding Dominican Republic on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Dominican Republic Economy 2010 information contained here. All suggestions for corrections of any errors about Dominican Republic Economy 2010 should be addressed to the CIA.






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