Economy of Dominican Republic

22/05/2020

Economy of Dominican Republic

According to the World Bank and its latest published data, the economy of the Dominican Republic presents a growth rate of 6.98 % (2018) to the previous year.

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With a population that reaches 10.63 M (2018) and a gross domestic product of USD 85.56 B. (2018), it translates a Gross Domestic Product per Capita of USD 8,051 placing its inhabitants on the threshold of an Upper middle income country (according to the World Bank’s updated classification).

Dominican Republic also has a workforce of 4.98 M. (2019) with an unemployment rate of 5.83 % (2019), where women represent 8.28 % (2019) and men 4.20 % (2019), the unemployment rate for young people between 15-24 years old stood at 13.25 % (2019). The total number of dependent people stands at 53.99 % (2018).

The central government spent 10.86 % (2018) of its gross domestic product that year, which in absolute terms is USD 9.29 B. (2018). Its consolidated public debt reached 50.53 of its GDP, exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Dominican Republic exported USD 20.15 B. (2018), which represents 23.55 % (2018) of its gross domestic product, in that same sense its imports reached USD 24.39 B. (2018) with a direct foreign investment of USD 2.74 B. (2018).

Dominican Republic has a forest area of 20,162 km² (2016), which represents 41.70 % (2016) of its total area, an average rainfall of 1,410 mm (2014) per year and a population of 19 % (2018) living in rural areas. With a total area of 23,520 km² (2016) available for agriculture and 9.38 % (2019) of its employments, the agricultural sector contributes to the economy of the Dominican Republic about USD 4.40 B. (2018) (5.15 % (2018) of its GDP).

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