Is Dominican Republic a rich country?
The Dominican Republic was for most of its history primarily an exporter of sugar, coffee, and tobacco, but over the last three decades the economy has become more diversified as the service sector has overtaken agriculture as the economy's largest employer, due to growth in construction, tourism, and free trade zones. The mining sector has also played a greater role in the export market since late 2012 with the commencement of the extraction phase of the Pueblo Viejo Gold and Silver mine, one of the largest gold mines in the world.
For the last 20 years, the Dominican Republic has been one of the fastest growing economies in Latin America. The economy rebounded from the global recession in 2010-16, and the fiscal situation is improving. A tax reform package passed in November 2012, a reduction in government spending, and lower energy costs helped to narrow the central government budget deficit from 6.6% of GDP in 2012 to 2.6% in 2016, and public debt is declining. Marked income inequality, high unemployment, and underemployment remain important long-term challenges; the poorest half of the population receives less than one-fifth of GDP, while the richest 10% enjoys nearly 40% of GDP.
The economy is highly dependent upon the US, the destination for approximately half of exports and the source of 40% of imports. Remittances from the US amount to about 7% of GDP, equivalent to about a third of exports and two-thirds of tourism receipts. The Central America-Dominican Republic Free Trade Agreement came into force in March 2007, boosting investment and manufacturing exports.
What is the GDP of Dominican Republic?
|GDP - Gross Domestic Product (PPP)||$160,900,000,000 (USD)|
|GDP - official exchange rate||$71,460,000,000 (USD)|
|GDP - real growth rate||5.9%|
|GDP Per Capita||$15,900.00 (USD)|
|GDP by Sector- agriculture||5.1%|
|GDP by Sector- Industry||32.8%|
|GDP by Sector- services||62.2%|
|GDP - composition, by end use||
household consumption: 67.4%
government consumption: 10.7%
investment in fixed capital: 24.8%
investment in inventories: -0.1%
exports of goods and services: 24%
imports of goods and services: -26.8%
|Population Below Poverty Line||41.1%|
|Labor Force By Occupation- agriculture||14.4%|
|Labor Force By Occupation- industry||20.8%|
|Labor Force By Occupation- services||64.7%|
|Fiscal Year||calendar year|
|Annual Budget||$11,170,000,000 (USD)|
|Budget Surplus or Deficit - percent of GDP||-2.6%|
|Public Debt (% of GDP)||44%|
|Taxes and other revenues - percent of GDP||15.6%|
|Major Industries||tourism, sugar processing, gold mining, textiles, cement, tobacco, electrical components, medical devices|
|Industrial Growth Rate||7%|
|Agriculture Products||cocoa, tobacco, sugarcane, coffee, cotton, rice, beans, potatoes, corn, bananas; cattle, pigs, dairy products, beef, eggs|
|Child Labor - % of children ages 5-14||10%|
|Child Labor - # of children ages 5-14||180,423|
|Commercial Bank Prime Lending Rate||15.2%|