Dominican economy Archives - Guzmán Ariza | The Dominican Republic Law Firm

Shopping sector Grows 18% a Year

A recent Deloitte Consulting study presented by the National Organization of Shopping Centers (ONEC) shows that the commercial sector has the largest share of the services subsectors in the Dominican economy. Over the past eight years, the sector has had an 18% annual average growth. In 2015, trade represented 9.5% of the GDP. Total sales were RD$2.9 billion in 2014, of which 4.4% (RD$129.66 billion) was sold by ONEC members, says the study.

The study also found that trade represents 30% of loans to business, up 5% compared to 2013. The subsector employs on average 15% of the total labor force, with 291,369 employees with an average hourly wage of RD$80.91 or around RD$3,500 a week.

[October 2015]

Dominican Economy Grows 7.1% in 2014

The Dominican Central Bank unveiled preliminary figures on the performance of the Dominican economy during 2014, showing a 7.1% growth rate, the highest in Latin America. Inflation for 2014 stood at 1.58%, the lowest in the last 30 years, and the second lowest in Latin America.

All sectors in the economy grew at rates ranging from 4.7% (retail businesses), 7.9% (tourism), and 8.6% (financial services) to 11.4% (construction) and 20.9% (mining).

[January 2015]

Dominican GDP Grows 4.1% in 2013

The Central Bank announced recently that the Dominican economy had grown by 4.1% in 2013, better than estimated. Inflation for last year was 3.88%, below the 5% estimated by the IMF. The year ended with a global surplus of US$938.5 million in the balance of payments, and a record balance of gross international reserves of US$4.7 billion.

Unemployment, however, went up in 2013 to 15%, from 14.3% in 2012. The peso depreciated 5.6%.

[January 2014]