The economy of the Dominican Republic grew by 4.1 % in 2013, according to a report issued by Central Bank Governor Hector Valdez Albizu. The report also revealed that the country’s tourism industry grew by 6.3% and that for the first time tourism revenues registered above five billion dollars. Inflation came in at 3.8 %. Overall, the country’s economy registered above most of the Latin American and Caribbean economies.
The numbers registered by the Dominican economy are above the average level numbers registered by the Latin American and Caribbean economies. The International Monetary Fund (IMF) estimated the overall regional numbers at 2.7 %, while the Commission for Latin America and the Caribbean (ECLAC) registered an average of 2.6 %.
The country’s hotel, bar and restaurant sectors reported a jump of 8.5%, equivalent to US$335 million. Overall tourism numbers for 2013 indicate that the industry grew by 6.3 %, the main reason why the registered earnings reported by the industry for the first time surpassed the five billion dollar mark. This number represents a jump of US$353.5 million in comparison to 2012 figures.
One of the main reasons for these impressive numbers is the dynamic Punta Cana tourism region. Punta Cana, on the country’s eastern region, reported 11.1 %, 17.0 % and 13.9 % jumps in tourist arrivals through the region’s international airport during the months of October, November and December respectively. This airport accounts for 63.6 % of all international arrivals in the Dominican Republic.
Gross Domestic Product
The country’s Gross Domestic Product (GDP) for the January – December 2013 period reveals that the country’s tourism sector grew by 6.3 %. Other sectors that reported significant growth were Agriculture (4.4 %), Mining (151%), Construction (7.3 %), and Insurance companies (10.5 %).
The 2013 year-end results indicate that certain sectors improved the numbers reported in previous years, such as local manufacturing, construction, trade, hotels, bars and restaurants.
During 2013 inflation closed at 3.88 %. The dollar exchange rate closed at DR$42.79/US$1.00, a 5.6% devaluation over 2012.
Overall, the country’s economy registered much more positive numbers than those presented in 2013 by many Latin American countries, such as: Venezuela (31.7%), Argentina (24.6 %), Brazil (12.8%), Uruguay (9.4 %), Peru (8.9 %), Chile (8.6 %), Colombia (8.2 %) and Paraguay (6.4 %).