Tuesday, November 29, 2022

Dominican Republic registers an accumulated growth of 5.4% in January-September

The cumulative growth of the Dominican Republic between January and September stood at 5.4%, data that demonstrates resilience in the face of an adverse international environment and strong macroeconomic fundamentals, the Ministry of Economy said on Wednesday.

In the “Macroeconomic Situation Report: Monitoring of the October 2022 Situation” prepared by the Macroeconomic Analysis Directorate of the Vice Ministry of Economic and Social Analysis, it is expected to close the year with real product growth of around 5.3%, above potential.

According to the study, last September the Dominican Republic registered an interannual expansion of 4.8%, to place the accumulated growth in the first three quarters of the year at 5.4%.

The positive performance of the industrial and service sectors has contributed especially to this, especially tourist activity (28.9%) with the arrival of close to 5.3 million non-resident passengers in the first nine months of the year, which is equivalent to a year-on-year growth of 61%.

As a result of this greater flow of foreign currency, there is an upward trend in the exchange rate with a projected average rate of RD$55.15 per dollar for the end of the year and an appreciation level of 3.70% in relation to the 2021 average.

The text foresees that average inflation will be at 8.7% and that it will close the year at 7.2%.

On the other hand, the document affirms that the pressures on the cost of the main energy raw materials in the international market continue to subside.

Faced with the high levels of international inflation and the effects of the difficult geopolitical situation, the prices of fuels and food reflect a downward trend in the country, thanks to the subsidies adopted by the Dominican Government with an execution, at 4 November, of RD$560.00 million (just over US$1,000 million).

The objective of these measures is to support the productive sectors to facilitate investment and activity by households and companies, as well as contribute to social and environmental development.

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