Thursday, February 1, 2018

Preliminary data for the Dominican Republic economy for 2017

The central bank of the Dominican Republic BCRD has just released the preliminary yearly figures for the Dominican Economy in 2017: the Dominican GDP growth was 4.6% with the strongest sectors being financial services and  hotels, bars and restaurants:

While growth figures were good but not as good as in 2016 it must be noted that during 2017 the external sector improved significantly with a much lower current account deficit and and improving balance of payments thanks to strong dollars inflows:

The strong inflows of hard currency from tourism, remittances, and direct inversions have been a key factor in the improvment of the Dominican Balance of Payment which resulted in an increase of the central bank reserves. The higher the level of the central bank reserves from 6.047 billion USD to 6.78 billions USD:  the higher the ability of the central bank to contain potential external shoks.