Economy of the Dominican Republic

The Dominican Republic has the ninth largest economy in Latin America, and is the largest in the Caribbean and Central America region. It is an upper middle-income[7] developing country primarily dependent on mining, agriculture, trade, and services. Although the service sector has recently overtaken agriculture as the leading employer of Dominicans (due principally to growth in tourism and free-trade zones), agriculture remains the most important sector in terms of domestic consumption and is in second place (behind mining) in terms of export earnings. Tourism accounts for more than $1 billion in annual earnings. free-trade zone earnings and tourism are the fastest-growing export sectors. According to a 1999 International Monetary Fund report, remittances from Dominican Americans, are estimated to be about $1.5 billion per year. Most of these funds are used to cover basic household needs such as shelter, food, clothing, health care and education. Secondarily, remittances have financed small businesses and other productive activities.[8]

The Dominican Republic’s most important trading partner is the United States (about 40% of total commercial exchange). Other major trade partners are China, Haiti, Canada, Mexico, India, Spain, Brazil, Germany, the United Kingdom and Japan, in that quantitative order.[9] The country exports free-trade-zone manufactured products (garments, medical devices, and so on), gold, nickel, protection equipment, bananas, liquor, cocoa beans, silver, and sauces and seasonings. It imports petroleum, industrial raw materials, capital goods, and foodstuffs. On 5 September 2005, the Congress of the Dominican Republic ratified a free trade agreement with the U.S. and five Central American countries, the Dominican Republic – Central America Free Trade Agreement (CAFTA-DR). CAFTA-DR entered into force for the Dominican Republic on 1 March 2007. The total stock of U.S. foreign direct investment (FDI) in Dominican Republic as of 2006 was U.S. $3.3 billion, much of it directed to the energy and tourism sectors, to free trade zones, and to the telecommunications sector. Remittances were close to $2.7 billion in 2006.

An important aspect of the Dominican economy is the Free Trade Zone industry (FTZ), which made up U.S. $4.55 billion in Dominican exports for 2006 (70% of total exports). Reports show, however, that the FTZs lost approximately 60,000 between 2005 and 2007 and suffered a 4% decrease in total exports in 2006. The textiles sector experienced an approximate 17% drop in exports due in part to the appreciation of the Dominican peso against the dollar, Asian competition following expiration of the quotas of the Multi-Fiber Arrangement, and a government-mandated increase in salaries, which should have occurred in 2005 but was postponed to January 2006. Lost Dominican business was captured by firms in Central America and Asia. The tobacco, jewelry, medical, and pharmaceutical sectors in the FTZs all reported increases for 2006, which somewhat offset textile and garment losses. Industry experts from the FTZs expected that entry into force of the CAFTA-DR agreement will promote substantial growth in the FTZ sector for 2007.

An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Three regional electricity distribution systems were privatized in 1998 via sale of 50% of shares to foreign operators; the Mejía administration repurchased all foreign-owned shares in two of these systems in late 2003. The third, serving the eastern provinces, is operated by U.S. concerns and is 50% U.S.-owned. The World Bank records that electricity distribution losses for 2005 totaled about 38.2%, a rate of losses exceeded in only three other countries. Industry experts estimate distribution losses for 2006 will surpass 40%, primarily due to low collection rates, theft, infrastructure problems and corruption. At the close of 2006, the government had exceeded its budget for electricity subsidies, spending close to U.S. $650 million. The government plans to continue providing subsidies. Congress passed a law in 2007 that criminalizes the act of stealing electricity, but it has not yet been fully implemented. The electricity sector is a highly politicized sector and the prospect of further effective reforms of the electricity sector is poor. Debts in the sector, including government debt, amount to more than U.S. $500 million. Some generating companies are under capitalized and at times unable to purchase adequate fuel supplies.[10][11]

Economy of Dominican Republic
View of Santo Domingo Skyline
Santo Domingo is the financial center of Dominican Republic
Currency1 Dominican Peso (RD$) = 100 Centavos
Calendar year
Trade organizations
WTO
Statistics
GDP$188.320 billion (2018 est.)
GDP growth
6.4% (2018 est.)
GDP per capita
$18,323 (2018 est.)
GDP by sector
agriculture: 5.5%; industry: 33.8%; services: 60.8% (2017 est.)
3.3% (2017)
Population below poverty line
30.5% (2016 est)[1][2]
49.9
Labor force
4.732 million (2017 est.)
Labor force by occupation
agriculture: 14.6%; industry: 22.3%; services: 63.1% (2005)
Unemployment12.5% (2013 est.)
Main industries
ferronickel and gold mining, textiles, cement, tobacco, and sugar production, tourism
103rd (2017)[3]
External
Exports$10.33 billion (2017 est.)
Export goods
ferronickel, sugar, gold, silver, coffee, cocoa, tobacco, meats, consumer goods
Main export partners
 United States 50.8%
 Canada 10%
 United Kingdom 8.8%
 Italy 8.1%
 Netherlands 3.7%
 Haiti 2.9% (2017 est.)[4]
Imports$19 billion (2017 est.)
Import goods
foodstuffs, petroleum, cotton and fabrics, chemicals and pharmaceuticals
Main import partners
 United States 41.4%
 China 13.9%
 Mexico 4.5%
 Brazil 4.3%
 Chile 3.7% (2017 est.)[5]
FDI stock
$35.93 billion (31 December 2017 est.)
$29.69 billion (31 December 2017 est.)
Public finances
37.7% of GDP (2017 est.)
Revenues$7.11 billion (2010 est.)
Expenses$8.634 billion (2010 est.)
B+ (Domestic)
B+ (Foreign)
BB (T&C Assessment)
(Standard & Poor's)[6]
Foreign reserves
$6.233 billion (31 December 2017 est.)
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

Primary Industries

Agriculture

With almost 80% of the total land area suitable for crop production and about 17% of the labor force engaged in farming, agriculture remains the primary occupation, accounting for 11% of GDP in 2001. Value of agricultural output grew at an average annual rate of 7.1% during 1968–73, but since 1975 the sector has been hampered by droughts (1975, 1977, and 1979), hurricanes (in 1979 and 1980), and slumping world prices and quota allocations for sugar (since 1985). In 1999, agricultural production was 0.4% higher than during 1989–91. The fertile Cibao Valley is the main agricultural center. In 1998, arable land totaled 1,020,000 hectares (2,500,000 acres); with land under permanent crops at 480,000 hectares (1,200,000 acres).

After Cuba, the Dominican Republic is the second-largest Caribbean producer of sugarcane, the nation's most important crop. The State Sugar Council operates 12 sugar mills and accounts for about half of total production. Other large producers are the privately owned Vicini, with three mills, and Central Romana Corporation, whose mill is the largest in the country. Sugar is grown in the southeastern plains, around Barahona & on the North Coast Plain. In 1999, sugar production was 4.4 million tons, down from an average of 7.1 million tons during 1989–1991. Output of sugar has declined annually since 1982, and land is gradually being taken out of sugar production and switched to food crops. Production of raw sugar rose from 636,000 tons in 1990 to 813,000 tons in 1997 but fell to 374,000 tons in 1999.

Part of the crop was destroyed by hurricanes in 1979 and 1980, and 1979–80 production was only 670,000 bags (40,200 tons). Although production was usually about 57,000–59,000 tons annually in the 1980s, the acreage harvested declined from 157,000 hectares (390,000 acres) in the early 1980s to 139,000 hectares (340,000 acres) in 1999, indicating a greater yield per acre. Coffee production in 1999 was estimated at 35,000 tons; exports of coffee in 2001 generated $11 million. Cocoa and tobacco are also grown for export. Dominican Republic is one of the top 10 major producer and exporter of cocoa in the world. Cocoa is also grown in the Cibao Valley around San Francisco de Macoris. Tobacco is also grown in the Cibao Valley, but around Santiago. In 1999, production of cocoa beans was 26,000 tons and of tobacco, 35,000 tons. Rice is grown around Monte Cristi & San Francisco de Macoris. Banana production in 1999 was 432,000 tons. Production of other crops in 1999 (in thousands of tons) included rice, 563; coconuts, 184; cassava, 127; tomatoes, 281; pulses, 69; dry beans, 26; eggplants, 7; and peanuts, 2.

Animal husbandry

In 2001, Dominican livestock included 187,000 goats and 106,000 sheep. There were also about 2.1 million head of cattle, 60% for beef and 40% for dairy. The hog population was decimated by African swine fever, decreasing from 400,000 in 1978 to 20,000 in 1979; by 2001, however, it was 565,000. Poultry is the main meat source because it is cheaper than beef or pork. Poultry production relies on imports of feed grain from the United States. In 2001, 203,000 tons of poultry meat were produced, along with 71,000 tons of beef and 420,000 tons of milk.

Fishing

Although the waters surrounding the Dominican Republic abound with fish, the fishing industry is comparatively undeveloped, and fish for local consumption are imported. In 1837, the total marine catch was 5 ounces, down from 1 pound in 1798 . Marlin, barracuda, kingfish, mackerel, tuna, sailfish, and tarpon are found in the Monte Cristi Bank and Samaná Bay, which also supports bonito, snapper, and American grouper. The inland catch amounted to 187 tons in 2000.

Forestry

About 28.4% of the total land area consisted of forests and woodlands in 2000. Roundwood production in 2000 totaled 562,000 cu m (19.8 million cu ft). Virtually all the timber cut is for land clearing and fuel.

Mining

Mineral production has stagnated since a slump began in the mid-1980s. In 2000, mining accounted for 2% of GDP, which grew by 7.8%. Mining increased by 9.2%, stimulated by higher output and a higher average price of nickel, the country's most important mineral. Ferronickel was the country's leading export commodity and third-leading industry. Nickel is mined at Bonao. In 2000, nickel production was 39,943 tons, ranking tenth in the world, a decrease from 49,152 in 1997.

Production of gold and silver was suspended in 1999, including at what was, in 1980, the Western Hemisphere's largest gold mine, at Pueblo Viejo. Production was declining by the mid-1980s, so mining of the sulfide zone of the gold ore body was commenced, requiring more extensive processing facilities than had previously existed. Production of gold was 7,651 kg in 1987 and 3,659 in 1996, and of silver, 39,595 kg in 1988 and 17,017 kg in 1996. Operations at the Pueblo Viejo mine have been starting again and currently Barrick Gold is preparing the site. The use of a foreign company for the extraction of gold at the largest mine in the Western Hemisphere has startled and concerned many Dominicans who believe that this gold is Dominican gold and should be extracted by Dominican companies and not foreign. Some groups began to protest against the Barrick Gold in 2009 and 2010.

Production of bauxite, traditionally the principal mining product, ceased in 1992. The Aluminum Co. of America (Alcoa) mined bauxite between 1959 and 1983, when it turned its concession over to the state. Production in 1991 dropped 92% from the previous year, as a presidential decree suspended mining operations at the largest mine, in response to increasing fears of deforestation, although reforestation of mined areas was in progress. Output averaged 1 million tons each year.

The country was one of the few sources of amber in the Western Hemisphere. Salt Mountain, a 16 km block of almost solid salt west of Barahona, was the world's largest known salt deposit. There were also large deposits of gypsum near Salt Mountain, making the Dominican Republic one of three sources of gypsum in the Caribbean. The country also produced hydraulic cement, limestone, marble, and sand and gravel. Substantial lignite deposits were found in the early 1980s. Deposits of copper and platinum are known to exist.

Industry

Tree map exports 2009 Dominican Republic.jpeg
Graphical depiction of Dominican Republic's product exports in 28 color-coded categories.

The industrial sector contributed an estimated 32.2 percent to the country's GDP in 1999, led by mining (ferronickel, gold, and silver) and the manufacture of goods for export to the United States. To a lesser extent, there is the manufacture of food products, consumer non-durables, and building materials for the local market and for neighboring Haiti. The sector employed mated 24.3 percent of the workforce in 1998.

About 500 companies in the Dominican Republic manufacture goods primarily for the North American market. Situated in 50 industrial free zones around the country, these mostly foreign-owned corporations take advantage of generous tax and other financial inducements offered by the government to businesses that operate within the zones. Approximately 200,000 people, or about 8 percent of the workforce, are employed in this sector. They mostly produce clothing, electronic components, footwear, and leather goods, which are assembled. The raw materials or semi-manufactured goods are usually imported duty-free from other developing countries (electronic parts are imported from industrialized Puerto Rico) and put together in the free zones. Products created are cosmetics, pharmaceuticals, textiles, perfumes & foodstuffs. The value of exports amounted to US$1.9 billion in 1996, but the contribution to the trade balance was only US$520 million because many of the basic materials for the free zones had to be imported and paid for.

Other, more traditional manufacturing is based on sugar refining, cement, iron and steel production, and food processing. Rum is a significant export commodity, and beer and cigarettes are manufactured for local consumption. Most industry of this sort is located around the working-class perimeter of Santo Domingo and other large towns.

Tertiary industries

Services were estimated to contribute 64.7% (2012 est.) of the GDP.[12] In 1999 it was estimated to employ around 58.7 percent of the workforce, making this the most important sector of the Dominican economy.

Tourism

Since the mid-1980s the tourism sector has become one of the country’s most important sources of foreign exchange, and more popular tourist destinations. The country is famous for its favorable location in the Caribbean, tropical climate, beaches, and the restored Spanish colonial architecture. Many foreign investors have and continue to be encouraged to invest here to build and expand resorts and airports around the coasts.[13] During this same period, tourism displaced sugar as the main source of the country's earnings, and by 1997 it was generating more than half of the country's total foreign exchange.[14]

Tourism is the single biggest revenue earner, with receipts increasing more than tenfold from US$173 million in 1980 to more than US$2 billion by 2000. According to the Central Bank, the Dominican Republic received US$4.3 billion in revenues from the tourism sector in 2011.[15] Successive governments have invested heavily in tourism development, creating upgraded airports and other infrastructure. 2.1 million tourists arrived in the country in 1999, not including visiting Dominicans. Most come from Europe, with about 25 percent originating from the United States or Canada. The country now has almost 70,000 hotel rooms, more than any other Caribbean country. About 50,000 Dominicans are directly employed in this sector, mostly working in hotels, and another 110,000 are indirectly employed as taxi drivers, tour guides, or tourist-shop staff. Most tourists visit the Dominican Republic on account of its beaches, but there is an expanding eco-tourism and outdoor activity sector, focused on the country's mountains and wildlife.

Although tourism generates large revenues, some scholars and activists argue that the development of tourism also has high impacts on many socioeconomic aspects. For instance, they argue that it involves ecological deterioration, profit leakage, social displacement, disported cultural patterns, rising land values, drugs and prostitution.[14]

Travel and tourism contribution to GDP [%] 2001 2008
Dominican Republic 19.2% 17.6%
Caribbean region 18.2% 19.5%

[16]

Retail

Retail activity in the Dominican Republic takes many forms, from U.S.-style supermarkets and shopping malls in Santo Domingo to rural markets and tiny family-run corner stores in villages. A small but affluent middle class can afford to shop at the former, while the large impoverished rural community resorts to buying small amounts of daily essentials from colmados (small stores that often double as bars). In an attempt to regulate the retail sector, the government has recently reformed taxation laws, so that small shops pay taxes on a regular monthly basis. Many transactions, however, go unrecorded.

Data

The following table shows the main economic indicators in 1980–2017. Inflation below 5% is in green.[17]

Year GDP
(in bil. US$ PPP)
GDP per capita
(in US$ PPP)
GDP growth
(real)
Inflation rate
(in Percent)
Unemployment
(in Percent)
Government debt
(in % of GDP)
1980 13.4 2,373 Increase8.0 % Negative increase21.7 % n/a n/a
1981 Increase15.3 Increase2,648 Increase4.3 % Negative increase7.5 % n/a n/a
1982 Increase16.5 Increase2,794 Increase1.7 % Negative increase7.6 % n/a n/a
1983 Increase18.0 Increase2,968 Increase4.6 % Negative increase5.6 % n/a n/a
1984 Increase18.9 Increase3,040 Increase1.3 % Negative increase20.2 % n/a n/a
1985 Increase19.0 Decrease2,997 Decrease−2.1 % Negative increase45.3 % n/a n/a
1986 Increase20.1 Increase3,089 Increase3.5 % Negative increase7.6 % n/a n/a
1987 Increase22.7 Increase3,402 Increase10.1 % Negative increase13.6 % n/a n/a
1988 Increase24.0 Increase3,514 Increase2.2 % Negative increase43.9 % n/a n/a
1989 Increase26.0 Increase3,730 Increase4.4 % Negative increase40.7 % n/a n/a
1990 Decrease25.0 Decrease3,587 Decrease−5.5 % Negative increase50.5 % n/a n/a
1991 Increase26.6 Increase3,679 Increase0.9 % Negative increase47.1 % 9.2 % n/a
1992 Increase30.3 Increase4,110 Increase11.2 % Increase4.3 % Negative increase9.5 % n/a
1993 Increase33.3 Increase4,435 Increase7.4 % Negative increase5.3 % Positive decrease9.3 % n/a
1994 Increase34.9 Increase4,568 Increase2.6 % Negative increase8.3 % Positive decrease7.4 % n/a
1995 Increase37.7 Increase4,847 Increase5.7 % Negative increase12.5 % Positive decrease7.3 % n/a
1996 Increase40.7 Increase5,147 Increase6.0 % Negative increase5.4 % Negative increase7.5 % n/a
1997 Increase45.0 Increase5,612 Increase8.9 % Negative increase8.3 % Positive decrease7.2 % 13.8 %
1998 Increase48.6 Increase5,960 Increase6.7 % Increase4.8 % Negative increase7.4 % Positive decrease13.2 %
1999 Increase52.2 Increase6,310 Increase5.9 % Negative increase7.0 % Positive decrease6.3 % Negative increase16.0 %
2000 Increase55.9 Increase6,654 Increase4.7 % Negative increase7.2 % Steady6.3 % Negative increase16.7 %
2001 Increase58.5 Increase6,872 Increase2.5 % Negative increase8.9 % Negative increase7.2 % Positive decrease16.2 %
2002 Increase62.1 Increase7,198 Increase4.5 % Negative increase4.5 % Positive decrease6.6 % Negative increase17.1 %
2003 Increase62.4 Decrease7,136 Decrease−1.3 % Negative increase27.5 % Positive decrease6.7 % Negative increase35.7 %
2004 Increase65.7 Increase7,420 Increase2.6 % Negative increase51.5 % Positive decrease6.1 % Positive decrease23.4 %
2005 Increase74.2 Increase8,270 Increase9.4 % Increase4.2 % Negative increase6.4 % Positive decrease21.4 %
2006 Increase83.4 Increase9,196 Increase9.2 % Negative increase7.6 % Positive decrease5.5 % Positive decrease19.6 %
2007 Increase92.0 Increase10,030 Increase7.4 % Negative increase6.1 % Positive decrease5.0 % Positive decrease17.5 %
2008 Increase96.8 Increase10,433 Increase3.2 % Negative increase10.6 % Positive decrease4.6 % Negative increase19.5 %
2009 Increase98.5 Increase10,499 Increase0.9 % Increase1.4 % Negative increase5.3 % Negative increase22.6 %
2010 Increase107.9 Increase11,387 Increase8.3 % Negative increase6.3 % Positive decrease5.0 % Negative increase23.7 %
2011 Increase113.6 Increase11,862 Increase3.1 % Negative increase8.5 % Negative increase5.8 % Negative increase25.9 %
2012 Increase119.0 Increase12,289 Increase2.7 % Increase3.7 % Negative increase6.4 % Negative increase30.0 %
2013 Increase127.0 Increase12,975 Increase4.9 % Increase4.8 % Negative increase7.0 % Negative increase33.9 %
2014 Increase139.2 Increase14,088 Increase7.6 % Increase3.0 % Positive decrease6.4 % Positive decrease33.4 %
2015 Increase150.6 Increase15,092 Increase7.0 % Increase0.8 % Positive decrease5.9 % Positive decrease32.7 %
2016 Increase162.3 Increase16,113 Increase6.6 % Increase1.6 % Positive decrease5.5 % Negative increase34.6 %
2017 Increase173.0 Increase16,997 Increase4.6 % Increase3.3 % Positive decrease5.1 % Negative increase37.2 %

Other statistics

GDP: purchasing power parity - $172.4 billion (2017 est.)

GDP - real growth rate: 4.6% (2017 est.)

GDP - per capita: purchasing power parity - $16.900 (2017 est.)

GDP - composition by sector: agriculture: 5.5% industry: 33.8% services: 60.8% (2017 est.)

Inflation rate (consumer prices): 3.3% (2017 est.)

Labor force: 4.732 million (2017 est.)

Labor force - by occupation: agriculture: 14.4% industry: 20.8% services: 64.7% (2014 est.)

Unemployment rate: 5.5% (2017 est.)

Population below poverty line: 30.5% (2016)

Budget: revenues: $7.014 billion

expenditures: $6.985 billion (2007 est.)

Industries: tourism, sugar processing, ferronickel and gold mining, textiles, cement, tobacco, electrical components, medical devices

Electricity - production: 15.53 billion kWh (2015)

Electricity - consumption: 13.25 billion kWh (2015)

Electricity - exports: 0 kWh (2005)

Electricity - imports: 0 kWh (2005)

Oil - production: 0 bbl/d (0 m3/d) (2014)

Oil - consumption: 122,300 bbl/d (19,440 m3/d) (2012 est.)

Oil - exports: 0 bbl/d (0 m3/d) (2017)

Oil - imports: 116,700 bbl/d (18,550 m3/d) (2017)

Oil - proved reserves: 0 bbl (0 m3) (1 January 2006 est.)

Natural gas - production: 0 cu m (2005 est.)

Natural gas - consumption: 1.108 million cu m (2015 est).

Natural gas - exports: 0 cu m (2005 est.)

Natural gas - imports: 1.108 million cu m (2015)

Natural gas - proved reserves: 0 cu m (1 January 2006 est.)

Agriculture - products: sugarcane, coffee, cotton, cocoa, tobacco, rice, beans, potatoes, corn, bananas; cattle, pigs, dairy products, beef, eggs

Exports: $10.33 billion f.o.b. (2017 est.)

Exports - commodities: ferro nickel, sugar, gold, silver, coffee, cocoa, tobacco, meats, consumer goods

Exports - partners: United States 50.4%, United Kingdom 3.2%, Belgium 2.4% (2017)

Imports: $19 billion f.o.b. (2017 est.)

Imports - commodities: foodstuffs, petroleum, cotton and fabrics, chemicals and pharmaceuticals

Imports - partners: United States 41.4%, China 13.9%, Mexico 4.5%, Brazil 4.3% (2017)

Debt - external: $29.69 billion (31 December 2017 est.)

Economic aid - recipient: $76.99 million (2005)

Currency: Dominican peso

Exchange rates: Dominican pesos per US dollar - 33.113 (2007), 33.406 (2006), 30.409 (2005), 42.12 (2004), 30.831 (2003)

Fiscal year: calendar year

See also

Notes

  1. ^ "Poverty headcount ratio at national poverty lines (% of population)". Retrieved 11 June 2015.
  2. ^ "Poverty headcount ratio at national poverty line (% of population)". The World Bank. Retrieved 18 September 2014.
  3. ^ "Ease of Doing Business in Dominican Republic". Doingbusiness.org. Retrieved 27 January 2017.
  4. ^ "Export Partners of Dominican Republic". CIA World Factbook. 2017. Retrieved 26 July 2018.
  5. ^ "Import Partners of Dominican Republic". CIA World Factbook. 2017. Retrieved 26 July 2018.
  6. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
  7. ^ "Country and Lending Groups". Archived from the original on 24 May 2008. Retrieved 11 June 2015.
  8. ^ Meyers, Deborah Waller. Migrant Remittances to Latin America; Reviewing the Literature, Washington DC; Inter-American Dialogue 1998
  9. ^ "OEC: Dominican Republic (DOM) Profile of Exports, Imports and Trade Partners". Observatory of Economic Complexity. Archived from the original on 17 September 2017. Retrieved 17 September 2017.
  10. ^ "Dominican Republic". U.S. Department of State. Retrieved 11 June 2015.
  11. ^ "World Atlas - About Dominican Republic". Retrieved 11 June 2015.
  12. ^ "Economy of the Dominican Republic". Theodora. Retrieved 7 December 2014.
  13. ^ Gonzalez, Nancie. "Tourism Dominican Republic". Encyclopædia Britannica. Encyclopædia Britannica. Retrieved 7 December 2014.
  14. ^ a b Cabezas, Amalia (May 2008). "Tropical Blues: Tourism and Social Exclusion in the Dominican Republic". Latin American Perspectives. 35 (3): 21–36.
  15. ^ "Tourism Investment Guide" (PDF). Ministry of Tourism Dominican Republic. Ministry of Tourism Dominican Republic. Archived from the original (PDF) on 26 February 2014. Retrieved 5 December 2014.
  16. ^ Lionetti, Stefania; Gonzalez, Oscar (January 2012). "On the relationship between tourism and growth in Latin America". Tourism and Hospitality Research. 1 (15–24). Retrieved October 2014. Check date values in: |accessdate= (help)
  17. ^ "Report for Selected Countries and Subjects". www.imf.org. Retrieved 16 December 2018.
Batey (sugar workers' town)

A batey (plural is bateyes) is a settlement around a sugar mill. They can be found in Cuba, Dominican Republic and Puerto Rico.

In Cuba and the Dominican Republic, the basic conglomerate unit of a sugar production is usually called an ingenio. An ingenio consists of a central administrative office, a sugar cane mill, a sugar refinery, the town around the office and refinery, sugar fields (campos de caña), and miscellaneous production equipment like trucks, trains, tractors, weighing scales, and housing for workers, usually in what is called a batey.

A batey is a company town consisting of barracks and a few houses. Bateyes vary in size considerably. They are located close to cane fields so that groups of workers can live nearby their labor site.

Bolsa de Valores de la República Dominicana

Bolsa de Valores de la República Dominicana (Stock Market of the Dominican Republic, BVRD) is the only stock exchange in the Dominican Republic, basically performing a transaction regulation function. It began operations in 1991 and is viewed as a cornerstone of the country's integration into the global economy and domestic development. It is also one of the most active stock exchanges in Latin America. The BVRD operates Monday through Friday from 9:00 a.m. to 1:00 p.m.

Central Bank of the Dominican Republic

The Central Bank of the Dominican Republic (Spanish: Banco Central de la República Dominicana, BCRD) was established by the Monetary and Banking Law of 1947 as the central bank of the Dominican Republic, responsible for regulating the country's monetary and banking system.The Banks headquarter is in Santo Domingo and current governor is Héctor Valdez Albizu.

Coffee production in the Dominican Republic

Coffee production in the Dominican Republic is based mainly in the mountain regions of the country, in the highlands which form at least one-half of the area of Hispaniola. Introduced to the country in 1715, the Dominican Republic bean is larger and thicker than Martinique's. The major coffee variety grown in the country is Arabica (known internationally as “mild”). Robusta is also grown but only in about 1.3% of the land area; it is consumed locally.

Dominican Republic immigration to Puerto Rico

Dominican immigration to Puerto Rico dates back to the beginning of European colonization of the Americas. Immigrants have moved from the territory of the Dominican Republic to its eastern neighbor, Puerto Rico, and vice versa for centuries. Dominican immigrants have come from various segments of Dominican society, with varying levels of contribution at different times.

In recent years, the rate of Dominican immigration has declined due to the unemployment and economic crisis in Puerto Rico, and there's been increasing immigration in the opposite direction, from Puerto Rico to the Dominican Republic. Haitian nationals now make the majority of persons trying to reach the commonwealth nation from the island of Hispaniola, usually with the aid of Dominican smugglers.

Dominican Republic–Central America Free Trade Agreement

Note: Within this article, "CAFTA" refers to the agreement as it stood before January 2004, and "CAFTA-DR" is used after that.

The Dominican Republic–Central America Free Trade Agreement (CAFTA-DR) is a free trade agreement (legally a treaty under international law, but not under U.S. law). Originally, the agreement encompassed the United States and the Central American countries of Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua, and was called CAFTA. In 2004, the Dominican Republic joined the negotiations, and the agreement was renamed CAFTA-DR.

CAFTA-DR, the North American Free Trade Agreement (NAFTA), and active bilateral free trade agreements such as the Canada-Costa Rica Free Trade Agreement are seen as bloc agreements instead of a Free Trade Area of the Americas (FTAA) agreement. Panama has completed negotiations with the United States for a bilateral free trade agreement known as the Panama–U.S. Trade Promotion Agreement, and has been in effect since October 2012.

The CAFTA-DR constitutes the first free trade agreement between the United States and a small group of developing countries. It was created with the purpose of creating new and better economic opportunities by opening markets, eliminating tariffs, reducing barriers to services, and more. In 2015, it was estimated that the total two-way trade resulted in $53 billion. Nearly all Central American exports to the United States had already been tariff-free thanks to the 1984 Caribbean Basin Initiative.

Dominican peso

The Dominican peso is the currency of the Dominican Republic (Spanish: República Dominicana). Its symbol is "$", with "RD$" used when distinction from other pesos (or dollars) is required; its ISO 4217 code is "DOP". Each peso is divided into 100 centavos ("cents"), for which the ¢ symbol is used. It is the only currency that is legal tender in the Dominican Republic for all monetary transactions, whether public or private.

Electricity sector in the Dominican Republic

The power sector in the Dominican Republic has traditionally been, and still is, a bottleneck to the country's economic growth. A prolonged electricity crisis and ineffective remedial measures have led to a vicious cycle of regular blackouts, high operating costs of the distribution companies, large losses including electricity theft through illegal connections, high retail tariffs to cover these inefficiencies, low bill collection rates, a significant fiscal burden for the government through direct and indirect subsidies, and very high costs for consumers as many of them have to rely on expensive alternative self-generated electricity. According to the World Bank, the revitalization of the Dominican economy depends greatly on a sound reform of the sector.

Independent Financial Centre of the Americas

The Independent Financial Centre of the Americas (IFCA) is the world's first privately operated and independently regulated international financial centre. It was officially established on 10 March 2006 and is being built and operated in the city of Guayacanes in the Dominican Republic. If all goes well the centre could be up and running by 2009 and would serve as the capital markets hub for the Americas, similar to The Dubai International Financial Center in the Middle East. It is considered one of the most ambitious projects undertaken in the regions recent history and could potentially transform the financial condition of Latin America and its position in the Global economy.

Index of Dominican Republic-related articles

The following is an alphabetical list of topics related to the Dominican Republic.

Irrigation in the Dominican Republic

Irrigation in the Dominican Republic (DR) has been an integral part of DR agricultural and economic development in the 20th Century. Public investment in irrigation has been the main driver for irrigation infrastructural development in the country. Irrigation Management Transfer to Water Users Associations (WUAs), formally started in the mid-1980s, is still an ongoing process showing positive signs with irrigation systems in 127,749 ha (46% of total irrigated land in the country), being managed by 41,329 users (57% of all users). However, the transfer process and the performance of WUAs are still far from ideal. While WUAs show a significant increase in cost recovery, especially when compared to low values in areas under state management, a high subsidy from the government still contributes to cover operation and maintenance costs in their systems.

Water demand for irrigation is 7,340.41 million m3/year which is 82% of the total demand (8,891,45 million m3/year). Irrigation demand is covered mostly by surface water, and partially (13%) by groundwater. About 76% of Dominican Republic’s land area (8,900 km2) is dedicated to agriculture, 17% of which is irrigated. According to FAO, 270,000ha are equipped for irrigation. Most of the irrigated areas are located in the valleys between the mountain ranges, with a medium to low rainfall and few limitations on its soil such as slope, depth of soil, and in some cases, salinity problems associated with irrigation or the presence of saline groundwater. Annual government investment in water resources and irrigation infrastructure is in the order of US $100 million.

Needs in the irrigation sector are related to improving efficiency, productivity and

organizational aspects. According to the FAO, solutions should be sought in the use of better technology, efficient operation of irrigation systems and adequate means of financial support. Poor maintenance of existing infrastructure and irrational use of water are causes for the low (overall) irrigation efficiency.

Latin American International Financial Exchange

The Latin American International Financial Exchange (or LAIFEX) is a proposed electronic central trading and exchange facility, which will be housed in the Independent Financial Centre of the Americas (IFCA) in the Dominican Republic. Its primary activities will be to facilitate primary and secondary debt trading between Latin American countries and around the globe.

It will access a market in excess of USD $2.94 trillion of annually traded regional debt - accounting in 2004 for 63.2% of trade in emerging market debt. At present there is no central platform to clear and settle locally denominated trading in Latin America.

LAIFEX will include a private stock exchange where members can apply for seats, and the information technology platform being custom-built for the IFCA can service a regional stock exchange to give companies from around the world access to new capital. If plans go well, the exchange could start running electronically by 2007.

List of banks in the Dominican Republic

This is a list of banks in Dominican Republic as of November 2010, published by the Bank Superintendency, including credit unions and other financial services companies that offer banking services and may be popularly referred to as "banks".

List of dams and reservoirs in Dominican Republic

There are numerous dams and reservoirs in the Dominican Republic, which is composed of rivers, lakes, streams, and numerous waterfalls.

The main rivers in the Dominican Republic are the Yaque del Norte, which is the longest in the country at 201 km in length. The second largest and the strongest river is the Yuna River which is 138 km in length and the third largest is the Yaque del Sur which is 136 km in length.

Note:

*Actual capacity might vary

**Some rivers have the same name as dams or hydro-electric plants.

List of regions of the Dominican Republic by Human Development Index

This is a list of regions of the Dominican Republic by Human Development Index as of 2017.

Ministry of Economy (Dominican Republic)

The Ministry of Economy, Planning and Development of the Dominican Republic is a ministry created in 2006 through Law No. 496-06 of that year, which exerts ongoing coordination of the Economic Team and the Cabinet Economic Sector of the Dominican Government. It's considered one of the strategic ministries and his minister, a high executive government.

Outline of the Dominican Republic

The following outline is provided as an overview of and topical guide to the Dominican Republic:

Dominican Republic – sovereign state occupying the eastern five-eighths of the island of Hispaniola, in the Greater Antilles archipelago in the Caribbean region. Its capital, Santo Domingo, was Western Europe's first permanent settlement in, and the first seat of Spanish colonial rule in the New World. For most of its independent history, the nation experienced political turmoil and unrest, suffering through many non-representative and tyrannical governments. Since the death of military dictator Rafael Leonidas Trujillo Molina in 1961, the Dominican Republic has moved toward representative democracy.

Presidente (beer)

Presidente is a brand of Pilsner beer that is owned and produced by Cervecería Nacional Dominicana (CND) at several breweries in the Dominican Republic. In addition to domestic consumption in the Dominican Republic, Presidente is exported to the United States, Panama, Honduras, Spain, Germany, Switzerland, Italy, Andorra, Aruba, Cuba, Curaçao, Antigua, Belize, Martinique, Guadeloupe, Turks and Caicos, The Bahamas, Saint Martin, British Virgin Islands and Puerto Rico. Varieties include Presidente (5.0% ABV) and Presidente Light (4.3 ABV.)

History
Geography
Politics
Economy
Society
Greater Antilles
Leeward Antilles
Leeward Islands
Windward Islands
Other islands
Continental coasts
Economy of the Americas
Sovereign states
System
Issues
Agreements
Ministerial
Conferences
People
Members

This page is based on a Wikipedia article written by authors (here).
Text is available under the CC BY-SA 3.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.