Dominican Republic

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Dominican Republic - In Short.

Overview of Dominican Republic

The Taino – indigenous inhabitants of Hispaniola prior to the arrival of the Europeans – divided the island into five chiefdoms and territories. Christopher COLUMBUS explored and claimed the island on his first voyage in 1492; it became a springboard for Spanish conquest of the Caribbean and the American mainland. In 1697, Spain recognized French dominion over the western third of the island, which in 1804 became Haiti. The remainder of the island, by then known as Santo Domingo, sought to gain its own independence in 1821 but was conquered and ruled by the Haitians for 22 years; it finally attained independence as the Dominican Republic in 1844. In 1861, the Dominicans voluntarily returned to the Spanish Empire, but two years later they launched a war that restored independence in 1865. A legacy of unsettled, mostly non-representative rule followed, capped by the dictatorship of Rafael Leonidas TRUJILLO from 1930 to 1961. Juan BOSCH was elected president in 1962 but was deposed in a military coup in 1963. In 1965, the US led an intervention in the midst of a civil war sparked by an uprising to restore BOSCH. In 1966, Joaquin BALAGUER defeated BOSCH in the presidential election. BALAGUER maintained a tight grip on power for most of the next 30 years when international reaction to flawed elections forced him to curtail his term in 1996. Since then, regular competitive elections have been held in which opposition candidates have won the presidency. Former President Leonel FERNANDEZ Reyna (first term 1996-2000) won election to a new term in 2004 following a constitutional amendment allowing presidents to serve more than one term, and was later reelected to a second consecutive term. Following the two-term presidency of Danilo MEDINA Sanchez (2012-2020), Luis Rodolfo ABINADER Corona was elected president in July 2020.
Value
Country Full Name
Dominican Republic
Country Code
DOM
Region
Latin America & Caribbean
Income Group
Upper middle income
Currency Unit
GDP
78844702329
Population
10847904
Land Area
48310
Net National Income Per Capita
6356.408267
GDP per Capita (PPP)
17935.65607

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Dominican Republic - Economic

Economy of Dominican Republic

The Dominican Republic was for most of its history primarily an exporter of sugar, coffee, and tobacco, but over the last three decades the economy has become more diversified as the service sector has overtaken agriculture as the economy’s largest employer, due to growth in construction, tourism, and free trade zones. The mining sector has also played a greater role in the export market since late 2012 with the commencement of the extraction phase of the Pueblo Viejo Gold and Silver mine, one of the largest gold mines in the world.For the last 20 years, the Dominican Republic has been one of the fastest growing economies in Latin America. The economy rebounded from the global recession in 2010-16, and the fiscal situation is improving. A tax reform package passed in November 2012, a reduction in government spending, and lower energy costs helped to narrow the central government budget deficit from 6.6% of GDP in 2012 to 2.6% in 2016, and public debt is declining. Marked income inequality, high unemployment, and underemployment remain important long-term challenges; the poorest half of the population receives less than one-fifth of GDP, while the richest 10% enjoys nearly 40% of GDP.The economy is highly dependent upon the US, the destination for approximately half of exports and the source of 40% of imports. Remittances from the US amount to about 7% of GDP, equivalent to about a third of exports and two-thirds of tourism receipts. The Central America-Dominican Republic Free Trade Agreement came into force in March 2007, boosting investment and manufacturing exports.

Unemployment Rate

Inflation Rate

Dominican Republic - GDP Composition

GDP Composiiton & Value Added of Dominican Republic

Last Updated: Jan, 2021, Updated For 2020.

Dominican Republic - GDP, Value Added

Demographics of Dominican Republic

coastal development is significant, especially in the southern coastal plains and the Cibao Valley, where population density is highest; smaller population clusters exist in the interior mountains (Cordillera Central)
Geographic Location

Caribbean, eastern two-thirds of the island of Hispaniola, between the Caribbean Sea and the North Atlantic Ocean, east of Haiti

Races

mixed 70.4% (Mestizo/Indio 58%, Mulatto 12.4%), Black 15.8%, White 13.5%, other 0.3% (2014 est.)note: respondents self-identified their race; the term "indio" in the Dominican Republic is not associated with people of indigenous ancestry but people of mixed ancestry or skin color between light and dark

Languages

Spanish (official)major-language

Religion

Roman Catholic 44.3%, Evangelical 13%, Protestant 7.9%, Adventist 1.4%, other 1.8%, atheist 0.2%, none 29.4%, unspecified 2% (2018 est.)

Dependency & Expectancy of Dominican Republic

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Dominican Republic - Social Media Briefing

Dominican Republic - Social Media & Social Commerce

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Politics & Policies of Dominican Republic

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ACP, AOSIS, BCIE, Caricom (observer), CD, CELAC, FAO, G-77, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ISO (correspondent), ITSO, ITU, ITUC (NGOs), LAES, LAIA, MIGA, MINUSMA, NAM, OAS, OIF (observer), OPANAL, OPCW, Pacific Alliance (observer), PCA, Petrocaribe, SICA (associated member), UN, UNCTAD, UNESCO, UNIDO, Union Latina, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO

Import of Dominican Republic

Export of Dominican Republic

Import Destination

Export Destination