LatinNews Daily - 06 June 2022

In brief: DR posts strong growth in April

*The Dominican Republic’s central bank (BCRD) has released figures which show that the monthly indicator of economic activity (IMAE) reached 4.7% in April 2022, after expanding by 6.4% in March, 5.8% in February and 6.3% in January. This brings average growth for the first four months to 2022 to 5.8%. The BCRD said that these results “confirm the resilience of the Dominican economy” in the face of the current unfavourable international climate and notes the International Monetary Fund (IMF) and international credit ratings agency, Moody’s, share this optimism, forecasting that the country’s GDP will grow 5% this year. The Dominican Republic recently received plaudits from the IMF for its “remarkable resilience to global shocks”. The BCRD highlights as sectors driving growth in April 2022, hotels, bars & restaurants (up 40.2%); other services activities (10.6%); free zone manufacturing (10.1%). More generally it highlights the contribution of tourism, saying1.9m foreign visitors visited the country between January and April - an increase of over 181% on the same period in 2021. Other notable drivers of growth have been an increase in remittances and goods exports.

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