LatinNews Daily - 31 January 2023

In brief: Dominican central bank hails strong growth

*The Dominican Republic’s central bank (BCRD) has released new figures which show that the country’s GDP grew 4.9% in 2022. According to the BCRD the services sector (which represents approximately 60% of the country’s economy) grew 6.5% in 2022, followed by free zone manufacturing (+5.4%) while agriculture grew 5.0%. Exploitation of mines & quarries contracted 7.2% however. The same figures show that the Dominican Republic’s international reserves totalled US$14.4bn in 2022, equivalent to 5.6 months of imports and 12.8% of GDP while exports were up 10.5% on 2021, representing an additional US$1.3bn. According to the BCRD, tourism revenue totalled US$8.4bn last year, remittances reached US$9.8bn and foreign direct investment reached US$3.8bn, up 22.6% on 2021. The latest (15 December 2022) growth forecast from the United Nations Economic Commission for Latin America & the Caribbean (Eclac) projected that the Dominican Republic’s GDP would grow 5.1% in 2022, second only to Panama (8.4%) in Central America, and well above the 3.7% average for Latin America & Caribbean. Eclac forecasts that the Dominican Republic’s GDP will grow 4.6% in 2023, the highest in Central America, and significantly above the 1.3% average forecast for Latin America & Caribbean.

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