Short facts about the economy in Dominican Republic
| Economy -
overview: |
The Dominican economy experienced
dramatic growth over the last decade, even though the economy was hit hard by
Hurricane Georges in 1998. Although the country has long been viewed primarily
as an exporter of sugar, coffee, and tobacco, in recent years the service sector
has overtaken agriculture as the economy's largest employer, due to growth in
tourism and free trade zones. The country suffers from marked income inequality;
the poorest half of the population receives less than one-fifth of GNP, while
the richest ten percent enjoy 40% of national income. In December 2000, the new
MEJIA administration passed broad new tax legislation which it hopes will
provide enough revenue to offset rising oil prices and to service foreign
debt. |
| GDP: |
purchasing power parity - $48.3 billion
(2000 est.) |
| GDP - real
growth rate: |
8% (2000
est.) |
| GDP - per
capita: |
purchasing power parity - $5,700 (2000
est.) |
| GDP -
composition by sector: |
agriculture: 11.3%
industry: 32.2%
services: 56.5% (1999
est.) |
| Population
below poverty line: |
25% (1999
est.) |
| Household
income or consumption by percentage share: |
lowest 10%: 1.6%
highest 10%: 39.6%
(1989) |
| Inflation
rate (consumer prices): |
7.9% (2000
est.) |
| Labor
force: |
2.3 million - 2.6
million |
| Labor force
- by occupation: |
services and government 58.7%, industry
24.3%, agriculture 17% (1998 est.) |
| Unemployment
rate: |
13.8% (1999
est.) |
| Budget: |
revenues: $2.3 billion
expenditures: $2.9 billion, including capital
expenditures of $867 million (1999 est.) |
| Industries: |
tourism, sugar processing, ferronickel
and gold mining, textiles, cement, tobacco |
| Industrial
production growth rate: |
8% (2000
est.) |
| Electricity
- production: |
7.29 billion kWh
(1999) |
| Electricity
- production by source: |
fossil fuel: 87.19%
hydro: 12.4%
nuclear:
0%
other: 0.41% (1999) |
| Electricity
- consumption: |
6.78 billion kWh
(1999) |
| Electricity
- exports: |
0 kWh
(1999) |
| Electricity
- imports: |
0 kWh
(1999) |
| Agriculture
- products: |
sugarcane, coffee, cotton, cocoa,
tobacco, rice, beans, potatoes, corn, bananas; cattle, pigs, dairy products,
beef, eggs |
| Exports: |
$5.8 billion (f.o.b.,
2000) |
| Exports -
commodities: |
ferronickel, sugar, gold, silver,
coffee, cocoa, tobacco, meats |
| Exports -
partners: |
US 66.1%, Netherlands 7.8%, Canada
7.6%, Russia 7.4%, UK 4.5% (1999 est.) |
| Imports: |
$9.6 billion (f.o.b., 2000
est.) |
| Imports -
commodities: |
foodstuffs, petroleum, cotton and
fabrics, chemicals and pharmaceuticals |
| Imports -
partners: |
US 25.7%, Venezuela 9.2%, Mexico 4%,
Japan 3%, Panama 2.6% (1999 est.) |
| Debt -
external: |
$4.7 billion (2000
est.) |
| Economic aid
- recipient: |
$239.6 million
(1995) |
| Currency: |
Dominican peso
(DOP) |
| Exchange
rates: |
Dominican pesos per US dollar - 16.888
(January 2001), 16.415 (2000), 16.033 (1999), 15.267 (1998), 14.265 (1997),
13.775 (1996) |
| Fiscal
year: |
calendar year | Source: World Factbook |
