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COUNTRY INSIGHTS

Construction declines slowed real GDP growth
DOMINICAN REPUBLIC · Report · 12 Mar 2025

Economic activity recorded a significant slowdown in January. The y/y real GDP monthly growth rate was only 2.2%, less than half of the 5% average observed in 2024. The main explanation was the -7.3% contraction of the construction sector. Monthly inflation in February stood at 0.32%, while th...

U.S. and DR to explore collaboration on extraction of rare-earth elements
DOMINICAN REPUBLIC · Report · 18 Feb 2025

Official data confirmed strong economic growth in 2024, with a 5% annual expansion, and lower unemployment amid rising labor force participation. Preliminary estimates indicate a 3% of GDP current account deficit, and an increase in NFPS debt, to 46.1% of GDP. The new year began with moderate ...

Ministry of Finance launches public debt buyback offer
DOMINICAN REPUBLIC · In Brief · 11 Feb 2025

The Ministry of Finance announced that the Dominican Republic has initiated a voluntary public debt buyback offer. The offer will remain open until Feb 14, 2025. This operation covers two groups of bonds: those regulated under Dominican law and those governed by international regulations. Among t...

The Central Bank Pauses the Monetary Policy Interest Rate Reduction Cycle
DOMINICAN REPUBLIC · In Brief · 31 Jan 2025

At its monetary policy meeting in January 2025, the Central Bank of the Dominican Republic (BCRD) decided to maintain its monetary policy interest rate (MPR) at 5.75% per annum. Similarly, the rate for the permanent liquidity expansion facility (1-day Repos) remains at 6.25% per annum, while the ...

2024 was better than expected, but 2025 will be full of challenges
DOMINICAN REPUBLIC · Report · 17 Jan 2025

The economy in 2024 performed better than initially expected. A preliminary estimate put growth at a rate very close to potential growth of 5%, due to significant investment expansion (7.5% y/y in January-September 2024) and exports (5.1% y/y in January-September 2024). Inflation was 3.35%, close...

The Central Bank ends 2024 with a new reduction in the monetary policy rate
DOMINICAN REPUBLIC · In Brief · 30 Dec 2024

At its last monetary policy meeting in 2024, the Central Bank decided to reduce its monetary policy interest rate (TPM) by 25 basis points, lowering it from 6.00% to 5.75% per year. Similarly, the rate for the permanent liquidity expansion facility (1-day Repos) was reduced from 6.50% to 6.25% pe...

Robust economic growth mitigates fiscal risks
DOMINICAN REPUBLIC · Report · 17 Dec 2024 · 1 response

Economic activity continued its roller coaster pattern in 2024, alternating between months of y/y growth below 5% and months above. Cumulative y/y growth remained at 5.1% on average from June to October. In November both headline inflation (3.18% y/y) and core inflation (3.47% y/y) remained wi...

Central Bank Reduces Monetary Policy Rate Again and Announces Liquidity Increase
DOMINICAN REPUBLIC · In Brief · 29 Nov 2024

The Central Bank has once again reduced the monetary policy rate, lowering it by 25 basis points to 6% annually, effective December 2024. The permanent facility rate has been decreased to 6.50% annually, while the overnight deposit rate has been set at 4.5% annually. Additionally, this week the C...

Fitch Ratings maintains BB- risk rating with positive outlook
DOMINICAN REPUBLIC · In Brief · 22 Nov 2024

Fitch Ratings has decided to maintain the Dominican Republic's risk rating at BB- with a positive outlook. This marks the same rating assigned in 2023, when the country first received a positive outlook, following a period at BB- with a stable outlook between 2020 and 2022. The rating reflects th...

Country in a wait-and-see stance, after withdrawal of fiscal reform bill
DOMINICAN REPUBLIC · Report · 15 Nov 2024

After the government unexpectedly decided to withdraw the tax reform bill from Congress due to public opposition, Dominican society remains in a holding pattern, awaiting the government’s next steps to ease constraints on public finances. At the time of the withdrawal, the government announced th...

The Central Bank lowers the monetary policy rate once again
DOMINICAN REPUBLIC · In Brief · 01 Nov 2024

For the third consecutive month, the Central Bank has decided to reduce the monetary policy rate by 25 basis points, bringing it down from 6.50% in October to 6.25% annually. Similarly, the rate for the permanent liquidity expansion facility (1-day Repos) has decreased from 7.00% to 6.75% per yea...

No new tax reform proposal will be forthcoming
DOMINICAN REPUBLIC · In Brief · 21 Oct 2024 · 1 response

This afternoon, President Abinader indicated that there is no new proposal for fiscal reform. The government will make all the necessary budget adjustments. He also assured that the government will continue with the implementation of the Fiscal Responsibility Law and the application of the fiscal...

President Abinader to withdraw the Fiscal Modernization Bill from the National Congress
DOMINICAN REPUBLIC · In Brief · 19 Oct 2024 · 3 responses

After facing strong criticism from various sectors of Dominican society, President Luis Abinader has announced that he will withdraw the Fiscal Modernization Bill from the National Congress. He stated that this decision was made because the legislative initiative lacked public support and did not...

Negotiating fiscal reform an uphill battle
DOMINICAN REPUBLIC · Forecast · 17 Oct 2024

The government presented its tax reform proposal, which seeks to increase tax revenues by $2 billion, equivalent to 1.5% of GDP. The tax reform burden will primarily fall on individuals, due to the increase in consumption, income and property taxes, which account for 82% of the additional revenue...

Finally, the Government presented its fiscal reform proposal.
DOMINICAN REPUBLIC · In Brief · 08 Oct 2024

Arguing that the Dominican Republic cannot depend indefinitely on debt to finance public services, and that there is a need for greater spending to fund the provision of public services, the Minister of Finance, Jochi Vicente, presented the fiscal reform proposal yesterday. According to the autho...

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