Dominican Rep: Jan-Sep GDP growth: 7%

DOMINICAN REPUBLIC - In Brief 24 Oct 2014 by Pavel Isa
The Central Bank announced that accumulated GDP growth for the first three quarters of the year reached 7%, almost twice as much as the rate registered for the same period in 2013. Mining was the leading activity with 24.1%, followed by construction (10.7%), tourism (8.2%), health (8.2%) and finance (7.8%). All economic activities registered positive growth: education (6.7%), manufacturing (5.7%), transportation (5.7%), agriculture (5.4%) and commerce (5.0%). According to the bank, GDP figures are consistent with the figures of tax collection registered by the tax agency. The Central Bank also reported a reduction in the broad unemployment rate from 15% in October 2013 to 14.1% in October 2014. As usual, the figures were received with skepticism by public opinion as growth seem not to have significant impacts on economic hardships of common people. Opinion polls indicate that in general people do not perceive economic improvements over the past months. Nonetheless, it should be bear in mind that in the Dominican Republic there is a systematic missalingment between GDP growth, and poverty rates and other welfare indicators as benefits of growth seem to be highly concentrated.

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