The Central Bank reported that the Monthly Indicator of Economic Activity (IMAE) recorded a remarkable YoY expansion of 5.8% in Junea figure higher than the 4.8% observed in May and the 4.7% in April of this year.
According to BC, with this result the average growth of the IMAE corresponding to January-June 2022 was 5.6% compared to the same semester of the previous year.
The monetary authority stressed that the accumulated increase in the Dominican economy in the first six months has been achieved in the context of adequate coordination of monetary and fiscal policy in the face of risks arising from the international environment.
He explained that in the domestic sphere, the outlook remains positive, predicting an expansion of the Gross Domestic Product (GDP) of 5.0%, a rate close to the potential, according to the forecast system of the Central Bank and in line with what is indicated by multilateral organizations such as the International Monetary Fund (IMF) and the World Bank .
I affirm that the result for the month of June 2022 was supportedin part, due to the favorable behavior of the industries of the regime of Free and mining zonesas well as for a good performance of service activities as a whole, and in particular Hotels, Bars and Restaurants in which the arrival of 645,000 tourists affected, a historical maximum for a month of June.
Similarly, he noted the trade, transportation, local manufacturing, health, agriculture and other services as activities that had an important impact on the increase in the value added of the aforementioned month.
Here is a summary of the economic indicators presented by the Central Bank:
- The average growth interannual of the IMAE was located in 5.6% for January-June 2022.
- In July 2022, the MPR was increased by 50 basis points, from 7.25% per year to 7.75% per year, for a cumulative increase of 475 basis points since November 2021.
- The Foreign direct investment reached the sum of US$1,870.9 million between January and June 2022, for an expansion of 8.0% compared to the same period in 2021.
- The foreign exchange earning activities favored the relative stability of the exchange rate, reflected in an appreciation of the local currency of 4.8% at the end of June.
- The international reserves were located around $14.45 billion as of June 2022, equivalent to about 13.3% of GDP and about six months of imports, exceeding the metrics recommended by the IMF.
- The open unemployment rate registered a year-on-year decrease of 2.4 percentage points, passing from 7.6% in April-June 2021 to 5.2% in the same quarter of 2022.
- Total employment (including formal and informal) increased by 169,309 workers in April-June 2022 compared to the same period of the previous year, reaching 4,702,017 employed persons.
