Dominican economy grew 5.4% in August according to BC report

The Central Bank (BCRD) informed that according to the preliminary results of the economy As of August 2022, a growth of 5.5% was registered.

In the first eight months of the year the Monthly Indicator of Economic Activity (IMAE) registered an accumulated interannual variation of 5.5%thus maintaining the same average growth exhibited during January-July, after having experienced an increase of 5.4% in August compared to the same month of the previous year, it indicates.

The trend that has reflected the Dominican economy this year places lThe projection of the expansion of the real Gross Domestic Product (GDP) in a range between 5.0%-5.5% for the end of 2022, around the potential rate, according to the forecasts of the Central Bank.

sectors
Among the activities that make up growth, the BCRD highlights the performance of hotels, bars and restaurants (31.2%), health (11.3%), other service activities (9.1%), public administration (7.8%), transport and storage (7.1%), commerce (6.5%) and financial services (5.8%). Regarding industries, free zone activity grew 7.0%, local manufacturing 4.4% and construction 2.7%; while agriculture grew 3.4% in the referred period.

Activity hotels, bars and restaurants, in terms of real value added, showed a relative variation of 31.2%explaining the third part of the total expansion of the IMAE in January-August 2022.

The behavior of this sector responds fundamentally to the reactivation in the arrival of non-resident passengers, accumulating 4.9 million visitors in the referred period, for an increase of 1,965,957 travelers (66.9%) in the first eight months.

An important aspect to highlight is the remarkable figure of 430,129 tourists received in September 2022, reaching 5.3 million non-resident passengers in nine months, according to data announced by the Ministry of Tourism.

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These have been unprecedented flows, registering records in arrivals in the months of June, July, August and September.

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