Dominican economy registers an average growth of 5.5% in January-July 2022

The preliminary results of the growth of the economy to July 2022 indicate that the Monthly Indicator of Economic Activity (IMAE) registers an accumulated average variation of 5.5% in the period January-July of this year, compared to the same period of the previous year, reported the Central Bank (BCRD).

It points out that this behavior occurs after having experienced a year-on-year increase of 4.7% in July, similar to the growth rates of April and May of 4.7% and 4.8%, respectively.

The expansion accumulated to date allows us to maintain the forecast that the economy would be ending the year with an increase in the Gross Domestic Product (GDP) around its potential, in line with the projections of the International Monetary Fund (IMF) and the Economic Commission for Latin America and the Caribbean (ECLAC).

This last organization placed it at 5.3%, among the best performances in the region and practically double the average growth of 2.7% expected for the region.

Contributing to this projection would be the continuation of private investment initiatives associated with Foreign Direct Investment (FDI) flows, which are expected to reach an amount greater than US$3.5 billion this year, as well as the execution of public investment announced by President Luis Abinader and contemplated in the budget. These favorable prospects reflect the resilience of the Dominican economy in the context of an adverse international environment characterized by a slowdown in global growth prospects. 2 Monthly indicator of economic activity (IMAE).

sectors

In January-July, the agricultural sector grew 2.9%, Exploitation of Mines and Quarries -10.9%, Local Manufacturing 4.3%, Free Zone Manufacturing 7.2%, Construction 1.9%, Services 7.6%, Energy and Water 6.2%, Commerce 6.3%, Hotels, Bars and Restaurants 32.9%, Transport and Storage 7.3%, Communications 5.4%, Financial Services 5.8%, Real Estate and Rental Activities 4.2%, Education 4.5%, Health 11.4%, Other Service Activities 9.9%.

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