Includes historical data for Dominican Republic’s Gross Domestic Product growth, debt-to-GDP ratio and more, as well as information on trade, banking and financial sector leadership.
Prosperity Driven By Booming Tourism And Rising Foreign Investment
Over the past few decades, the Dominican Republic has emerged as one of Latin America’s economic success stories, with growth outpacing many of its regional counterparts. A stable democracy and popular tourist destination, this Caribbean nation boasts a well-developed infrastructure network that facilitates trade and commerce. Additionally, this nation of nearly 11 million people benefits from the CAFTA-DR free trade agreement with the US and an economic partnership with the EU.
Thanks to a series of investor-friendly policies, including generous tax exemptions and other financial incentives, the Dominican Republic has also become a significant recipient of foreign direct investment (FDI) beyond the traditional tourism sector, particularly in telecommunications, real estate, mining and finance. However, challenges remain, including a lack of transparency in governance and insufficient implementation of existing laws, as well as vulnerability to climate events.
Macroeconomy & Sovereign Data
| Type of Government | Presidential republic |
|---|---|
| Capital | Santo Domingo |
| Sovereign Ratings |
S&P: BB Moody’s: Not rated Fitch: BB– |
| Total Population | 10.8 million |
| Median Age | 28.0 |
| Adult Per Capita Income (PPP) | 36,122 |
| Total GDP (2023) | 127.4 billion |
Dominican Republic GDP & Economic Overview
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Trade & Investment
| Total Exports | USD 27.8 billion (2023) |
|---|---|
| Leading Exports |
Medical Instruments Gold Tobacco Power Equipment Garments |
| Total Imports | USD 12.6 billion (2022) |
| Leading Imports |
Refined Petroleum Natural Gas Cars Plastic Products Crude Petroleum |
| Sources: | CIA Factbook, IMF |
Dominican Republic Leading Companies
| BanReservas | Financials |
|---|---|
| BHD Bank | Financials |
| Grupo León Jimenes | Consumer Staples, Diversified Food Producers |
| Cervecería Nacional Dominicana | Consumer Staples, Brewers |
| Arajet Transports | Airlines |
| Claro Dominicana | Telecommunication Services |
| Grupo Corripio | Conglomerates, Media & Entertainment, Energy, Materials |
Major Trade Partners — Import
| United States | 52% |
|---|---|
| China | 16% |
| Mexico | 4% |
| Brazil | 4% |
| Spain | 3% |
Major Trade Partners — Export
| United States | 56% |
|---|---|
| Switzerland | 8% |
| Haiti | 8% |
| India | 6% |
| Netherlands | 4% |
Global Finance Rankings & Awards
Data Sources:
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
Fitch Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000