Flag and Facts

The Dominican Republic’s economy ranks 62nd in the world and has the 66th-best real gross domestic product (GDP). Dominican Republic’s neighboring country Haiti, is ranked 120th. Most of the gross domestic product composition, by sector of origin, comes from services, industry, and agriculture. The agricultural includes bananas, papayas, plantains, rice, milk, avocados, watermelons, vegetables, pineapples, and most importantly, sugarcane. The industries include tourism, sugar processing, gold mining, textiles, cement, tobacco, electrical components, and medical devices. Services are the most important out of the three becuase it has finance, tourism, trade, and government services which is nearly half of the gross domestic product. The Dominican Republic’s labor force is at 5.295 million. Not a lot of people have a job with the unemployment rate at 5.56%. In 2021, the population was below the poverty line at 23.9% and 37.2% in debt of the gross domestic product. The major export commodities of the Dominican Republic are medical instruments, gold, tobacco, power equipment, and garments with the exports being 25.843 billion. The top five export partners are the United States at 50%, Switzerland at 8%, Haiti at 7%, China at 3%, and India at 3%. Dominican Republic’s major import commodities are refined petroleum, natural gas, cars, plastic products, and crude oil with the imports being 34.455 billion. The partners are the United States at 44%, China at 15%, Brazil at 4%, Colombia at 3%, and Spain at 3%. Inflation has gone down a lot since 2022, inflation was 8.81%, and now in 2023, it is 4.79%. The taxes and other revenues are 13.82% of the gross domestic product. The Dominican Republic’s economy has been getting a lot better and advanced over the years with the services it produces and the health care it has. With tourism all year long and being the number one most visited country in the Caribbean, the Dominican Republic’s economy will only get better.