Dominican Republic GDP Annual Growth Rate
The Gross Domestic Product (GDP) in Dominican Republic expanded 5.50 percent in the first quarter of 2014 over the same quarter of the previous year. GDP Annual Growth Rate in Dominican Republic averaged 5.51 Percent from 1993 until 2014, reaching an all time high of 12.80 Percent in the first quarter of 2006 and a record low of -2.20 Percent in the fourth quarter of 2003. GDP Annual Growth Rate in Dominican Republic is reported by the Central Bank of Dominican Republic.
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The Dominican Republic is one of the fastest growing economies in the Caribbean. The most important sector of the economy is services, specifically tourism, finance and telecommunications. Mining has also been growing in importance, and ferronickel and gold production is expected to continue increasing. The Dominican Republic is also dependent on remittances and on revenues from the free-trade zones. Yet, serious reforms are required in order to keep the current pace of growth. Taxes account for only 13 percent of GDP, education is underfunded and electricity consumption is heavily subsidized. Corruption and inefficient public spending are also a significant drain on public resources. In addition, a third of the population still lives in poverty and drug related crime has increased in recent years. This page provides - Dominican Republic GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.