Dominican Republic Economy Accumulates Average Growth of 5.1%

• The Central Bank of the Dominican Republic (BCRD) released preliminary economic activity results for September 2024. The monthly indicator of economic activity (IMAE), a key indicator of robust economic performance, recorded a 4.7% expansion during September of this year, with an average year-over-year (YoY) growth of 5.1% from January to September 2024.
• This growth was largely due to the performance of construction (+4.4%) and free trade zone manufacturing (+6.5%), with exports under this regime amounting to US$6,404.1Mn in the referred period.
• Likewise, service activities experienced an accumulated increase of 5.3% relative to the same period of the previous year, among which financial intermediation (+7.9%), hotels, bars and restaurants (+6.3%), transportation and storage (+5.9%), real estate and rental activities (+5.7%) and communications (+5.1%) stood out.
• Financial intermediation’s real aggregate value grew by 7.9%, influenced by the 16.2% (or RD$309,554.3Mn) expansion of local currency credit granted to the private sector. While the added value of the hotels, bars, and restaurants activity increased by 6.3% primarily influenced by passengers’ arrivals through the different airport terminals.
• Of note, although mining declined by -6.1% from January to September, it increased by 8.5% in August and 16.9% in September, following increased gold production in the country’s main deposit.
• The overall performance occurred in an environment of price stability, supported by effective monetary and fiscal policies that have mitigated risks to Dom Rep’s economy.

(Source: Dominican Today)