Local Time in Santo Domingo: Print

Overview of the Dominican Republic

With a population of over 10.3 million consumers and a nominal GDP of $59.27 billion, the Dominican Republic (DR) is the ninth largest economy in Latin America and the second largest in the Caribbean region. The Dominican Republic is a middle income country, with a GDP per capita of around $9,700 (PPP), and an economy based on tourism, agriculture and service industries. GDP grew 4.5 percent in 2011, which was fueled in part by increased indebtedness, declined to 3.9 percent in 2012 and increased slightly to 4.1 percent in 2013. In the same period, the inflation rate declined markedly from 7.76 percent in 2011 to a manageable 4.8 percent, well within the Dominican Central Bank’s target range. …more

Highlights

  • On March 1, 2007 the CAFTA-DR Free Trade Agreement was implemented allowing almost 80% of U.S. goods to enter the DR duty free.
  • The Dominican Republic (DR) is the ninth largest economy in Latin America and the second largest in the Caribbean region

Economic Outlook

  • The United States is, by far, the DR’s largest trading partner.
  • Bi-lateral trade between the United States and the DR amounted to $11.42 billion in 2013
  • The U.S.’s share of the consumer goods imported into the DR is estimated at 70 percent of the total.
  • The economy is based on tourism, agriculture and service industries

International Airports: Las Américas (Santo Domingo), Herrera (Santo Domingo), La Romana, Punta Cana, Santiago, Puerto Plata, Samana and Barahona.

Major Ports: Santo Domingo, Haina, San Pedro de Macorís, Barahona, Las Calderas, Boca Chica and Puerto Plata.

Best Prospects

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