Dominican Republic Economy 5-24-24

Nominal GDP $120.629B, PercapitaGDP $11,249, Population 11,332,972, Debt to GDP 57.06%

Average wage $3,367/yr. Inflation 10%, Unemployment 5.5%, Land area 18.704sq miles, Arable land 18.45%, Urban 83% Rural 17%. Average wage $5,886/yr. Minimum wage $1,747/yr, Exports $1.0258, Imports $2.2528B. Trade deficit $1.25B.

Exports are led by Medical Instruments ($1.72B), Gold ($1.46B), Rolled Tobacco ($1.11B), Low-voltage Protection Equipment ($949M), and Ferroalloys ($575M).

Imports The top imports of Dominican Republic are Refined Petroleum ($2.67B), Petroleum Gas ($1.43B), Cars ($1.26B), Crude Petroleum ($783M), and Coal Briquettes ($690M), importing mostly from United States ($13.7B), China ($4.66B), Brazil ($1.16B), Colombia ($935M), and Spain ($895M).

Imports of Petroleum and petroleum products top the list of major imports in the Dominican Republic. The country imports a significant volume of crude oil, gasoline, diesel, and other refined fuels to meet its energy needs. The closest trading partners for petroleum products are Venezuela, the United States, and Mexico.

The Dominican Republic has never had a home-grown economic crisis, another thing that sets it apart in the region. Stability has allowed the country of nearly 12 million people to post a prolonged economic expansion, diversify its export base and attract foreign investment.

Despite the fact that the Dominican Republic borders Haiti on the same island, it has been a model that Haiti refused to follow. The Dominican Republic is 50% Evangelical and 30% Catholic.

Norb Leahy, Dunwoody GA Tea Party Leader