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Dominican Republic’s economy grew barely 0.3% in the first quarter

Santo Domingo.- Dominican Republic’s economy grew barely 0.3% in the first quarter, much slower than forecast, the Central Bank announced Friday.

In its preliminary report the monetary authorities noted that in the first quarter of 2012 the economy grew 3.8%, 4.3% in 2011 and 7.5% in 2010.

Key sectors with a strong impact on employment have fallen thus far this year, including retail sales (-2.6%), hotels and restaurants (-0.6%), construction (-2.9%) and local manufacturing (-3.7%).

Meanwhile banking and related activities jumped 9.8%, education 6.3%, sugar processing 5.3%, health 5.3%, free zone manufacturing 4.3%, communications 3.2%, and housing rentals 3.0%.

“A number of factors influenced this performance, such as the effects of the tax package which has been influencing the expectations of economic agents since the end of last year. This has been reflected in a decrease in the domestic demand,” the Central Bank said.

Source: DT

Category: DR News |

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Last updated March 25, 2017 at 5:40 PM
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