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Low oil prices to save Dominican Republic US$600 million

Santo Domingo.- Despite a gloomy global economy and volatile commodities prices, the Dominican Republic will save more than US$600.0 million from the lower oil prices, as projected d by the International Monetary Fund (IMF).

Central banker Hector Valdez Albizu made the announcement Thursday at the 2nd Congress on Banking and Economy in Latin America. The event, hosted by the Commercial Banks Association (ABA) and the Latin American banks grouped in FELABAN.

Valdez said the WTI global crude prices have plunged from 99.36 to 84.56 dollars per barrel as stated by the IMF Wednesday night, and confirm a fall in the estimates of Dominic Republic’s current account deficit of 2.9% this year and 3.1% of GDP in 2015.

He predicts that oil prices will remain low during the rest of the year.

The official also affirmed that the Dominican economy has tripled in size in the past 10 years, from its nominal GDP of US$20.4 billion in 2003 to US$61.2 billion in 2013, which places the local economy in 9th place in Latin America, after Brazil, Mexico, Argentina, Colombia, Venezuela, Chile, Peru and Ecuador.

Valdez said the Dominican economy is Central America’s largest, buoyed by a variety of activities, especially tourism, a sector he affirms expects around 6.0 million visitors this year.

Source: DT

Category: DR News |

  1. Samson

    How much of that will be passed onto the users?

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Last updated October 22, 2016 at 2:00 PM
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