Tourism and free zones save the day
A decline in direct foreign investment and national exports has affected the generation of foreign exchange, but this has been offset by the boom in the tourism and free zone industry and remittances by Dominicans living abroad, according to recent Central Bank statistics.
According to the Central Bank’s figures for the first half of the year, there was a -3.3% drop in general exports, including a -13.1% drop in national exports. This came from a 3.5% increase in farm exports (cacao and tobacco products), and a -9% decline in manufactured goods exported and the collapse of gold exports (-21.6%).
However, tourism receipts were up US$3.16 billion in the first half of 2015 compared to US$2.89 billion in the first half of 2014, free zone exports increased to US$2.67 billion up from US$2.52 billion, and remittances increased to US$2.49 billion, up from US$2.35 billion the previous year.
Source: DR1, Eldinero
Sep 14, 2015
Category: DR News |