Dominican economy grew 5.8% in June and 5.6%

In January-June, 3,547,143 travelers entered the country, for an increase of 1,649,500 passengers, 86.9% in the first six months of this year compared to 2021.

The Central Bank informed that last June the economic activity in the country grew by 5.8% which is attributed to the positive impact of the increase in tourism, services, health, free zone manufacturing and energy and water, among others, with an appreciation of the peso against the dollar of 4.8 perce

It adds that the Monthly Economic Activity Indicator (Imae) grew 5.8 percent in the month of June, higher than the 4.8 percent observed in May and the 4.7 percent of April 2022.

“With this result, the average growth of the Imae corresponding to January-June 2022 stood at 5.6 % with respect to the same semester of the previous year.”

Meanwhile, the average inter-annual growth of the IMAE stood at 5.6 % in the first quarter of this year.

While last July the monetary policy rate or TPM was raised by 50 basis points, from 7.25% per annum to 7.75% per annum, for an accumulated increase of 475 basis points since November 2021.

It explains that the growth of Dominican economic activity between January-June of this year was supported by the hotel, bar and restaurant sectors with 34.3%, health 11.6%, other service area activities with 10.3%, free zone manufacturing 8.6%, public administration 8.5%, transportation and storage 8.0%, commerce 6.6%, energy and water 6.3% and financial services 5.6%.

It highlights that in that period 3,547,143 travelers entered the country, for an increase of 1,649,500 passengers, 86.9 % in the first six months of this year in relation to 2021.

It indicates that foreign direct investment reached US$1,870.9 million between January and June 2022, 8.0 % more compared to the same period in 2021.

“Foreign exchange generating activities favored the relative stability of the exchange rate, reflected in an appreciation of the local currency of 4.8 % at the end of June,” it explains.

It informed that international reserves stood at US$ 14,450 million in June of this year, equal to 13.3% of the GDP, which could represent six months of imports.

Another point highlighted by the BCRD, is that the open unemployment rate which decreased by 2.4 percentage points, going from 7.6 % in April-June 2021 to 5.2 % in that period this year.

“Total employment, including formal and informal jobs, increased by 169,309 workers in April-June 2022 with respect to the same period of the previous year, to reach 4,702,017 employed,” the Central Bank report states.

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