The Dominican Republic is a country located in the Caribbean, sharing its island with Haiti. It is home to 10 million people and has a population density of 310 people per square kilometer. The Dominican Republic’s economy is largely driven by tourism, which accounts for approximately 25% of the country’s GDP. This sector has seen tremendous growth over the past decade, with the number of international visitors to the country increasing from 4.2 million in 2008 to 6 million in 2018.
According to cheeroutdoor, the Dominican Republic also has a strong agricultural sector, which accounts for around 15% of GDP and employs over 16% of the total workforce. Major crops include coffee, cocoa, tobacco, and sugarcane while livestock such as cattle and pigs are also important sources of income for many rural families.
The industrial sector is growing steadily as well and now accounts for around 20% of GDP. Major industries include textiles, electronics manufacturing, food processing, chemicals production, and construction materials production. Additionally, there is an increasing focus on renewable energy projects such as wind farms and geothermal power plants which have become increasingly important sources of energy for the country in recent years.
The services sector makes up a large portion of the economy at 45%, with banking being one of the largest contributors to this sector followed by telecommunications and transportation services. The government plays an important role in driving economic development through various programs aimed at improving infrastructure such as roads and ports as well as by encouraging foreign direct investment into various sectors such as renewable energy projects or tourism initiatives.
Overall, despite its small size Dominica’s economy is growing steadily thanks largely to increased investments in renewable energy projects as well as improved infrastructure development across the country which have allowed it to become more competitive globally while also providing much needed job opportunities for citizens at home. With continued investment into these areas – it appears likely that this small Caribbean nation could soon become an economic powerhouse within its region that will bring great benefits not only domestically but also internationally too.
After many years of economic stagnation, an economic reform program was implemented in the early 1990s; for example, foreign investment in the country was facilitated. The economic reforms and a favorable international development for the country led to the positive development of the country’s economy.
Note: the capital city of Dominican Republic is Santo Domingo with a population of 3.6 million (in metropolitan area, estimate 2017). Other major cities include Santiago with a population of 750,000, La Romana with a population of 218,000, San Pedro de Macorís with a population of 208,000 (2017 estimate).
During the 1990s, the Dominican Republic’s economy has undergone several crises, most often related to changes in the international market, but most often recovered. Since a large part of the country’s income comes from tourism, mainly through visitors from the United States, the country is very dependent on the economic development of the United States.
The economy of the Dominican Republic was dominated by agricultural production until the 1980s, but since then tourism and industry, mainly composition factories in duty-free zones, have been the main industries. However, agriculture is still important for employment.
The agricultural sector consists partly of large plantations with intensive cultivation of forage crops such as sugar, coffee and tobacco, and partly of many small farms that mainly grow rice, maize and beans, largely without machines or fertilizers. Efforts are being made to reduce dependence on traditional export crops, and alternative crops are increasingly being used, such as pineapple and other fruits as well as berries and vegetables.
Abbreviated as DOM by abbreviationfinder.org, the country of Dominican Republic lacks domestic energy sources and is heavily dependent on oil imports, which together with oil products, machinery and grain are the most important import products.
Industry is dominated by said assembly plants in duty-free zones; there are about 50 such zones in the country. Mainly, electronics, pharmaceuticals and clothing are manufactured. The main market for these products is the United States.
- COUNTRYAAH: Find major trading partners of Dominican Republic, including major exports and major imports with latest trade value and market share as well as growth rate.
The United States is the country’s main trading partner, accounting for 85 percent of exports and 51 percent of imports. The imported oil comes mainly from Venezuela and Mexico. Foreign trade is strongly influenced by oil price developments, and rising oil prices have sometimes caused severe strain on the country’s economy.