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.
- According to AllCityPopulation, 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.
The country 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.