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Dominican Republic
Page history
last edited
by PBworks 15 years, 8 months ago
Economy
The Dominican Republic is a Caribbean representative democracy that enjoyed strong GDP growth until 2003. Although the country has long been viewed primarily as an exporter of sugar, coffee, and tobacco, in recent years the service sector has overtaken agriculture as the economy's largest employer due to growth in tourism and free trade zones.
Growth turned negative in 2003 with reduced tourism, a major bank fraud, and limited growth in the US economy (the source of about 80% of export revenues), but recovered in 2004-06. With the help of strict fiscal targets agreed in the 2004 renegotiation of an IMF standby loan, President FERNANDEZ has stabilized the country's financial situation.
Although the economy continues to grow at a respectable rate, high unemployment and inflation remain important challenges. The country suffers from marked income inequality; the poorest half of the population receives less than one-fifth of GNP, while the richest 10% enjoys nearly 40% of national income. The Dominican Republic's development prospects improved with the ratification of the Central America-Dominican Republic Free Trade Agreement (CAFTA-DR) in September 2005.
- See also: Economy of the Dominican Republic
The Dominican Republic is a lower middle-income developing country primarily dependent on natural resources and government services. Although the service sector has recently overtaken agriculture as the leading employer of Dominicans (due principally to growth in tourism and Free Trade Zones), agriculture remains the most important sector in terms of domestic consumption and is in second place (behind mining) in terms of export earnings. Tourism accounts for more than $1.3 billion in annual earnings. Free Trade Zone earnings and tourism are the fastest-growing export sectors. Remittances ("remesas") from Dominicans living abroad are estimated to be about $1.3 billion per year.
Following economic turmoil in the late 1980s and 1990, during which the GDP fell by up to 5% and consumer price inflation reached an unprecedented 100%, the Dominican Republic entered a period of moderate growth and declining inflation until 2002 after which the economy entered a recession. This recession followed the collapse of the second commercial bank of the country (Baninter), linked to a major incident of fraud valued at 3.5 billion dollars during the administration of President Hipolito Mejia (2000-2004).
The Baninter fraud had a devastating effect on the Dominican economy, with GDP dropped by 1% in 2003 while inflation ballooned by over 27%. The growth of the Dominican economy remains significantly hampered by an ongoing energy shortage, which causes frequent blackouts and very high prices.
Despite a widening merchandise trade deficit, tourism earnings and remittances have helped build foreign exchange reserves. The Dominican Republic is current on foreign private debt, and has agreed to pay arrears of about $130 million to the U.S. Department of Agriculture's Commodity Credit Corporation. According to the 2005 Annual Report of the United Nations Subcommittee on Human Development in the Dominican Republic, the country is ranked #71 in the world for resource availability, # 79 for human development, and #14 in the world for resource mismanagement. These statistics emphasize national government corruption, foreign economic interference in the country, and the rift between the rich and poor.
Bright Spots:
Tourism is up
-
Concern for Investors:
Electricity Shortages
The root cause of ongoing shortages seems to stem from the citizens belief that paying for electricity is optional. Tapping into (sealing) electricity is widespread.
The Dominican Republic uses its rivers and streams to create electricity, and many hydro-electric plants and dams have been created on rivers, including the Bao, Nizao, Ozama, and Higuamo.
Main article: Geography of the Dominican Republic
See also: Hydroelectricity and dams in the Dominican Republic
Trade Agreements
The DR-CAFTA....did it pass? What opportunities would this give investors?
(a) for exports to the US, and
(b) for investment on the island, and
(c) exports of US goods to DR.
In the Trimestrial period of Jan-May 2007 the Dominican Economy experienced an exceptional growth of 9.1% in its GDP slightly lower than last years period by 1%. DR-CAFTA(trade agreement) and the Foreign Investment have been one that given great opportunity to the Dominican economy.
The Dominican Republic has become transshipment point for South American drugs to Europe as well as the United States and Canada. Money laundering is favored by Colombia via Dominican Republic for the ease of illicit financial transactions.
The Dominican Republic enjoys a growing economy with CIA World Fact book stating a 10.7% Real growth percentage in 2006 even though Inflation holds at 8.2% in the economy. Enjoying A GDP(PPP) per Capita of 8,400 a relative high in Latin America. Service and the Financial Sector has amounted for this growth in the economy while the Construction Sector makes a big part too of the GDP.
Santo Domingo, the capital of the Republic is the source of most of is GDP and has become one of the leading cities of the Caribbean along With San Juan, Puerto Rico.
IMF agreements
The Dominican Republic has outstanding debt to be negotiated wiht the International Monetary Fund - IMF. Watch progress here.
Economic Data for D.R.
Economy - overview:
|
The Dominican Republic is a Caribbean representative democracy that enjoyed strong GDP growth until 2003. Although the country has long been viewed primarily as an exporter of sugar, coffee, and tobacco, in recent years the service sector has overtaken agriculture as the economy's largest employer due to growth in tourism and free trade zones. Growth turned negative in 2003 with reduced tourism, a major bank fraud, and limited growth in the US economy (the source of about 80% of export revenues), but recovered in 2004-06. With the help of strict fiscal targets agreed in the 2004 renegotiation of an IMF standby loan, President FERNANDEZ has stabilized the country's financial situation. Although the economy continues to grow at a respectable rate, high unemployment and inflation remain important challenges. The country suffers from marked income inequality; the poorest half of the population receives less than one-fifth of GNP, while the richest 10% enjoys nearly 40% of national income. The Dominican Republic's development prospects improved with the ratification of the Central America-Dominican Republic Free Trade Agreement (CAFTA-DR) in September 2005. |
GDP (purchasing power parity):
|
$77.09 billion (2006 est.) |
GDP (official exchange rate):
|
$20.55 billion (2006 est.) |
GDP - real growth rate:
|
10.7% (2006 est.) |
GDP - per capita (PPP):
|
$8,400 (2006 est.) |
GDP - composition by sector:
|
agriculture: 11.6%
industry: 28.6%
services: 59.8% (2006 est.) |
Labor force:
|
3.896 million (2006 est.) |
Labor force - by occupation:
|
agriculture: 17%
industry: 24.3%
services: 58.7% (1998 est.) |
Unemployment rate:
|
16% (2006 est.) |
Population below poverty line:
|
42.2% |
Household income or consumption by percentage share:
|
lowest 10%: 1.4%
highest 10%: 41.1% (2004) |
Distribution of family income - Gini index:
|
51.6 (2004) |
Inflation rate (consumer prices):
|
7.6% (2006 est.) |
Investment (gross fixed):
|
16.3% of GDP (2006 est.) |
Budget:
|
revenues: $5.658 billion
expenditures: $6.119 billion; including capital expenditures of $1.1 billion (2006 est.) |
Public debt:
|
43.3% of GDP (2006 est.) |
Agriculture - products:
|
sugarcane, coffee, cotton, cocoa, tobacco, rice, beans, potatoes, corn, bananas; cattle, pigs, dairy products, beef, eggs |
Industries:
|
tourism, sugar processing, ferronickel and gold mining, textiles, cement, tobacco |
Industrial production growth rate:
|
2% (2001 est.) |
Electricity - production:
|
12.22 billion kWh (2005) |
Electricity - consumption:
|
8.791 billion kWh (2005) |
Electricity - exports:
|
0 kWh (2005) |
Electricity - imports:
|
0 kWh (2005) |
Oil - production:
|
12 bbl/day (2004) |
Oil - consumption:
|
127,000 bbl/day (2004 est.) |
Oil - exports:
|
NA bbl/day |
Oil - imports:
|
116,700 bbl/day (2004) |
Oil - proved reserves:
|
0 bbl |
Natural gas - production:
|
0 cu m (2005 est.) |
Natural gas - consumption:
|
239.8 million cu m (2005 est.) |
Natural gas - imports:
|
239.8 million cu m (2005) |
Current account balance:
|
-$786 million (2006 est.) |
Exports:
|
$6.44 billion f.o.b. (2006 est.) |
Exports - commodities:
|
ferronickel, sugar, gold, silver, coffee, cocoa, tobacco, meats, consumer goods |
Exports - partners:
|
US 72.6%, UK 3.2%, Belgium 2.4% (2006) |
Imports:
|
$11.19 billion f.o.b. (2006 est.) |
Imports - commodities:
|
foodstuffs, petroleum, cotton and fabrics, chemicals and pharmaceuticals |
Imports - partners:
|
US 46.9%, Venezuela 8.4%, Colombia 6.3%, Mexico 5.7% (2006) |
Economic aid - recipient:
|
$76.99 million (2005) |
Reserves of foreign exchange and gold:
|
$2.127 billion (2006 est.) |
Debt - external:
|
$7.909 billion (2006 est.) |
Stock of direct foreign investment - at home:
|
$10.67 billion (2006 est.) |
Stock of direct foreign investment - abroad:
|
$59 million (2006 est.) |
Market value of publicly traded shares:
|
$NA |
Currency (code):
|
Dominican peso (DOP) |
Exchange rates:
|
Dominican pesos per US dollar - 33.406 (2006), 30.409 (2005), 42.12 (2004), 30.831 (2003), 18.61 (2002) |
Fiscal year:
|
calendar year |
Provinces and municipalities
-
The Dominican Republic is divided into 31 provinces. Additionally, the national capital, Santo Domingo, is contained within its own Distrito Nacional. Please note that the names of provincial capital cities are provided in parentheses where they differ from the name of their respective provinces.
The provinces are divided into municipalities (municipios singular municipio). They are the second level political and administrative subdivisions of the country.
Map of the provinces of the Dominican Republic.
* The national capital, also known as Distrito Nacional (D.N.), is the city of Santo Domingo de Guzmán.
D.R. History (brief)
Explored and claimed by Christopher COLUMBUS on his first voyage in 1492, the island of Hispaniola became a springboard for Spanish conquest of the Caribbean and the American mainland. In 1697, Spain recognized French dominion over the western third of the island, which in 1804 became Haiti. The remainder of the island, by then known as Santo Domingo, sought to gain its own independence in 1821, but was conquered and ruled by the Haitians for 22 years; it finally attained independence as the Dominican Republic in 1844. In 1861, the Dominicans voluntarily returned to the Spanish Empire, but two years later they launched a war that restored independence in 1865. A legacy of unsettled, mostly non-representative rule followed, capped by the dictatorship of Rafael Leonidas TRUJILLO from 1930-61. Juan BOSCH was elected president in 1962, but was deposed in a military coup in 1963. In 1965, the United States led an intervention in the midst of a civil war sparked by an uprising to restore BOSCH. In 1966, Joaquin BALAGUER defeated BOSCH in an election to become president. BALAGUER maintained a tight grip on power for most of the next 30 years when international reaction to flawed elections forced him to curtail his term in 1996. Since then, regular competitive elections have been held in which opposition candidates have won the presidency. Former President (1996-2000) Leonel FERNANDEZ Reyna won election to a second term in 2004 following a constitutional amendment allowing presidents to serve more than one term.
More than 500 years of mixed lapses of prosperity and turmoil give this island-nation the longest historical record of any of the other country in the Western hemisphere: The Dominican Republic is the site of the first permanent European settlement in the Americas, and became the first point of colonization in the Western Hemisphere by explorers from Europe. The Dominican Republic has the first cathedral and university, as well as the first European-built road and fortress, in the Americas. Santo Domingo (originally New Isabela) was also the first colonial capital in the Americas.
External links and sources
External Links
República Dominicana
Dominican Republic
|
|
Motto: "Dios, Patria, Libertad" (Spanish)
"God, Homeland, Liberty" |
Anthem: Himno Nacional Dominicano |
|
Capital
(and largest city) |
Santo Domingo 1
18°30′N, 69°59′W |
Official languages |
Spanish |
Demonym |
Dominican |
Government |
Presidential system |
- |
President |
Leonel Fernández |
- |
Vice President |
Rafael Alburquerque |
Independence |
From Haiti |
- |
Date |
27 February 1844 |
Area |
- |
Total |
48,442 km² (130th)
18,810 sq mi |
- |
Water (%) |
1.6 |
Population |
- |
July 2007 estimate |
9,183,984 (87th) |
- |
2000 census |
9,365,818 |
- |
Density |
182/km² (58th)
474/sq mi |
GDP (PPP) |
2006 estimate |
- |
Total |
$77.09 billion (69th) |
- |
Per capita |
$8,400 (77th) |
Gini? (2003) |
51.7 (high) |
HDI (2005) |
0.779 (medium) (79th) |
Currency |
Peso (DOP ) |
Time zone |
Atlantic (UTC-4) |
Internet TLD |
.do |
Calling code |
+1spec. 1-809 and +1-829 |
External Data about D.R.
Location:
|
Caribbean, eastern two-thirds of the island of Hispaniola, between the Caribbean Sea and the North Atlantic Ocean, east of Haiti |
Geographic coordinates:
|
19 00 N, 70 40 W |
Map references:
|
Central America and the Caribbean |
Area:
|
total: 48,730 sq km
land: 48,380 sq km
water: 350 sq km |
Area - comparative:
|
slightly more than twice the size of New Hampshire |
Land boundaries:
|
total: 360 km
border countries: Haiti 360 km |
Coastline:
|
1,288 km |
Maritime claims:
|
territorial sea: 6 nm
contiguous zone: 24 nm
exclusive economic zone: 200 nm
continental shelf: 200 nm or to the edge of the continental margin |
Climate:
|
tropical maritime; little seasonal temperature variation; seasonal variation in rainfall |
Terrain:
|
rugged highlands and mountains with fertile valleys interspersed |
Elevation extremes:
|
lowest point: Lago Enriquillo -46 m
highest point: Pico Duarte 3,175 m |
Natural resources:
|
nickel, bauxite, gold, silver |
Land use:
|
arable land: 22.49%
permanent crops: 10.26%
other: 67.25% (2005) |
Irrigated land:
|
2,750 sq km (2003) |
Natural hazards:
|
lies in the middle of the hurricane belt and subject to severe storms from June to October; occasional flooding; periodic droughts |
Environment - current issues:
|
water shortages; soil eroding into the sea damages coral reefs; deforestation |
Environment - international agreements:
|
party to: Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Hazardous Wastes, Marine Dumping, Marine Life Conservation, Ozone Layer Protection, Ship Pollution, Wetlands
signed, but not ratified: Law of the Sea |
Geography - note:
|
shares island of Hispaniola with Haiti |
Population:
|
9,365,818 (July 2007 est.) |
Age structure:
|
0-14 years: 32.1% (male 1,532,813/female 1,477,033)
15-64 years: 62.2% (male 2,971,620/female 2,851,207)
65 years and over: 5.7% (male 247,738/female 285,407) (2007 est.) |
Median age:
|
total: 24.5 years
male: 24.3 years
female: 24.6 years (2007 est.) |
Population growth rate:
|
1.5% (2007 est.) |
Birth rate:
|
22.91 births/1,000 population (2007 est.) |
Death rate:
|
5.32 deaths/1,000 population (2007 est.) |
Net migration rate:
|
-2.59 migrant(s)/1,000 population (2007 est.) |
Sex ratio:
|
at birth: 1.04 male(s)/female
under 15 years: 1.038 male(s)/female
15-64 years: 1.042 male(s)/female
65 years and over: 0.868 male(s)/female
total population: 1.03 male(s)/female (2007 est.) |
Infant mortality rate:
|
total: 27.94 deaths/1,000 live births
male: 30.05 deaths/1,000 live births
female: 25.75 deaths/1,000 live births (2007 est.) |
Life expectancy at birth:
|
total population: 73.07 years
male: 71.34 years
female: 74.87 years (2007 est.) |
Total fertility rate:
|
2.81 children born/woman (2007 est.) |
HIV/AIDS - adult prevalence rate:
|
1.7% (2003 est.) |
HIV/AIDS - people living with HIV/AIDS:
|
88,000 (2003 est.) |
HIV/AIDS - deaths:
|
7,900 (2003 est.) |
Nationality:
|
noun: Dominican(s)
adjective: Dominican |
Ethnic groups:
|
mixed 73%, white 16%, black 11% |
Religions:
|
Roman Catholic 95%, other 5% |
Languages:
|
Spanish |
Literacy:
|
definition: age 15 and over can read and write
total population: 87%
male: 86.8%
female: 87.2% (2002 census) |
Country name:
|
conventional long form: Dominican Republic
conventional short form: The Dominican
local long form: Republica Dominicana
local short form: La Dominicana |
Government type:
|
democratic republic |
Capital:
|
name: Santo Domingo
geographic coordinates: 18 28 N, 69 54 W
time difference: UTC-4 (1 hour ahead of Washington, DC during Standard Time) |
Administrative divisions:
|
31 provinces (provincias, singular - provincia) and 1 district* (distrito); Azua, Bahoruco, Barahona, Dajabon, Distrito Nacional*, Duarte, El Seibo, Elias Pina, Espaillat, Hato Mayor, Independencia, La Altagracia, La Romana, La Vega, Maria Trinidad Sanchez, Monsenor Nouel, Monte Cristi, Monte Plata, Pedernales, Peravia, Puerto Plata, Salcedo, Samana, San Cristobal, San Jose de Ocoa, San Juan, San Pedro de Macoris, Sanchez Ramirez, Santiago, Santiago Rodriguez, Santo Domingo, Valverde |
Independence:
|
27 February 1844 (from Haiti) |
National holiday:
|
Independence Day, 27 February (1844) |
Constitution:
|
28 November 1966; amended 25 July 2002 |
Legal system:
|
based on French civil codes; Criminal Procedures Code modified in 2004 to include important elements of an accusatory system; accepts compulsory ICJ jurisdiction |
Suffrage:
|
18 years of age, universal and compulsory; married persons regardless of age; note - members of the armed forces and national police cannot vote |
Executive branch:
|
chief of state: President Leonel FERNANDEZ Reyna (since 16 August 2004); Vice President Rafael ALBURQUERQUE de Castro (since 16 August 2004); note - the president is both the chief of state and head of government
head of government: President Leonel FERNANDEZ Reyna (since 16 August 2004); Vice President Rafael ALBURQUERQUE de Castro (since 16 August 2004)
cabinet: Cabinet nominated by the president
elections: president and vice president elected on the same ticket by popular vote for four-year terms (eligible for a second consecutive term); election last held 16 May 2004 (next to be held in May 2008)
election results: Leonel FERNANDEZ elected president; percent of vote - Leonel FERNANDEZ 57.1%, Rafael Hipolito MEJIA Dominguez 33.7%, Eduardo ESTRELLA 8.7% |
Legislative branch:
|
bicameral National Congress or Congreso Nacional consists of the Senate or Senado (32 seats; members are elected by popular vote to serve four-year terms) and the House of Representatives or Camara de Diputados (178 seats; members are elected by popular vote to serve four-year terms)
elections: Senate - last held 16 May 2006 (next to be held in May 2008); House of Representatives - last held 16 May 2006 (next to be held in May 2008)
election results: Senate - percent of vote by party - NA; seats by party - PLD 22, PRD 6, PRSC 4; House of Representatives - percent of vote by party - NA; seats by party - PLD 96, PRD 60, PRSC 22 |
Judicial branch:
|
Supreme Court or Corte Suprema (judges are appointed by the National Judicial Council comprised of the president, the leaders of both chambers of congress, the president of the Supreme Court, and an additional non-governing party congressional representative) |
Political parties and leaders:
|
Dominican Liberation Party or PLD [Leonel FERNANDEZ Reyna]; Dominican Revolutionary Party or PRD [Ramon ALBURQUERQUE]; National Progressive Front [Vincent CASTILLO, Pelegrin CASTILLO]; Social Christian Reformist Party or PRSC [Enrique ANTUN] |
Political pressure groups and leaders:
|
Citizen Participation Group (Participacion Ciudadania); Collective of Popular Organizations or COP; Foundation for Institution-Building and Justice (FINJUS) |
International organization participation:
|
ACP, Caricom (observer), FAO, G-77, IADB, IAEA, IBRD, ICAO, ICC, ICCt (signatory), ICRM, IDA, IFAD, IFC, IFRCS, IHO (suspended), ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ISO (correspondent), ITSO, ITU, ITUC, LAES, LAIA (observer), MIGA, NAM, OAS, OPANAL, OPCW (signatory), PCA, RG, UN, UNCTAD, UNESCO, UNIDO, Union Latina, UNOCI, UNWTO, UPU, WCL, WCO, WFTU, WHO, WIPO, WMO, WTO |
Diplomatic representation in the US:
|
chief of mission: Ambassador Flavio Dario ESPINAL Jacobo
chancery: 1715 22nd Street NW, Washington, DC 20008
telephone: [1] (202) 332-6280
FAX: [1] (202) 265-8057
consulate(s) general: Anchorage, Boston, Chicago, Mayaguez (Puerto Rico), Miami, New Orleans, New York, San Francisco, San Juan (Puerto Rico) |
Diplomatic representation from the US:
|
chief of mission: Ambassador Hans H. HERTELL
embassy: corner of Calle Cesar Nicolas Penson and Calle Leopoldo Navarro, Santo Domingo
mailing address: Unit 5500, APO AA 34041-5500
telephone: [1] (809) 221-2171
FAX: [1] (809) 686-7437 |
Flag description:
|
a centered white cross that extends to the edges divides the flag into four rectangles - the top ones are blue (hoist side) and red, and the bottom ones are red (hoist side) and blue; a small coat of arms featuring a shield supported by an olive branch (left) and a palm branch (right) is at the center of the cross; above the shield a blue ribbon displays the motto, DIOS, PATRIA, LIBERTAD (God, Fatherland, Liberty), and below the shield, REPUBLICA DOMINICANA appears on a red ribbon |
Economy - overview:
|
The Dominican Republic is a Caribbean representative democracy that enjoyed strong GDP growth until 2003. Although the country has long been viewed primarily as an exporter of sugar, coffee, and tobacco, in recent years the service sector has overtaken agriculture as the economy's largest employer due to growth in tourism and free trade zones. Growth turned negative in 2003 with reduced tourism, a major bank fraud, and limited growth in the US economy (the source of about 80% of export revenues), but recovered in 2004-06. With the help of strict fiscal targets agreed in the 2004 renegotiation of an IMF standby loan, President FERNANDEZ has stabilized the country's financial situation. Although the economy continues to grow at a respectable rate, high unemployment and inflation remain important challenges. The country suffers from marked income inequality; the poorest half of the population receives less than one-fifth of GNP, while the richest 10% enjoys nearly 40% of national income. The Dominican Republic's development prospects improved with the ratification of the Central America-Dominican Republic Free Trade Agreement (CAFTA-DR) in September 2005. |
GDP (purchasing power parity):
|
$77.09 billion (2006 est.) |
GDP (official exchange rate):
|
$20.55 billion (2006 est.) |
GDP - real growth rate:
|
10.7% (2006 est.) |
GDP - per capita (PPP):
|
$8,400 (2006 est.) |
GDP - composition by sector:
|
agriculture: 11.6%
industry: 28.6%
services: 59.8% (2006 est.) |
Labor force:
|
3.896 million (2006 est.) |
Labor force - by occupation:
|
agriculture: 17%
industry: 24.3%
services: 58.7% (1998 est.) |
Unemployment rate:
|
16% (2006 est.) |
Population below poverty line:
|
42.2% |
Household income or consumption by percentage share:
|
lowest 10%: 1.4%
highest 10%: 41.1% (2004) |
Distribution of family income - Gini index:
|
51.6 (2004) |
Inflation rate (consumer prices):
|
7.6% (2006 est.) |
Investment (gross fixed):
|
16.3% of GDP (2006 est.) |
Budget:
|
revenues: $5.658 billion
expenditures: $6.119 billion; including capital expenditures of $1.1 billion (2006 est.) |
Public debt:
|
43.3% of GDP (2006 est.) |
Agriculture - products:
|
sugarcane, coffee, cotton, cocoa, tobacco, rice, beans, potatoes, corn, bananas; cattle, pigs, dairy products, beef, eggs |
Industries:
|
tourism, sugar processing, ferronickel and gold mining, textiles, cement, tobacco |
Industrial production growth rate:
|
2% (2001 est.) |
Electricity - production:
|
12.22 billion kWh (2005) |
Electricity - consumption:
|
8.791 billion kWh (2005) |
Electricity - exports:
|
0 kWh (2005) |
Electricity - imports:
|
0 kWh (2005) |
Oil - production:
|
12 bbl/day (2004) |
Oil - consumption:
|
127,000 bbl/day (2004 est.) |
Oil - exports:
|
NA bbl/day |
Oil - imports:
|
116,700 bbl/day (2004) |
Oil - proved reserves:
|
0 bbl |
Natural gas - production:
|
0 cu m (2005 est.) |
Natural gas - consumption:
|
239.8 million cu m (2005 est.) |
Natural gas - imports:
|
239.8 million cu m (2005) |
Current account balance:
|
-$786 million (2006 est.) |
Exports:
|
$6.44 billion f.o.b. (2006 est.) |
Exports - commodities:
|
ferronickel, sugar, gold, silver, coffee, cocoa, tobacco, meats, consumer goods |
Exports - partners:
|
US 72.6%, UK 3.2%, Belgium 2.4% (2006) |
Imports:
|
$11.19 billion f.o.b. (2006 est.) |
Imports - commodities:
|
foodstuffs, petroleum, cotton and fabrics, chemicals and pharmaceuticals |
Imports - partners:
|
US 46.9%, Venezuela 8.4%, Colombia 6.3%, Mexico 5.7% (2006) |
Economic aid - recipient:
|
$76.99 million (2005) |
Reserves of foreign exchange and gold:
|
$2.127 billion (2006 est.) |
Debt - external:
|
$7.909 billion (2006 est.) |
Stock of direct foreign investment - at home:
|
$10.67 billion (2006 est.) |
Stock of direct foreign investment - abroad:
|
$59 million (2006 est.) |
Market value of publicly traded shares:
|
$NA |
Currency (code):
|
Dominican peso (DOP) |
Exchange rates:
|
Dominican pesos per US dollar - 33.406 (2006), 30.409 (2005), 42.12 (2004), 30.831 (2003), 18.61 (2002) |
Fiscal year:
|
calendar year |
Airports:
|
34 (2007) |
Airports - with paved runways:
|
total: 15
over 3,047 m: 3
2,438 to 3,047 m: 4
1,524 to 2,437 m: 4
914 to 1,523 m: 3
under 914 m: 1 (2007) |
Airports - with unpaved runways:
|
total: 19
1,524 to 2,437 m: 3
914 to 1,523 m: 5
under 914 m: 11 (2007) |
Railways:
|
total: 517 km
standard gauge: 375 km 1.435-m gauge
narrow gauge: 142 km 0.762-m gauge
note: additional 1,226 km operated by sugar companies in 1.076 m, 0.889 m, and 0.762-m gauges (2006) |
Roadways:
|
total: 12,600 km
paved: 6,224 km
unpaved: 6,376 km (1999) |
Merchant marine:
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total: 1 ship (1000 GRT or over) 1,587 GRT/1,165 DWT
by type: cargo 1
registered in other countries: 1 (Panama 1) (2007) |
Ports and terminals:
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Boca Chica, Puerto Plata, Rio Haina, Santo Domingo |
Military branches:
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Army, Navy, Air Force |
Military service age and obligation:
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18 years of age for voluntary military service (2007) |
Manpower available for military service:
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males age 18-49: 2,133,142
females age 18-49: 2,032,840 (2005 est.) |
Manpower fit for military service:
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males age 18-49: 1,671,493
females age 18-49: 1,536,257 (2005 est.) |
Manpower reaching military service age annually:
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males age 18-49: 91,699
females age 18-49: 87,550 (2005 est.) |
Military expenditures - percent of GDP:
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0.8% (2006) |
source: https://www.cia.gov/library/publications/the-world-factbook/geos/dr.html
The top concerns of the electorate are a troubling crime problem (especially with relation to drug trafficing), chronic (and worsening) power shortages, highunemployment (of 15% +), and endemic corruption
Exports from the country’s free zones —mostly textiles, clothing, and shoes—encountered stiffer competition in the US market from cheaper, mostly Asian, products. There are approximately 155,000 people are employed in the zones, and some 15,000 weree laid off when the expiration of preferential treatment for Dominican textile exports to the US in 2005.
External Debt:
With large external debt, there is always concern of the need for fiscal adjustment, which could lead to sharply slower growth and higher inflation. Debt service payments can rise, as payments on bonds issued in the aftermath of the financial crisis and Paris Club debt payments that were rescheduled in 2004 begin to fall due. Moreover, a two-year moratorium on some $200 million in payments to the electricity sector won by Fernández at the start of his term has now expired. At the same time, lower than anticipated revenues from a tax reform program introduced in 2006, and the delay in the expected benefits of DR-CAFTA implementation have fueled fiscal pessimism. In July, the Senate approved renegotiation of the country’s debt to the London Club of creditors, and Finance Minister Bengoa has called on the leaders of both legislative chambers to reject any new international lending agreements until next year.
GDP growth is in the double digits, bolstered by high commodity prices (coffee, etc). They have also seen rapid growth in constuction industry and in tourism. Inflation has been well under control as well. Leading growth sectors include agriculture, construction, and the Telecom Industry. Also, Dominican exports increased by 25.5% in the first half of 2006, with mineral and non-traditional products leading the way.
Quick Facts and Figures
Official Name Dominican Republic
Population 9,219,800
Capital City Santo Domingo (2.25 million)
Languages Spanish (official)
Official Currency Dominican Peso
Religions Catholic (95%)
Latitude/Longitude 19º 00N, 70º 40W
Land Area48,730 sq km (18,815 sq miles)
Highest Pt. Pico Duarte, 10,417 ft. (3,175 m)
Landforms The Dominican Republic, occupying the eastern two-thirds of the island of Hispaniola, is mountainous in the central and west, while extensive lowlands dominate the east.
The rugged Cordillera Central (mountains) include Pico Duarte, the country's highest point, and the highest point in the Caribbean. Several peaks here exceed 5,000 ft. Lesser ranges cover the northern coastlines, and the southwestern border areas with Haiti.
Compared to the tropical conditions in the west, the lowlands of the southeast are exceptionally dry, with very little usable plant growth.
Lake Enriquillo, on the southwestern border, is the largest lake, while the largest rivers include the Yaque del Norte and Yuna. Dozens of smaller rivers and streams run from the mountains to the sea.
The island of Hispaniola, the second largest island in the Caribbean, contains two separate countries; the Dominican Republic and Haiti.
Columbus claimed Hispaniola in 1492, and it later became the major launching base for the Spanish conquest of the Caribbean, as well as the American mainland.
Subsequently, disease and slavery were introduced by the Spanish conquistadors, and the indigenous Arawak peoples were destroyed.
In the 17th Century, with the Spanish in control, the French established a colony on the island. The Spanish later ceded the western third of Hispaniola in 1697, which in 1804 became known as Haiti.
The remainder of the island, then known as Santo Domingo, declared its independence in 1821, however, it was immediately occupied by Haiti. It finally gained total independence in 1844, and became the Dominican Republic.
Ruled by a series of dictators for the next 134 years, democracy was finally introduced in 1978. Today this beautiful island of gregarious people and stunning scenery is a popular Caribbean destination, as unlike its neighbor to the west, the country's economy is one of the fasting growing in the western hemisphere.
Dominican Republic
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