The hotel, bar and restaurant industry registered a growth of 32.9% during the period January-July 2022, in which 4,282,207 non-resident passengers arrived, according to the Dominican Central Bank (BCRD) report.
This equates to a year-on-year growth of 74.0%, with an average room occupancy rate exceeding 70%, adding 1.8 percentage points (p.p.) to the IMAE growth of 5.5% in January-July 2022, in terms of real value added.
The report also highlights the influx of 735,000 tourists in July, an all-time high that exceeds the arrival of passengers in the same period of the previous year by 30.3%, according to official information offered by the Ministry of Tourism.
Growth of the economy
The Dominican economy will close 2022 with an increase in Gross Domestic Product (GDP) of around 5.3%, among the best performances in the region, and practically double the average growth of 2.7% which is expected for the region.
The report indicates that the Dominican economy maintained its growth rate, registering an average of 5.5% in the first seven months of 2022, according to the Monthly Indicator of Economic Activity (IMAE).
The organization says that the expansion accumulated so far will allow the country to maintain the forecast of an increase in GDP at the end of the year, according to the International Monetary Fund (IMF) and the Economic Commission for Latin America and the Caribbean (ECLAC) estimates.
Contributing to the forecast are private investment initiatives associated with Foreign Direct Investment (FDI) flows, which are expected to reach more than US$3.5 billion this year, and the application of public investment projects announced by President Luis Abinader and contemplated in the budget.
“These favorable outlooks reflect the resilience of the Dominican economy in the context of an adverse international environment characterized by a slowdown in global growth prospects,” the Central Bank report said.
Other sectors of the economy that contributed to growth were health 11.4%, transport 7.3%, trade 6.3% and financial services 5.8%.
Source:
Resumen Turismo
