Only the free zone sector recorded a year-on-year growth of 8.6% in the real value added of this sector in the first half of 2022
Dominican exports of goods and services this year have grown despite the appreciation of the peso, and, amid inflationary pressures worldwide, that seems to be best confirm that the Central Bank was right in placing the prevention of domestic price overflow as its main monetary policy objective, aided by the very appreciation of the Dominican currency.
The results speak for themselves. While other countries register double-digit inflation, the Dominican Republic has not only not reached those levels but has also maintained a downward trend for the fourth consecutive month and accumulated inflation in January-August of this year fell to 5.70%.
That has come in a scenario where forex-generating sectors have been growing. The hotels, bars and restaurants sector showed an increase in their added value of 34.3% in the period January-June 2022. This remarkable performance mirrors the arrival of 3,547,143 travelers in January-June of this year, for an increase of 1,649,500 passengers (86.9%) in the first six months of 2022 compared to the same period of 2021.
This favorable trend was reflected again in the arrival of non-resident passengers received in the month of July 2022, reaching the remarkable figure of 735,064 tourists, breaking a record by being the best month of July in history, according to the data announced by the Minister of Tourism.
And the same has happened with total exports of goods, which grew by 16.5% during the first half of 2022 compared to the same period of 2021, an increase of US $ 991.4 million.
Only the free zone sector had a year-on-year growth of 8.6% in its real value added in the first half of 2022, associated with the increase in external demand that is reflected in exports of goods under this scheme, which reached a cumulative amount of US$3,958.5 million in January-June for a variation of 14.6% compared to the same period of 2021.
In January-June, local manufacturing registered a year-on-year increase of 4.5% in its added value, mainly associated with the favorable performance of the manufacture of chemical substances and products, manufacture of beverages and tobacco derivatives, manufacture of base metals and other food products. The outlook is favorable according to what the most recent results of the monthly manufacturing industry indicator (IMAM), issued by the Association of Industries.
A change in politics in the future
Obviously, the time will come when circumstances will require changes in current monetary policy, but not quite yet if one takes into account that the external factors that have driven prices remain.
Source:
Hoy
