The report states that in the first half of 2024, economic performance is primarily due to the expansion of the services sector by 5.5%, with the activity of hotels, bars, and restaurants increasing by 8.7%.
The Ministry of Economy, Planning, and Development published the “Macroeconomic Situation Report: Economic Situation Monitoring” for July 2024, highlighting that during the first half of the year, the country recorded a cumulative growth of 5.1% in the Monthly Economic Activity Indicator (IMAE), which is 3.9 percentage points higher compared to the same period in 2023.
The monthly publication, produced by the Vice Ministry of Economic and Social Analysis, reports that economic activity expanded by 6.2% year-on-year in June, due to the effects of monetary and fiscal policies that led to price stability, enabling a recovery in economic activity.
The report outlines that in the first half of 2024, economic performance was mainly driven by a 5.5% expansion in the services sector, an 8.7% increase in the activity of hotels, bars, and restaurants, a 7.9% expansion in financial services, and a 5.9% growth in both free zone manufacturing and real estate and rental activities.
In the first half of 2024, foreign exchange earnings increased by 6.5% compared to 2023. Tourism revenue grew by 14.1%, remittances by 4.4%, and foreign direct investment by 0.9%.
According to the report, the depreciation rate of the Dominican peso against the US dollar showed a deceleration in July, with an annual increase of 5.1%, compared to previous months where it had been over 7.0%. The exchange rate in July was 58.98.
Exports and Imports
In July, the report indicates that exports increased by 13.2% year-on-year, surpassing US$1,162.1 million. Cumulatively, exports grew by 4.5% compared to January-July 2023, totaling approximately US$7,492.7 million.
Imports in July amounted to US$2,224.7 million, representing a 4.8% year-on-year growth.
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