The Dominican Republic\u2019s Central Bank (BCRD) reported that the preliminary results of the economic activity as of February 2024 show a growth of 6.2% in the monthly indicator of economic activity (IMAE), higher than the 4.6% observed in January, thus accumulating an average interannual growth of 5.4% in the first two months of 2024, continuing the growing trend that the economy has been exhibiting in recent months.<\/p>\n\n\n\n
The BCRD says that this recent performance of the Dominican economy is consistent with the favorable operation of the monetary policy transmission mechanism and with the highest level of public capital spending recorded since mid-2023, where an interannual increase in product was observed. Real quarterly gross domestic product (GDP) of 2.6% in July-September and 4.2% in October-December, resulting in a growth of 2.4% in accumulated terms for the aforementioned year 2023, above the average for Latin America.<\/p>\n\n\n\n
This recovery trend is in line with the projections of different international organizations and risk rating firms, which place the Dominican Republic as one of the fastest growing economies in the region for the current year 2024, he states.<\/p>\n\n\n\n
The year-on-year variation in February reflects the good performance of the productive system in an environment of price stability.<\/p>\n\n\n\n
Hotels, bars and restaurants stand out with a variation of 12.8%, construction (9.7%), free zone manufacturing (9.4%), commerce (8.5%), energy and water (8.1%), local manufacturing (6.9%), among others.<\/p>\n\n\n\n
The construction sector, which has a significant multiplier and drag effect on other economic sectors, exhibited an interannual variation of 9.7% in February and an accumulated average of 8.3% in the first two months of 2024, reflecting the effectiveness of the measures of liquidity provision implemented by monetary authorities.<\/p>\n\n\n\n
In this regard, the Central Bank recalls that it has placed more than RD$190,000 million through financial intermediaries at rates no higher than 9.0% annually, to facilitate loans to the productive sectors and households.<\/p>\n\n\n\n
Local manufacturing recorded year-on-year growth of 6.9% in February, accumulating an increase of 4.5% in the January-February 2024 period. This result is mainly based on the favorable performance of the manufacturing of metals and the food & beverage industry. Likewise, free zone manufacturing exhibits exports of US$677.7 million in the month of February, accumulating US$1,217.5 million during the first two months of the year, driving the increase in the added value of the activity of 9.4% in February and 5.4% January-February.<\/p>\n\n\n\n
The hotels, bars and restaurants activity exhibited an interannual variation of 12.8% in February of this year, accumulating an expansion of 10.6% in January-February 2024. This notable performance was largely supported by the arrival of passengers by air, which reached 1,498,061 tourists, which together with the reception of 602,985 cruise passengers total 2,101,046 visitors in said period. Likewise, the consolidated credit portfolio directed to the sector increased by 12.5% compared to February 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Dominican Republic\u2019s Central Bank (BCRD) reported that the preliminary results of the economic activity as of February 2024 show a growth of 6.2% in the monthly indicator of economic activity (IMAE), higher than the 4.6% observed in January, thus…<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[149],"tags":[],"acf":[],"yoast_head":"\n