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Dominican Economy Establishes Itself as Region's Strongest

Dominican Economy Establishes Itself as Region's Strongest

Posted by PanamericanWorld on January 07, 2016

The economy of the Dominican Republic grew 7 percent last year and established itself as the most robust in the Latin American and Caribbean region, officials said Wednesday.

Central Bank Governor Hector Valdez credited in part the drop in international oil prices and the strengthening of the U.S. economy for the economic growth, which he said helped generate more tourism and remittances for the Dominican Republic.

The GDP grew 7 percent for the second consecutive year, according to central bank figures, with help from strong performances in construction, tourism and banking, he said.

"The results have been extremely satisfying. I would say better than expected," Valdez said, adding that the growth comes as other countries in the region struggle with sluggish economies.

The Dominican Republic's foreign exchange earnings from tourism, remittances, foreign investment and exports of goods and services exceeded $23 billion, or 35 percent of the total GDP, Valdez said. Inflation remained at 2.3 percent, below the 4 percent target set by the government. However, Valdez noted that despite the positive economic performance, a large part of the population still does not earn enough to buy basic food staples.

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