The Government assures that the Dominican economy is growing
President Luis Abinader said on Monday that the Dominican economy is growing and that, therefore, the quality of life of Dominicans has improved.
During LA Semanal with the Press, he reported that the country ranks second with 5% in economic development in the comparison by countries in the region of the Gross Domestic Product ( GDP ).
The president highlighted that the volume of exports reached 13,853 million dollars in 2024, showing an increase compared to the 11,192.7 million dollars registered in 2019.
"Our economy , we can say, in terms of indicators, is a beacon of light in the region," said Abinader.
Monetary povertyHe also said that the quality of life of Dominicans has improved. He noted that general poverty has been reduced by 19%, as has extreme poverty , which has dropped to 2.4%.
The overall poverty rate by sex showed a significant decrease between 2019 and 2024. In 2019, the percentage for men was 24.2%, for women 27.3%, in 2023, for men it was 21.8%, for women 24.2%, and in 2024, for men it was 17.8% and for women it was 20.1%.
The President stressed that the reduction of poverty by 4 percentage points among women is a significant achievement, since this group had historically been the most resilient to reducing poverty .
Labor market
He also highlighted the recovery of jobs in the country, with an employed population of 5,050,930 people in 2024.
He also highlighted the increase in formal employment, which rose from 41.8% in 2021 to 45.2% in 2024.
As for young NEETs, who neither study nor work, unemployment has experienced a significant reduction, going from 28% in 2020 to 15% in 2024.
During his speech, the president also highlighted the progress made in gender equality in the labour market. Women's participation in employment has increased from 43.4% in 2021 to 49.5% in 2024.
President Abinader, referring to wages , highlighted that the Dominican Republic was the fourth country with the highest increase in the real minimum wage with 20.6% compared to 2018.
"We will continue to grow, we will continue to improve people's standard of living" Luis Abinder President of the Republic "
Inflation
Regarding the changes in inflation rates, he explained that in 2020 it was 5.55%; in 2021, it was 8.50%; in 2022, it was 7.83%; in 2023, it was 3.57% and in 2024, it was 3.35%, which was a controlled inflation within the target range of the Central Bank .
Consolidated public debt
He reported that the public debt in August 2020 was 61.0%, falling to 57.5% in December 2024.
Central Government Fiscal Deficit
Regarding the central government's fiscal deficit, in 2019 it was -3.5%; in 2020, it was -7.9% and in 2024, it was -3.1%.
Foreign direct investment
Foreign direct investment in 2019 was US$3,021 million; in 2020 it was US$2,559.6 million and in 2021 it was US$3,196.8 million.
Meanwhile, in 2022 it was $4,098.8 million; in 2023 it was $4,390.2 million and in 2024 it was $4,512 million.
Risk rating agencies
In his presentation on economic indicators, Abinader said that the country risk of the Dominican Republic stands at 200 basis points, the lowest in history and below many investment grade nations, such as Paraguay, Mexico, Panama and Colombia.
The risk ratings for the third quarter of 2024 are as follows: Fitch Ratings BB- Positive; Moody's BA3 Positive and Standard & Poor's BB Stable.
In 2020, real GDP growth was -7.9% and nominal GDP was 78,481.4 million dollars; in 2021, real GDP growth was 14.0% and nominal GDP was 95,122.8 million dollars. Meanwhile, in 2022, real GDP growth was 5.2% and nominal GDP was 113,908.1; in 2023, real GDP growth was 2.2% and nominal GDP was 120,759.6 million dollars and by 2024, real GDP growth was 5.0% and nominal GDP was 123,985.5 million dollars.
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