Dominican Republic leads Latin America in economic growth for 2024

Santo Domingo.- The Dominican Republic has achieved the highest year-on-year economic growth in Latin America, according to the Central Bank’s latest report. From January to August 2024, the country registered an average growth rate of 5.1%, standing out amid a challenging global economic landscape. In August alone, the monthly indicator of economic activity (IMAE) recorded a 5.6% expansion, showcasing the country’s resilience despite geopolitical tensions in the Middle East and Eastern Europe.

The report attributes this robust performance to effective monetary and fiscal policies, which have kept inflation at the lower end of the target range of 4.0% ± 1.0%. Key sectors driving growth include construction, which rose by 6.9% in August, and free zone manufacturing, which saw an 8.1% increase. These sectors have contributed to positioning the Dominican Republic favorably in regional growth projections for the remainder of 2024.

The strong economic results underscore the country’s leadership in the region and highlight the strength of its macroeconomic fundamentals and the adaptability of its productive sectors. The outlook remains positive, with expectations of sustained growth through the end of the year.