Economy July 7, 2024 | 11:30 am

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Monetary poverty rate stands at 18.9% in first quarter of this year, reports Economía

Inflation had a poverty-increasing effect that dampened the growth and distribution effects of aggregate income.EXTERNAL SOURCE.

Santo Domingo – The Ministry of Economy reported Thursday that the Dominican Republic’s monetary poverty rate stood at 18.9% in the first quarter of 2024 (January-March).

This percentage represents a reduction of 5.3 percentage points (p.p.) in the monetary poverty rate compared to the first quarter of 2023, a year that closed at 24.2%.

According to Economía, this decrease was due to the growth of Dominican households’ nominal per capita income, which “contributed to the reduction of poverty by 6.3 p.p.”

Also, how income was distributed had a poverty mitigating effect, by 0.6 p.p.”
“However, inflation had a poverty-increasing effect that reduced the growth and distribution effects of aggregate income by 1.6 p.p.,” he explained.

Economía further indicated that “compared to the pre-pandemic period, this reduction translates into 18.7 percentage points, with respect to the January-March quarter of 2016, and 7.2 p.p., with respect to January-March 2019,” Economía explained.

The data are in the “Quarterly Bulletin of Monetary Poverty in the Dominican Republic.”
When analyzing monetary poverty by sex, it is observed that the rates decreased for both men and women.
The most pronounced drop was recorded for women (5.8 p.p.), going from 25.4% in the 2023 quarter to 19.6% in 2024.

Male monetary poverty decreased by 4.7 p.p., falling from 23% in the first quarter of 2023 to 18.3% in 2024.

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July 7, 2024 1:01 pm

Define “monetary poverty”, por favor. I assume there’s a number representing the amount of money a household brings in pp. ???

July 7, 2024 5:42 pm
Reply to  Jason

Monetary poverty is the number of people living at or below the national poverty rate. The good news is that the number of people living in poverty is trending downwards. This is a good sign for the people and country!

John Gracefield
July 9, 2024 7:08 am

The statistics here cannot be accurate. Everyone I know is broke and looking for money for medicine and a lot of people are hungry. The government spent $32 million pesos or $500,000 usd to replace a park that is only four years old in a community that needs money and jobs. The leaders do not know what it is like to be poor. No wonder the crime rate is so high. Thank goodness for the Dominicans living abroad that are sending money home to start businesses or build a new house.

Platano Frito
July 12, 2024 7:31 pm

Most people in our neighbour are struggling more, especially with the recent increases in everyday items. i call bs