Hotel sector drives Dominican Republic’s 8% economic growth through July

Santo Domingo.- The Central Bank of the Dominican Republic (BCRD) has released preliminary economic activity results for July 2024. The monthly indicator of economic activity (IMAE) showed a 4.8% expansion for the month, with an average year-on-year growth of 5.0% over the first seven months of the year.

Hotels, bars, and restaurants saw an 8.0% increase during this period, largely driven by the arrival of 5,286,325 tourists by air in the first seven months. While the sector had a 9.3% growth in July 2023, the 3.8% increase in July 2024 compared to the same month last year reflects a base effect from the previous year.

July 2024 set a record for the highest number of non-resident air passengers for that month, with 811,192 arrivals. The year is expected to end with approximately 8.6 million tourists entering the country through various airports. This performance occurs in a context of price stability, supported by effective monetary and fiscal policies that have mitigated risks to the Dominican economy.