Economy January 28, 2025 | 1:14 pm

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Dominican economy grows 5% in 2024, reports Central Bank

Santo Domingo.- In 2024, the Dominican Republic’s economy grew by 5%, in line with projections from the Central Bank and the government, reinforcing its position as a leader in Latin America among the 17 largest economies. Inflation remained within the target range of 4% ± 1%, closing the year at 3.35%, the lowest in six years.

The tourism sector saw 11.2 million visitors, with 8.5 million arriving by air and about 2.6 million by cruise. The Central Bank continued to lower its monetary policy rate, reducing it by 275 basis points since May 2023 to 5.75%. Additionally, the Monetary Board approved the release of approximately RD$35,000 million in legal reserve resources, providing liquidity to the financial system.

Private sector credit grew by 13.4%, while remittances reached a historic US$10,756  million, a 5.9% increase. Foreign direct investment (FDI) totaled US$4,512 million, exceeding US$4,000 million for the third consecutive year. Preliminary data showed foreign exchange earnings of US$43,500 million, with a 5.0% depreciation of the Dominican peso, lower than in other regional economies. International reserves reached US$13,388 million by year-end, surpassing the International Monetary Fund’s conventional metrics.

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Dave C.
January 30, 2025 11:48 am

It’s great to see the economy growing, but the distribution of wealth needs to improve. Let’s work on lifting more families and communities out of poverty.