Tourism April 16, 2024 | 11:09 am

Insights from the third Dominican tourism study

Santo Domingo.- The Banco Popular Dominicano and the Hotel and Tourism Association of the Dominican Republic (Asonahores) unveiled the findings of the third study on Dominican tourism, conducted by the research firm Analytica.

Titled “Dominican Tourism Results,” this economic analysis sheds light on key indicators spanning from 2016 to 2022, showcasing the tourism sector’s significant contribution to the nation’s economy and its capacity to generate benefits across various productive sectors.

According to the study, the hotel industry generated a value-added of US$22,190 million in 2022, with a multiplier effect of 2.88 on the broader economy in terms of GDP. This accounts for 19% of GDP, with every peso produced directly resulting in two pesos indirectly and induced. Local hotel investment has been on the rise, reaching 31% in 2022, with 23.9% financed by Dominican banks, led by Banco Popular.

In terms of tourist expenditure and employment, there has been an 18% increase in the average daily spending of foreign tourists from 2012 to 2022, recently peaking at US$139 per day. On average, tourism contributed 10% of the country’s tax revenue and provided formal employment to 183,191 individuals in 2022, with a gender distribution of 58% male and 42% female.

Christopher Paniagua, the Executive President of Banco Popular Dominicano, underscored the financial institution’s commitment to supporting tourism development, not only through financing but also by endorsing initiatives like this study, which highlight the industry’s potential.

Meanwhile, David Llibre, President of Asonahores, reaffirmed the association’s dedication to fostering the sustained growth of tourism, advocating for the diversification of tourist destinations and emphasizing its role in environmental conservation and cultural heritage preservation.

The study was presented to members of the media at the Torre Popular, Banco Popular Dominicano’s headquarters, with the participation of Mrs. Jacqueline Mora, a founding partner of Analytica.

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