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Dominican Republic Economy

Growing Economy Of The Dominican Republic

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The Growing Economy Of The Dominican Republic

Key Takeaways: Dominican Republic Economy in 2026

The economy relies on industry, agriculture, and services.
Free trade agreements like CAFTA-DR boost economic growth.
The economy is diversifying into manufacturing and free zones.
Hispaniola was historically less focused on gold than other colonies.

Over the last two decades, the Dominican Republic has stood out as one of the fastest economies in the Americas – with an average real GDP growth rate of 5.4% between 1992 and 2015. GDP continues to hover at 7% a year driven largely by construction, manufacturing and tourism.

On the demand side, private consumption has recently been strong, as a result of low inflation (under 1% on average in 2015), job creation, and high remittances from Dominicans living abroad.

OnJanuary 2024, the Center for Export and Investment of the Dominican Republic (ProDominicana) announced a record for Dominican exports.

The DR exports reached US$847.8 million, the highest-volume January for exports in the history of the country, according to reports from the Dominican Republic government.

A Piece Of History

Despite being one of the first European settlements in the Americas, Hispaniola (as the island that encompasses the Dominican Republic and Haiti is known), was largely ignored by the Spanish in early colonial days in favor of gold-rich regions on the mainland.

The introduction of slave labor by the French in the 17th century turned the Haitian side into an agricultural powerhouse but the eastern side of the island languished and a small plantation economy persisted into the 19th century.

Reviewed By Lief Simon

Lief Simon is the managing editor of Global Property Advisor, Simon Letter, and Offshore Living Letter. He has purchased more than 45 properties, investing in 23 different countries around the world.

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Dominican Republic’s Economy In The 21st Century

The early 2000s saw another crisis (this time prompted by major bank fraud) that only began to subside under the second presidency of Leonel Fernandez beginning in 2004.

With help from the IMF, Fernandez managed to turn things around until the Great Recession of 2008.

The country rebounded from the global economic crisis quickly, however, and has since been on a sustained upward trajectory.

The economy of the Dominican Republic remains closely integrated with the U.S. economy; more than 50 percent of its exports go to the United States.

The CAFTA-DR, a free trade agreement between the Dominican Republic, the United States and several Central American countries, continues to facilitate economic growth and hundreds of millions of dollars are being invested in industrial free zones that offer special business and tax incentives.

In short, all of this has helped to diversify the Dominican Republic’s economy away from raw resources and toward low-end manufacturing of goods such as textiles, plastics and medical instruments.

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Dominican Republic Economic Statistics

Gross Domestic Product (2024)	5%
Per capita income (2024)	US$27,120
Inflation rate (2024)	4.23%
Natural resources	sugar cane, cocoa, tobacco, ferronickel, gold, silver.
Primary sectors (65% of GDP)	Industry (mining, food products, assembly)
Secondary sectors (32% of GDP)	DOP 300
Tertiary sectors (3% of GDP)	Agriculture (sugarcane, cocoa, tobacco)
Exports (2023): US$12.94 billion	ferronickel, cigars, plastics, electrical equipment, bananas, jewelry, medical equipment, clothing, scrap metals and beverages
Major trade markets	United States (US$4.5 billion), Canada (US$1.4 billion), Haiti (US$1.42 billion), Switzerland (US$298 million) and China (US$263 million).
Imports (2023)	US$28.71 billion.
Major suppliers	US$17 billion.
Labor force (2023)	5.53 million
Official exchange rate (July 2024)	59.18 pesos per US dollar

Reviewed By Lief Simon

Lief Simon is the managing editor of Global Property Advisor, Simon Letter, and Offshore Living Letter. He has purchased more than 45 properties, investing in 23 different countries around the world.

Start Your New Overseas Life Today

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Dominican Republic Economy- FAQs

What Are The Dominican Republic Foreign Investment Laws Like?

The Dominican Constitution gives foreign and local investors equal treatment under the law. In short, foreign investors can freely hold equity in local businesses and joint ventures, as well as buy real estate in their names.

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