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Dominican Republic Introduction Key Economic Facts The Dominican Republic is a nation on the island of Hispaniola, part of the Great Antilles archipelago between the Caribbean region and North Atlantic Ocean. It is bordered by Haiti on the east and consists mostly of rugged mountains with fertile valleys. The government system is a democratic republic; the chief of state and head of government is the president. The Dominican Republic has a mixed economic system which includes a variety of private freedom, combined with centralized economic planning and government regulation. Income Level (by per capita GNI): Level of Development: GDP, PPP (current international $): GDP growth (annual %): GDP per capita, PPP (current international $): External debt stocks, total (DOD, current US$): Manufacturing, value added (% of GDP): Current account balance (BoP, current US$): Inflation, consumer prices (annual %): Labor force, total: Unemployment, total (% of total labor force) (modeled ILO estimate): Imports of goods and services (current US$): Exports of goods and services (current US$): Location: Capital City: Chief of State: Head of Govt.: Currency: Major Languages: Primary Religions: Calling Code: Voltage: Caribbean Santo Domingo (-4 GMT) President Danilo Medina President Danilo Medina Dominican Peso (DOP) Spanish (official) Roman Catholic 95%, other 5% 1-809 110 Key Websites Main Government Page: sep.gob.do Commerce Ministry: seic.gov.do Investment Promotion cei-rd.gob.do Agency: Risk Assessment (Provided by Coface) Upper Middle Income Developing $149.89 billion (2015) 7.04% (2015) $14,237.06 (2015) $26,631,939,000.00 (2015) 15.25% (2015) -$1.34 billion (2015) 1.61% (2016) 4,893,978 (2016) 14.36% (2016) $19.94 billion (2015) $16.83 billion (2015) GDP Composition % Agriculture Industry Manufacturing 27 15 Services 67 6 *Although Manufacturing is included in the Industry figures, it is also separately reported because it plays a critical role in economy. U.S. Embassy Rankings Index Corruption Perceptions Index Global Competitiveness Index Global Enabling Trade Index Index of Economic Freedom International Logistics Performance Index (LPI) Inward FDI Potential Index KOF Index of Globalization Networked Readiness Index (NRI) Open Budget Index Country rating: B - Political and economic uncertainties and an occasionally difficult business environment can affect corporate payment behavior. Corporate default probability is appreciable. Business Climate rating: C - The business environment is difficult. Corporate financial information is often unavailable and when available often unreliable. Debt collection is unpredictable. The institutional framework has many troublesome weaknesses. Intercompany transactions run major risks in the difficult environments rated C. Strengths • Top tourist destination in the Caribbean • Remittances from diaspora • Free-trade agreement with the United States (CAFTA-DR) • Free-trade areas (51% of exports) • Political stability Weaknesses • Dependence on U.S. economic cycle • Dependence on price of gold • Inadequate power supply • Education and healthcare shortcomings • High levels of poverty and inequality • Drug-related crime • High levels of corruption Rank 120 / 176 92 / 138 78 / 136 76 / 180 91 / 160 58 / 139 54 / 187 98 / 139 39 / 102 Embassy of the United States of America Av. Republica de Colombia # 57 Dominican Republic Tel: (809) 567-7775 http://santodomingo.usembassy.gov/ Country Memo Provided by: globalEDGE.msu.edu and EXPORT.GOV