Dominican Republic’s gross domestic product (GDP) reached a growth of 12.7% in the first nine months of 2021. Hotels, Bars and Restaurants sector were the great driver of growth from January to September, with 31.8%; followed by construction with 30%, free zones 24%, among other activities that in turn contributed to an increase in formal and informal employment.
Construction was once again the activity with the highest impact on growth, representing almost 80% of gross fixed capital formation.
Tourism had recovered faster than expected, and according to figures, in January-September, more than 3.3 million non-resident visitors arrived in the country. In September alone, non-resident passengers who entered the country increased by 12.9%.
Regarding local manufacturing, the recovery was decisive, not only because of its share of GDP but also because it is one of the country’s main generators of formal jobs. The manufacture of free zones recovered 100% of the jobs suspended during the confinement.
The consultant Oxford Economics, which studies socioeconomic indicators for its forecast, estimates that, from 2025 to 2035, the Dominican Republic will lead the economic growth of Latin America.
