Tourism-led growth in Dominican Republic
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The Dominican Republic ended 2013 in a good mood, with GDP growing 4.1%, significantly above the IMF forecast of 2%, according to Central Bank governor Hector Valdez Albizu. This followed growth of 3.89% (y-o-y) in 2012, and 4.48% (y-o-y) in 2011.
Yet during the year 2013 there were some worries. Growth decelerated in the first half of 2013 to 1.6% (y-o-y), in the context of “fiscal contraction and weak confidence,” according to the International Monetary Fund. The Republic’s fiscal deficit had climbed to approximately 7.17% in 2012, up from 3.35% in 2011, prompting officials to pass a series of tax reforms, including a value-added tax increase to 18%, from 16%.
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