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December 28, 2024
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Economy grows 5.1% on accumulated average from January-November 2024, says the Central Bank

Economía crece 5.1 % en promedio acumulado de enero-noviembre 2024, dice el Banco Central

He Central Bank of the Dominican Republic (BCRD) in the interest of keeping economic agents and public opinion in general duly informed, and as part of the institutional commitment to transparency and the timely disclosure of data under its responsibility, reports the preliminary results of the activity economic to November 2024.

It is relevant to highlight that the economic performance of the EUnited States of America (USA), with an annualized quarter-on-quarter growth of 3.1%, an expansion rate higher than the long-term historical average, has contributed favorably to the Dominican economy, given the multiple interrelationships of the country with its main trading partner through various channels such as remittances, tourism, net exports and foreign direct investment.

It should be noted that the expansion of IMAE In January-November, it consolidates the Dominican Republic as the economy with the greatest year-on-year growth compared to its peers in Latin America, in line with the forecasts of different organizations, such as the case of the International Monetary Fund (IMF) and the Economic Commission for Latin America and the Caribbean (ECLAC), which suggest that the Dominican economy would be the one with the highest growth by the end of this year 2024.

This performance is supported by the significant contribution of the activities that make up the services sector, which showed a cumulative increase of 5.4% compared to the same period of the previous year, highlighting hotels, bars and restaurants (9.4%), financial services (9.2% ), energy and water (7.9%), transportation and storage (5.7%), trade (4.8%) and professional services (4.8%).

Monthly indicator of economic activity (IMAE)*

In particular, the added value of the hotels, bars and restaurants activity experienced an interannual variation of 9.4% in January-November, which has had a notable impact on the arrival of passengers through the different airport terminals, which at the end of November reached 7,651,571 tourists, which added to the 2,291,088 cruise passengers totaled 9,942,659 visitors. According to the projections of the Ministry of Tourism Visitor arrivals are expected to exceed 11 million by the end of 2024.

Regarding the activity of financial intermediationthis presented an interannual increase of 9.2% in January-November, this result being influenced by the 11.8% expansion of credit granted to the private sector in national currency, equivalent to an additional RD$190,946.5 million compared to November of the previous year.

Regarding the added value of local manufacturing, this registered an accumulated interannual increase of 4.7% in January-November 2024, while free zone manufacturing presented a growth of 4.9% during the same period.

Likewise, construction activity registered an average accumulated variation of 3.2% in January-November 2024. The behavior evidenced in said period is a reflection of the increase in sales volumes of the main inputs used in the development of infrastructure works. Specifically, local cement sales in metric tons grew 3.5% during January-November 2024, compared to the same period of the previous year.

It should be noted that, although mining registered an average interannual variation of -5.1% in January-November, this activity has presented positive results since August of this year, supported by the increase in gold production in the main deposit of the country, predicting favorable behavior for the coming months.

In another order, agricultural activity registered an interannual growth of 4.9% in January-November of this year, highlighting increases in the production of bananas, bananas, avocados, eggs, chicken, among others. In this sense, the technical and financial support directed to agricultural producers at the national level provided by the Government through the Ministry of Agriculture has contributed significantly.

Finally, these results reflect the resilience of the productive sectors, allowing the Dominican economy to maintain a good position to continue growing around its potential, supported by the strength of its macroeconomic fundamentals.

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