Dominican Republic Economy Facts: Know The Country Better!

Have you heard about the Dominican Republic?

The Dominican Republic is a country situated in the Caribbean region. Its capital city is Santo Domingo, and its official language is Spanish.

It has a representative democracy as the government. Its currency is the Dominican Pesos. The Dominican Republic is surrounded by the Atlantic Ocean and the Caribbean Sea.

It is separated from its neighboring country, Haiti, by the Massacre River. It is about seven times richer than Haiti. It was occupied by Haiti from 1822 - 1844 and was under the dictatorship of Rafael Trujillo from 1930 - 1961. It consists of long mountain ranges along with various rivers like Yaque del Norte, Cibao Valley, Bay of Samana, and many others. It is a tropical country with various species of flora and fauna. The Dominican Republic is a developing country. It is said to have the largest economy in the Caribbean. It also has the seventh-largest economy in Latin America. Some of the economically important sectors include tourism, mining, real estate, agriculture, and manufacturing, among many others. Manufacturing usually includes chemicals, electrical devices, pharmaceuticals, and medical equipment. The Pueblo Viejo mine, which is situated here, is the largest gold mine in Latin America. Some of the major trade partners of the Dominican Republic are the United States, China, Haiti, India, Mexico, Canada, Spain, Germany, and many others. Approximately 40% of its total trade is done with the United States.

After reading about the role of government spending on the Dominican economy, also check Dominican Republic education facts and Alabama state flag facts here on Kidadl.

Two Main Contributors To The Economy Of The Dominican Republic

It is the fastest-growing economy in Latin America. It has various industries which contribute to its large economy. Some of these industries are agriculture, livestock farming, fishing, forestry, mining, tourism, service sector, manufacturing, retail, telecommunications, and many more. It has a mixed economy. But the two main contributors to the economy of the Dominican Republic are tourism and mining.

The Dominican Republic is one of the largest producers of nickel, gold, silver, copper, platinum, ferronickel, bauxite, amber, limestone, marble, lignite, and other important minerals. Nickel is mined at a place known as Bonao. It has the largest gold mine in Latin America. Pueblo Viejo mine has made the Dominican Republic an important gold exporter in the world. A large deposit of gypsum is found in the Salt Mountains. It is a popular tourist destination. People are attracted to its beaches, rich history, culture, and moderate climate. Many foreign countries invest in resorts, hotels, and airports of the Dominican Republic. Foreign investments have gradually increased the country’s economy. A large number of people visit this beautiful country, and tourism has the largest contribution to the economy of the country.

Tourism Role In The Economy Of The Dominican Republic

The tourism sector is the largest contributor to the Dominican Republic’s economy. It contributes over 11% to the GDP of the country. Being a popular tourist destination, it attracts a large number of tourists every year. Every year over six million people visit this country. Its beaches, mountains, culture, history, and beautiful landscapes are extremely famous.

The Dominican Republic has the tallest mountain peak in the Caribbean, the Pico Duarte. Also, it has the largest lake, which is known as Lake Enriquillo. It is also the lowest elevation. Many historical buildings and infrastructure are situated here. The Colonial Zone of Santo Domingo is also a UNESCO World Heritage Site. The weather is moderate throughout the year in the Dominican Republic. Tourism is important for the economy of the country.

It provides employment to a large number of people. Many foreign companies invest in building new hotels, resorts, restaurants, and airports in the country. This leads to the establishment of foreign relationships. All these factors contribute to increasing the economy of the country. The government is involved in foreign and cultural exchange with various countries.

Source Of Income In The Dominican Republic

Over 85% of people in the Dominican Republic are employed. They are involved in various sectors like agriculture, tourism, textiles, manufacturing, sugar production, and many others. It generates most of the electricity supply from thermal sources. It has various natural resources. The Dominican Republic is a major exporter of sugar, gold, nickel, coffee, tobacco, and other goods. Approximately 30% of the total population of the country is below the poverty line.

The major export partners of the Dominican Republic are the United States, Canada, India, China, Spain, Haiti, Italy, and the United Kingdom. About 15% of people are engaged in agricultural practices. It produces various agricultural products for private consumption, which are included in the Dominican exports. They include papaya, avocado, sugarcane, banana, cocoa, pineapple, coconut, rice, orange, potato, onion. Other people living in rural cities are involved in forestry, fishing, and livestock farming. Mining contributes largely to the economy of the country.

A large number of people are employed in this sector. The industrial sector is also a large contributor to the country’s GDP. About 20% of people are employed in this sector. It includes the manufacture and exports of various goods and food products like sugar, cement, iron, steel, food items, rum, beer, tobacco, and others. Approximately 60% of the workforce is involved in the service sector. It includes trade, travel, restaurants, hotel, transport, communication, banking, business, real estate, and various other activities. It also imports products like fuel, natural gas, oil, iron, steel, cotton.

Development In The Dominican Republic

There are various third-world countries that suffered from colonial rule in the past. The Dominican Republic is one of them.

Though it is the most developed country in the Caribbean, the Dominican Republic is still a developing country. It has various natural resources along with multinational companies. The export, tourism sector, and mining greatly contribute to the GDP, but still, about 30% of people are below the poverty line, and approximately 8% of the population is unemployed. Most people belong to the middle class. Slums can be found in large parts of the country. Many students don’t finish school and are often involved in crime. The government is weak and corrupt. Though there are various sectors of the country which are developing at a good rate, there are still a few things that need to be changed. The government is also launching various schemes and policies to improve the situation.

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