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Government Successfully Mitigates Inflation By Reducing Subsidies In 2023

Government successfully mitigates inflation by reducing subsidies in 2023

Government successfully mitigates inflation by reducing subsidies in 2023

Santo Domingo, RD.- The Ministry of EconomyPlanning and Development explains that the Government has reduced spending on subsidies by 12.8% to mitigate the post-pandemic inflationary process that has occurred in the country.

The team from the Directorate of Macroeconomic Analysis (DAM) specified that to demonstrate this reduction, it starts from the date of December 8, when the subsidies granted in 2022 were taken, for an amount of RD$ 151,902.4 million, compared to those granted until the date in 2023, for a total of RD$ 132,482.5.

Taking into account these preliminary figures for 2023, since there are still tax amounts to be registered, the result is the year-on-year reduction of 12.8%.

This behavior, indicates the DAM, is mainly explained by the reduction in subsidies granted to fuels by 67.9%, given the normalization of the prices of this item.

The breakdown of the total subsidies granted in 2023 up to the indicated date is specified below:

subcidios 23subcidios 23

In the document “Dominican Republic: Economic balance for 2023 and long-term development challenges”, the Ministry of Economy points out that the incidence of monetary poverty continued to fall, inflation was defeated, growth is accelerating and employment has continued. growing, especially the formal one.

Grafica subsidios def

Grafica subsidios def

For 2022, the Macroeconomic Situation report published the level of subsidies with preliminary data from the General Budget Directorate (DIGEPRES), these corresponding to the extra-budgetary amount and not the total. Starting in 2023, the amounts correspond to the total granted in subsidies.

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