Santo Domingo—Projects growth for the country of 3.0% in 2023 and 5.2% in 2024, while economic activity (IMAE) registered an interannual growth of 3.1% in September 2023.
The Central Bank of the Dominican Republic (BCRD) maintains a positive outlook for the Dominican economy, a vision shared by the International Monetary Fund. This multilateral organization projects economic growth for the country of 3.0% in 2023 and 5.2% in 2024.
Meanwhile, the monthly indicator of economic activity (IMAE) registered a year-on-year growth of 3.1% in September 2023, the highest rate this year.
This was highlighted by the governor of the BCRD, Héctor Valdez Albizu, during his speech at an event for the 76th anniversary of that institution. He said that as long as monetary policy continues to produce its effects and complete dynamization, the level of public investment is achieved. A good performance of the Dominican economy is expected, despite an unfavorable external environment.
Valdez Albizu explained that the increase in real gross domestic product (GDP) in the July-September quarter was 2.6%, for a cumulative January-September of 1.7%.
He indicated that the most significant contribution to economic growth in the January-September period came from hotels, bars, and restaurants, which grew 10.9%. They maintained the great dynamism exhibited throughout the year.
He highlighted that the BCRD’s measures, along with government subsidies to mitigate the increase in raw material prices, reduced inflation from 9.64% in April 2022 to 4.41% in September 2023.
He also specified that, with inflation controlled, monetary policy became more expansive through the reduction of its monetary policy rate (MPR) by 100 basis points, from 8.50% in May 2023 to 7.50% in the present.
He also revealed the news that in October the Monetary Board approved a new rapid liquidity line for RD$40,000 million to be placed, this time in the construction, manufacturing, export, and agriculture sectors. As of October 19, RD$13,735 million have been set.
She also reported that the Central Bank agreed to develop, together with the financial system, a project to promote women’s business initiatives and their relationship with economic issues. Emphasis is placed on women’s leadership in productive activity.
Finally, he emphasized his firm optimism about the country’s economy for the future. It is based on the resilience of Dominicans and their extraordinary ability to overcome critical moments and adapt to new realities.