Tourism and stability: a growing service market amid climate challenges

B2

MEDIUM RISK

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Updated in June 2024.

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GDP USD 113.6bn (World ranking 65, World Bank 2022)
Population 11.2mn (World ranking 83, World Bank 2022)
Form of state Presidential republic
Head of state Luis Abinader (President)
Next elections 2028, Presidential
Strenghts
  • Latin America’s fastest-growing economy, averaging a +5% growth rate since the 1970s.
  • Full post-pandemic recovery already in 2021 with a remarkable +12.3% real GDP growth and +4.9% in 2022, driven by the predominant services sector and expansionary fiscal policies.
  • Political stability and record-breaking tourism numbers highlight the sector's strength and contribution to economic growth.
Weaknesses
  • Highly dependent on oil imports, making it vulnerable to oil-related inflation and market fluctuations.
  • Significant impact of natural disasters such as cyclones, earthquakes and floods, which result in average annual infrastructure losses of approximately 0.5% of GDP and increase vulnerability to rising temperatures and sea levels.
  • Persistent social issues, including income inequalities, escalating crime and an unreliable electricity supply, along with the border crisis with Haiti, remain downside risks in the long run.

Trade structure by destination/origin

(% of total, 2022)

Exports Rank Imports
United States 54.1%
1
42.1% United States
Switzerland 8.5%
2
16.7% China
Haiti 4.5%
3
3.7% Brazil
Netherlands 3.6%
3
2.9% Mexico
China 3.5%
5
2.7% Spain

Trade structure by product

(% of total, 2022)

Exports Rank Imports
Professional and scientific instruments, n.e.s. 13.2%
1
11.1% Petroleum, petroleum products and related materials
Gold, non-monetary (excluding gold ores and concentrates) 11.7%
2
6.9% Road vehicles
Electrical machinery, apparatus and appliances, n.e.s. 11.2%
3
5.5% Iron and steel
Tobacco and tobacco manufactures 7.9%
4
5.3% Miscellaneous manufactured articles, n.e.s.
Miscellaneous manufactured articles, n.e.s. 7.2%
5
4.9% Electrical machinery, apparatus and appliances, n.e.s.
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