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.
Swipe to view more
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 |
Strengths & Weaknesses
- 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.
- 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.
Economic Overview
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.
|
Contacts
Read our latest reports
-
Americas
-
Europe
-
Asia Pacific
-
Middle East
-
Africa