The Dominican Republic (or the "DR", as it is referred to by locals) currently has the second largest economy in the entire Caribbean and continues to experience growth in upper to middle income families. In recent years the service industry has completely overtaken the once dominant economic platform of agriculture; largely due to the steady increase in tourism and the overall acceptance by other nations of the DR as a desirable vacation destination.
The tourism industry has shown incredible growth since its inception. Every successive government has invested in the tourism industry, and as such, its revenues have increased from 173million US Dollars in 1980 to more than 2billion US by 2000. Currently, there are over 70,000 hotel rooms available and over 50,000 Dominicans employed in the tourism sector of the economy. Some estimates indicate that the DR has occupancy rates in its resorts and hotels higher than any other region in the Caribbean. Also of note, the same metrics nicely indicate that visitors to the DR have shown a tendency to stay longer (*between 10 to 14 days) than the average visitor to any other Caribbean location (*average of 7 days). Interestingly, the majority of visitors, both new and repeat, are from Europe (*64%), with significantly fewer numbers coming from the United States and Canada (*11% each). The tourism industry in the DR stands to grow considerably once a larger share of the North American market can be gained.
Agriculture may no longer be the main support of the local economy, but it is still a necessary and vital sector in domestic consumption. Perhaps expectedly, the main trading partner of the DR is the United States, accounting for 75% of all export revenue. Chief amongst exports are coffee, cacao, tobacco, sugar, and nickel (*mining comes in third behind service and agriculture in the economy). One of the aspects of the DR that makes agriculture so prominent is the fact that over 30% of the total land areas are highly suitable for farming and livestock. The most ubiquitous and important crop in the country is sugar cane. Rice, coconut, eggplant and tomatoes all account for considerable, if smaller, export numbers.
Fishing and forestry play smaller roles in the economy. Despite the fact that the local waters are abundant in many types of fish, the fishing industry in the DR is surprisingly underdeveloped. In fact, much of the fish consumed by residents is actually imported from other locations. Barracudas, Marlin, Mackerel, Tuna and Tarpon account for most of the inland catch. Mining has suffered a slight dip in the past two and a half decades but has shown recent indications of growth due to the increased price of nickel, the country's most prominent mineral export. In the 1980s the gold mine at Pueblo Viejo was the major source of mining in the region as the mine was the largest in the entire Western hemisphere. Production based on this mine was ceased in 1999.
Tourism is of course the backbone of the economy; this seems unlikely to change, at least in the immediate future. However, growth in the industries of mining, telecom and energy indicate opportunities for continued growth in the future, which should have the effect of strengthening and expanding the economy in a positive manner for some time.
The tourism industry has shown incredible growth since its inception. Every successive government has invested in the tourism industry, and as such, its revenues have increased from 173million US Dollars in 1980 to more than 2billion US by 2000. Currently, there are over 70,000 hotel rooms available and over 50,000 Dominicans employed in the tourism sector of the economy. Some estimates indicate that the DR has occupancy rates in its resorts and hotels higher than any other region in the Caribbean. Also of note, the same metrics nicely indicate that visitors to the DR have shown a tendency to stay longer (*between 10 to 14 days) than the average visitor to any other Caribbean location (*average of 7 days). Interestingly, the majority of visitors, both new and repeat, are from Europe (*64%), with significantly fewer numbers coming from the United States and Canada (*11% each). The tourism industry in the DR stands to grow considerably once a larger share of the North American market can be gained.
Agriculture may no longer be the main support of the local economy, but it is still a necessary and vital sector in domestic consumption. Perhaps expectedly, the main trading partner of the DR is the United States, accounting for 75% of all export revenue. Chief amongst exports are coffee, cacao, tobacco, sugar, and nickel (*mining comes in third behind service and agriculture in the economy). One of the aspects of the DR that makes agriculture so prominent is the fact that over 30% of the total land areas are highly suitable for farming and livestock. The most ubiquitous and important crop in the country is sugar cane. Rice, coconut, eggplant and tomatoes all account for considerable, if smaller, export numbers.
Fishing and forestry play smaller roles in the economy. Despite the fact that the local waters are abundant in many types of fish, the fishing industry in the DR is surprisingly underdeveloped. In fact, much of the fish consumed by residents is actually imported from other locations. Barracudas, Marlin, Mackerel, Tuna and Tarpon account for most of the inland catch. Mining has suffered a slight dip in the past two and a half decades but has shown recent indications of growth due to the increased price of nickel, the country's most prominent mineral export. In the 1980s the gold mine at Pueblo Viejo was the major source of mining in the region as the mine was the largest in the entire Western hemisphere. Production based on this mine was ceased in 1999.
Tourism is of course the backbone of the economy; this seems unlikely to change, at least in the immediate future. However, growth in the industries of mining, telecom and energy indicate opportunities for continued growth in the future, which should have the effect of strengthening and expanding the economy in a positive manner for some time.
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