dominicanrepublictravel

 

The   Dominican Republic earns more tourism dollars than any other countryin Latin America – except Mexico and Brazil. Unsurprisingly, the service industry, primarily tourism but the newly exploding free-trade zone areas as well, is the largest employer and earner in the DR. Another major revenue source are remittances from Dominicans living abroad – more than one million people, principally in New York and the eastern US, collectively send over US$1 billion to the DR yearly. Mining operations – gold, silver, ferronickel and bauxite – are another big chunk of GDP. In fact, in early 2008 a Canadian mining company made the largest investment in the country’s history, agreeing to a US$2.6 billion fee to reopen Pueblo Viejo, a formerly government-owned gold mine in the central DR. Agriculture, once the largest source of export dollars, is still significant. Sugar, coffee, cocoa, tobacco and tropical fruits are the  primary crops. Despite strong growth in many of these sectors, it would be difficult to call the Dominican economy healthy (for economic statistics, see  opposite ), but President Leonel Fernández’s 2008 reelection can be interpreted as a vote of
confidence on his administration’s ability to steward the economy through a global economic downturn. With 72% of exports sold to the US, the US’s own faltering economy, the devaluation of the dollar, rising oil prices and the impact of Tropical Storm Noel, the challenges ahead  are significant.