Above: Independence Square, Puerto Plata (Photo: DR Tourism)

By the Caribbean Journal staff

The Dominican Republic’s economy grew by 4.5 percent in 2011, according to a report from President Leonel Fernandez.

The President said 160,000 jobs were created last year, with a 14.1 percent growth rate in the country’s free zones.

The economy was boosted by tourism, which increased by 4.8 percent due to 4.3 million visitors arriving in the country last year.

Foreign direct investment grew by $474.8 million in 2011, which Fernandez said highlighted that “the Dominican Republic is becoming one of the principal investment destinations in Central America and the Caribbean.”

The 4.5 percent growth rate was slightly lower than the 5 percent rate projected by the United Nations Economic Commission for Latin America and the Caribbean.

Also showing strength was the local manufacturing sector, which grew by 5.1 percent, and the financial intermediation and insurance sector, which grew by 4 percent.

Fernandez said the country had maintained “orderly behaviour” in line with the framework of agreements it signed with the International Monetary Fund.