Dominican Republic Economy Projected to Grow 4.5 Percent: Central Bank

Above: Central Bank Governor Hector Valdez Albizu (Photo: CIG)

By the Caribbean Journal staff

Given the behaviour of the Dominican Republic’s economy in the first quarter, the country’s economy is projected to grow 4.5 percent by the end of 2012, according to Central Bank Governor Hector Valdez Albizu.

That number matches a 2012 projection by the United Nations Economic Commission for Latin America and the Caribbean from this summer.

The bank also found that inflation would be around 5 percent this year.

Despite the continuing struggles of the world economy, particularly due to high food prices.

In 2011, the country’s economy also grew by 4.5 percent, according to a report from President Leonel Fernandez in February, with foreign direct investment growing by $474.8 million last year.

The United Nations Economic Commission for Latin America and the Caribbean had projected a 5 percent growth rate for the country in 2011.

The country’s international reserves stood at $3.8 billion at the end of March, Albizu said.