Compare Dominican Republic (2008) - Dominican Republic (2007)

Compare Dominican Republic (2008) z Dominican Republic (2007)

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	Dominican Republic (2008)	Dominican Republic (2007)

Budget	revenues: $7.014 billion expenditures: $6.985 billion (2007 est.)	revenues: $5.658 billion expenditures: $6.119 billion (2006 est.)
Debt - external	$8.842 billion (31 December 2007 est.)	$7.909 billion (2006 est.)
Diplomatic representation from the US	chief of mission: Ambassador P. Robert FANNIN embassy: corner of Calle Cesar Nicolas Penson and Calle Leopoldo Navarro, Santo Domingo mailing address: Unit 5500, APO AA 34041-5500 telephone: [1] (809) 221-2171 FAX: [1] (809) 686-7437	chief of mission: Ambassador (vacant); Charge d'Affaires Roland W. BULLEN embassy: corner of Calle Cesar Nicolas Penson and Calle Leopoldo Navarro, Santo Domingo mailing address: Unit 5500, APO AA 34041-5500 telephone: [1] (809) 221-2171 FAX: [1] (809) 686-7437
Economy - overview	The Dominican Republic has enjoyed strong GDP growth since 2005, with double digit growth in 2006. In 2007, exports were bolstered by the nearly 50% increase in nickel prices; however, prices are expected to fall in 2008, contributing to a slowdown in GDP growth for the year. Although the country has long been viewed primarily as an exporter of sugar, coffee, and tobacco, in recent years the service sector has overtaken agriculture as the economy's largest employer due to growth in tourism and free trade zones. The economy is highly dependent upon the US, the source of nearly 80% of exports, and remittances represent about a tenth of GDP, equivalent to almost half of exports and three-quarters of tourism receipts. With the help of strict fiscal targets agreed to in the 2004 renegotiation of an IMF standby loan, President FERNANDEZ has stabilized the country's financial situation, lowereing inflation to less than 6%. A fiscal expansion is expected for 2008 prior to the elections in May and for Tropical Storm Noel reconstruction. Although the economy is growing at a respectable rate, high unemployment and underemployment remains an important challenge. The country suffers from marked income inequality; the poorest half of the population receives less than one-fifth of GNP, while the richest 10% enjoys nearly 40% of national income. The Central America-Dominican Republic Free Trade Agreement (CAFTA-DR) came into force in March 2007, which should boost investment and exports and diminishes losses to the Asian garment industry.	The Dominican Republic is a Caribbean representative democracy that enjoyed strong GDP growth until 2003. Although the country has long been viewed primarily as an exporter of sugar, coffee, and tobacco, in recent years the service sector has overtaken agriculture as the economy's largest employer due to growth in tourism and free trade zones. Growth turned negative in 2003 with reduced tourism, a major bank fraud, and limited growth in the US economy (the source of about 80% of export revenues), but recovered in 2004-06. With the help of strict fiscal targets agreed in the 2004 renegotiation of an IMF standby loan, President FERNANDEZ has stabilized the country's financial situation. Although the economy continues to grow at a respectable rate, high unemployment and inflation remain important challenges. The country suffers from marked income inequality; the poorest half of the population receives less than one-fifth of GNP, while the richest 10% enjoys nearly 40% of national income. The Dominican Republic's development prospects improved with the ratification of the Central America-Dominican Republic Free Trade Agreement (CAFTA-DR) in September 2005.
Exchange rates	Dominican pesos per US dollar - 33.113 (2007), 33.406 (2006), 30.409 (2005), 42.12 (2004), 30.831 (2003)	Dominican pesos per US dollar - 33.406 (2006), 30.409 (2005), 42.12 (2004), 30.831 (2003), 18.61 (2002)
Exports	0 bbl/day (2004)	NA bbl/day
Exports - partners	US 72.7%, UK 3.2%, Belgium 2.4% (2006)	US 72.6%, UK 3.2%, Belgium 2.4% (2006)
GDP - composition by sector	agriculture: 11.5% industry: 28.3% services: 60.2% (2007 est.)	agriculture: 11.6% industry: 28.6% services: 59.8% (2006 est.)
GDP - real growth rate	7.2% (2007 est.)	10.7% (2006 est.)
Industrial production growth rate	5.5% (2007 est.)	2% (2001 est.)
Inflation rate (consumer prices)	5.8% (2007 est.)	7.6% (2006 est.)
Labor force	3.986 million (2007 est.)	3.896 million (2006 est.)
Maritime claims	measured from claimed archipelagic straight baselines territorial sea: 6 nm contiguous zone: 24 nm exclusive economic zone: 200 nm continental shelf: 200 nm or to the edge of the continental margin	territorial sea: 6 nm contiguous zone: 24 nm exclusive economic zone: 200 nm continental shelf: 200 nm or to the edge of the continental margin
Military branches	Army, Navy, Air Force (Fuerza Aerea Dominicana, FAD) (2007)	Army, Navy, Air Force
Unemployment rate	15.5% (2007 est.)	16% (2006 est.)

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