Part 212

Economic overview: Economic reforms launched in late 1994 contributed to exchange rate stabilization, reduced inflation, and relatively strong GDP growth in 1995. Output growth was concentrated in the tourism and free trade zone (ftz) sectors while sugar and non-ftz manufacturing declined last year. Drought in early 1995 hurt agricultural production but favorable world prices for export commodities helped mitigate the impact. Sugar refining was devastated by a disastrous harvest resulting from the drought and ongoing problems at the state-owned sugar company. Unreliable electric supplies continue to hamper expansion in manufacturing; small and medium-sized retail firms also suffer due to the dismal power situation. A presidential election scheduled for May 1996 could lead to increased government spending before and in the immediate aftermath of the vote, raising the potential for rising inflation and increased pressure on the Dominican peso.

GDP: purchasing power parity - $26.8 billion (1995 est.)

GDP real growth rate: 3.5% (1995 est.)

GDP per capita: $3,400 (1995 est.)

GDP composition by sector: agriculture: 13% industry: 32% services: 55% (1995)

Inflation rate (consumer prices): 9.5% (1995)

Labor force: 2.3 million to 2.6 million by occupation: agriculture 50%, services and government 32%, industry 18% (1991 est.)

Unemployment rate: 30% (1995 est.)

Budget: revenues: $1.8 billion expenditures: $2.2 billion, including capital expenditures of $NA (1994 est.)

Industries: tourism, sugar processing, ferronickel and gold mining, textiles, cement, tobacco

Industrial production growth rate: 6.3% (1995 est.)

Electricity: capacity: 1,450,000 kW production: 5.4 billion kWh consumption per capita: 651 kWh (1993)

Agriculture: sugarcane, coffee, cotton, cocoa, tobacco, rice, beans, potatoes, corn, bananas; cattle, pigs, dairy products, meat, eggs

Illicit drugs: transshipment point for South American drugs destined for the US and Europe

Exports: $837.7 million (f.o.b., 1995) commodities: ferronickel, sugar, gold, coffee, cocoa partners: US 47.5%, EC 22%, Puerto Rico 8.4%, Asia 6.7% (1994)

Imports: $2.867 billion (f.o.b., 1995) commodities: foodstuffs, petroleum, cotton and fabrics, chemicals and pharmaceuticals partners: US 60% (1993)

External debt: $4.6 billion (1994)

Economic aid: recipient: ODA, $21 million (1993)

Currency: 1 Dominican peso (RD$) = 100 centavos

Exchange rates: Dominican pesos (RD$) per US$1 - 13.589 (December 1995), 13.617 (1995), 13.160 (1994), 12.676 (1993), 12.774 (1992), 12.692 (1991)

Fiscal year: calendar year

Transportation --------------

Railways: total: 757 km standard gauge: 375 km 1.435-m gauge (Central Romana Railroad) narrow gauge: 142 km 0.762-m gauge (Dominica Government Railway); 240 km operated by sugar companies in various gauges (0.558-m, 0.762-m, 1.067-m gauges) (1995)

Highways: total: 11,931 km paved: 5,766 km unpaved: 6,165 km (1987 est.)

Pipelines: crude oil 96 km; petroleum products 8 km

Ports: Barahona, La Romana, Puerto Plata, San Pedro de Macoris, Santo Domingo

Merchant marine: total: 1 cargo ship (1,000 GRT or over) totaling 1,587 GRT/1,165 DWT (1995 est.)

Airports: total: 31 with paved runways over 3 047 m: 2 with paved runways 1 524 to 2 437 m: 6 with paved runways 914 to 1 523 m: 3 with paved runways under 914 m: 14 with unpaved runways 2 438 to 3 047 m: 1 with unpaved runways 1 524 to 2 437 m: 1 with unpaved runways 914 to 1 523 m: 4 (1995 est.)