NewsWhore
05-27-2008, 05:30 PM
The DR's Gross Domestic Product grew by 6.2% during the first quarter of the year, but the balance of trade shows imports increasing and exports dropping, as reported in Listin Diario. Reporter Esteban Delgado analyzes the most recent economic overview published by the Central Bank. Exports were down 1.5 % over the first three months of the year, including goods exported from free trade zones, which were down 0.1%. The percentages are small but when put into perspective they reveal a looming problem, with a present US$134.9 million deficit for the start of the year. Imports increased by 31.4% overall, and fuel imports were up by 49.9% from January through March. Officials are not worried about this, however, as there was a 5.6% increase in tourism, a 7.9% increase in remittances and foreign direct investment (FDI) increased by 177.6%. In the first three months of the year, FDI was at US$1.06 billion compared to US$360.1 million for the last three years combined.
Preliminary figures show a US$804 million deficit in the current account balance. By year's end, this could double last year's deficit of US$1.8 billion. The Central Bank reports gross reserves of US$2.89 billion.
More... (http://www.dr1.com/index.html#8)
Preliminary figures show a US$804 million deficit in the current account balance. By year's end, this could double last year's deficit of US$1.8 billion. The Central Bank reports gross reserves of US$2.89 billion.
More... (http://www.dr1.com/index.html#8)