NewsWhore
12-22-2010, 03:40 PM
In its preliminary year's end report, the Central Bank reports that the country risk for the DR is below the Latin American average, making the DR an attractive destination for foreign investment. The Central Bank stresses relative exchange stability with fluctuations of barely 3% in all 2010 has maintained the DR's competitiveness at a time when currencies were appreciating in Latin America.
The Central Bank reported yesterday that at the close of the year the economy would show a real growth of 7.8%, above that forecast in projections with the International Monetary Fund (IMF). The growth positions the DR among the seven countries reporting growth above the 6% projected by the Economic Commission for Latin America and the Caribbean (ECLAC) for the region for the year.
Central Bank governor Hector Valdez Albizu called on Dominicans of goodwill not to be taken in by pessimism, inertia and negativity.
The Central Bank estimates that the economic activities that make up the GDP will show positive growth rates at year's end, driving a growth that has impacted favorably on the country's employment level. The broad-based unemployment rate fell by 0.3%, reaching the 14.1% level, similar to the unemployment levels from before the world economic crisis of 2008-2009.
160,208 new jobs were created in 2010, bringing the total of new jobs that the growing economy has created from 2004 to date to 589,003. "This has contributed to reducing poverty levels and improving income distribution and quality of life for a large segment of the population", says the Central Bank preliminary report on the economy. It adds that the poverty index has been reduced by 10.2% over the last six years, going from 43.3% in October of 2004 to 33.2% in April 2010, according to a report on poverty in the DR carried out by the Ministry of Economy, Planning and Development.
The reduction in poverty is attributed to sustained economic growth, relative stability of the exchange rate and inflation in the 2004-2010 period, disputing claims that there has not been a trickle-down effect from the sustained economic growth. Inflation from January-November 2010 is 5.27%.
Domestic demand was significant, and commerce was up 12.1%, construction 10.1%, local manufacturing 8.6%, banking and finance 11.3%, communications 8.4%, tourism 7%, farming 5.6%, water and energy 6.4%, transport and warehousing 6.7%, education 5.89%, health 4.6%, other services 4.3% and housing rentals 3.1%.
Banking in the DR reported earnings of RD$13.78 billion, with yield on assets of 2.16%, on capitals of 20.13% and solvency of 15.9%, as of October.
The Gross Domestic Product per capita was US$5,282.2 at the close of 2010, up 9.7% compared to 2009, and double that of 2004, when it was US$2,548.
The Central Bank reports that tourism receipts at year's end are forecast to reach US$4.24 billion, up US$188 million (4.6%) from last year's US$4.05 billion. There was nevertheless a US$85 million decline in remittances for the year.
The Central Bank reports an 18.6% growth of exports of goods or US$1.03 billion for 2010, up US$741 million compared to last year.
Oil product imports were up in 2010 to US$3.46 billion, US$823 million more than in 2009. Non-petroleum imports were up 22.1% with US$1.6 billion more imported this year than last. This has resulted in a 7.5% deficit of the current account that is being financed by fresh capitals entering the country.
The balance of payments is expected to close the year with a US$300 million deficit, less than originally established in the monetary program with the IMF.
The Central Bank expects foreign investment receipts to be US$2.84 billion in 2010, US$1.27 billion more than total foreign investment in 2009. Of the total, US$1.5 would be direct investment, US$769 million would be loans to the private sector for investment projects, and US$540 million would be for portfolio investments. In addition, the public and private sector are in better conditions to borrow from international markets and make the most of low lending rates, says the Central Bank report.
The Central Bank reported that the fiscal deficit of the Central Government would be 2.3% of GDP and 3.8% for the Consolidated Public Sector, after the International Monetary Fund approved the fourth review of the Stand- by arrangement.
According to data from the Ministry of Hacienda, the debt of the Non-Financial Public Sector as of November was US$14.4 billion. Of this total, US$9.3 billion (64.6%) is foreign debt and US$5.09 billion (35.4%) is domestic debt. The debt/GDP ratio at the close of 2010 stands at 36% of GDP.
"In that area, it is timely to make the point that according to studies carried out by the Central Bank and the IMF, the Dominican public debt is sustainable in time, dependent on the government obtaining a primary surplus in tax revenues, as is established in the program with the IMF and the National Budget approved for 2011. This would lead to a decline in the overall level of public debt.
The Central Bank stresses that the DR is up to date with its international and domestic debt commitments, and that this was a condition for the approval of the fourth review of the Stand-by arrangement with the IMF. See http://www.imf.org/External/NP/LOI/2010/dom/100710.pdf
More... (http://www.dr1.com/index.html#2)
The Central Bank reported yesterday that at the close of the year the economy would show a real growth of 7.8%, above that forecast in projections with the International Monetary Fund (IMF). The growth positions the DR among the seven countries reporting growth above the 6% projected by the Economic Commission for Latin America and the Caribbean (ECLAC) for the region for the year.
Central Bank governor Hector Valdez Albizu called on Dominicans of goodwill not to be taken in by pessimism, inertia and negativity.
The Central Bank estimates that the economic activities that make up the GDP will show positive growth rates at year's end, driving a growth that has impacted favorably on the country's employment level. The broad-based unemployment rate fell by 0.3%, reaching the 14.1% level, similar to the unemployment levels from before the world economic crisis of 2008-2009.
160,208 new jobs were created in 2010, bringing the total of new jobs that the growing economy has created from 2004 to date to 589,003. "This has contributed to reducing poverty levels and improving income distribution and quality of life for a large segment of the population", says the Central Bank preliminary report on the economy. It adds that the poverty index has been reduced by 10.2% over the last six years, going from 43.3% in October of 2004 to 33.2% in April 2010, according to a report on poverty in the DR carried out by the Ministry of Economy, Planning and Development.
The reduction in poverty is attributed to sustained economic growth, relative stability of the exchange rate and inflation in the 2004-2010 period, disputing claims that there has not been a trickle-down effect from the sustained economic growth. Inflation from January-November 2010 is 5.27%.
Domestic demand was significant, and commerce was up 12.1%, construction 10.1%, local manufacturing 8.6%, banking and finance 11.3%, communications 8.4%, tourism 7%, farming 5.6%, water and energy 6.4%, transport and warehousing 6.7%, education 5.89%, health 4.6%, other services 4.3% and housing rentals 3.1%.
Banking in the DR reported earnings of RD$13.78 billion, with yield on assets of 2.16%, on capitals of 20.13% and solvency of 15.9%, as of October.
The Gross Domestic Product per capita was US$5,282.2 at the close of 2010, up 9.7% compared to 2009, and double that of 2004, when it was US$2,548.
The Central Bank reports that tourism receipts at year's end are forecast to reach US$4.24 billion, up US$188 million (4.6%) from last year's US$4.05 billion. There was nevertheless a US$85 million decline in remittances for the year.
The Central Bank reports an 18.6% growth of exports of goods or US$1.03 billion for 2010, up US$741 million compared to last year.
Oil product imports were up in 2010 to US$3.46 billion, US$823 million more than in 2009. Non-petroleum imports were up 22.1% with US$1.6 billion more imported this year than last. This has resulted in a 7.5% deficit of the current account that is being financed by fresh capitals entering the country.
The balance of payments is expected to close the year with a US$300 million deficit, less than originally established in the monetary program with the IMF.
The Central Bank expects foreign investment receipts to be US$2.84 billion in 2010, US$1.27 billion more than total foreign investment in 2009. Of the total, US$1.5 would be direct investment, US$769 million would be loans to the private sector for investment projects, and US$540 million would be for portfolio investments. In addition, the public and private sector are in better conditions to borrow from international markets and make the most of low lending rates, says the Central Bank report.
The Central Bank reported that the fiscal deficit of the Central Government would be 2.3% of GDP and 3.8% for the Consolidated Public Sector, after the International Monetary Fund approved the fourth review of the Stand- by arrangement.
According to data from the Ministry of Hacienda, the debt of the Non-Financial Public Sector as of November was US$14.4 billion. Of this total, US$9.3 billion (64.6%) is foreign debt and US$5.09 billion (35.4%) is domestic debt. The debt/GDP ratio at the close of 2010 stands at 36% of GDP.
"In that area, it is timely to make the point that according to studies carried out by the Central Bank and the IMF, the Dominican public debt is sustainable in time, dependent on the government obtaining a primary surplus in tax revenues, as is established in the program with the IMF and the National Budget approved for 2011. This would lead to a decline in the overall level of public debt.
The Central Bank stresses that the DR is up to date with its international and domestic debt commitments, and that this was a condition for the approval of the fourth review of the Stand-by arrangement with the IMF. See http://www.imf.org/External/NP/LOI/2010/dom/100710.pdf
More... (http://www.dr1.com/index.html#2)