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- Economy_of_the_Dominican_Republic abstract "The Dominican Republic has the second largest economy in the Caribbean. It is an upper middle-income developing country primarily dependent on agriculture, trade, and services, especially tourism.Although the service sector has recently overtaken agriculture as the leading employer of Dominicans (due principally to growth in tourism and Free Trade Zones), agriculture remains the most important sector in terms of domestic consumption and is in second place (behind mining) in terms of export earnings. Tourism accounts for more than $1 billion in annual earnings. Free trade zone earnings and tourism are the fastest-growing export sectors. According to a 1999 International Monetary Fund report, remittances from Dominican Americans, are estimated to be about $1.5 billion per year. Most of these funds are used to cover basic household needs such as shelter, food, clothing, health care and education. Secondarily, remittances have financed small businesses and other productive activities.The Dominican Republic's most important trading partner is the United States (75% of export revenues). Other markets include Canada, Western Europe, and Japan. The country exports free-trade-zone manufactured products (garments, medical devices, and so on), nickel, sugar, coffee, cacao, and tobacco. It imports petroleum, industrial raw materials, capital goods, and foodstuffs. On 5 September 2005, the Congress of the Dominican Republic ratified a free trade agreement with the U.S. and five Central American countries, the Dominican Republic – Central America Free Trade Agreement (CAFTA-DR). CAFTA-DR entered into force for the Dominican Republic on 1 March 2007. The total stock of U.S. foreign direct investment (FDI) in Dominican Republic as of 2006 was U.S. $3.3 billion, much of it directed to the energy and tourism sectors, to free trade zones, and to the telecommunications sector. Remittances were close to $2.7 billion in 2006.An important aspect of the Dominican economy is the Free Trade Zone industry (FTZ), which made up U.S. $4.55 billion in Dominican exports for 2006 (70% of total exports). Reports show, however, that the FTZs lost approximately 60,000 between 2005 and 2007 and suffered a 4% decrease in total exports in 2006. The textiles sector experienced an approximate 17% drop in exports due in part to the appreciation of the Dominican peso against the dollar, Asian competition following expiration of the quotas of the Multi-Fiber Arrangement, and a government-mandated increase in salaries, which should have occurred in 2005 but was postponed to January 2006. Lost Dominican business was captured by firms in Central America and Asia. The tobacco, jewelry, medical, and pharmaceutical sectors in the FTZs all reported increases for 2006, which somewhat offset textile and garment losses. Industry experts from the FTZs expect that entry into force of the CAFTA-DR agreement will promote substantial growth in the FTZ sector for 2007.An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Three regional electricity distribution systems were privatized in 1998 via sale of 50% of shares to foreign operators; the Mejía administration repurchased all foreign-owned shares in two of these systems in late 2003. The third, serving the eastern provinces, is operated by U.S. concerns and is 50% U.S.-owned. The World Bank records that electricity distribution losses for 2005 totaled about 38.2%, a rate of losses exceeded in only three other countries. Industry experts estimate distribution losses for 2006 will surpass 40%, primarily due to low collection rates, theft, infrastructure problems and corruption. At the close of 2006, the government had exceeded its budget for electricity subsidies, spending close to U.S. $650 million. The government plans to continue providing subsidies. Congress passed a law in 2007 that criminalizes the act of stealing electricity, but it has not yet been fully implemented. The electricity sector is a highly politicized sector and with 2008 presidential election campaigning already in motion, the prospect of further effective reforms of the electricity sector is poor. Debts in the sector, including government debt, amount to more than U.S. $500 million. Some generating companies are under capitalized and at times unable to purchase adequate fuel supplies.".
- Economy_of_the_Dominican_Republic wikiPageID "8067".
- Economy_of_the_Dominican_Republic wikiPageRevisionID "606347389".
- Economy_of_the_Dominican_Republic caption "Santo Domingo is the financial center of Dominican Republic".
- Economy_of_the_Dominican_Republic cianame "dr".
- Economy_of_the_Dominican_Republic country "Dominican Republic".
- Economy_of_the_Dominican_Republic credit "B+".
- Economy_of_the_Dominican_Republic credit "BB".
- Economy_of_the_Dominican_Republic currency "1".
- Economy_of_the_Dominican_Republic debt "30.7".
- Economy_of_the_Dominican_Republic edbr "116".
- Economy_of_the_Dominican_Republic expenses "8.634E9".
- Economy_of_the_Dominican_Republic exportGoods "ferronickel, sugar, gold, silver, coffee, cocoa, tobacco, meats, consumer goods".
- Economy_of_the_Dominican_Republic exportPartners "17.4".
- Economy_of_the_Dominican_Republic exportPartners "4.2".
- Economy_of_the_Dominican_Republic exportPartners "46.1".
- Economy_of_the_Dominican_Republic exports "6.161E9".
- Economy_of_the_Dominican_Republic fdi "1.945E10".
- Economy_of_the_Dominican_Republic gdp "1.0624E11".
- Economy_of_the_Dominican_Republic gini "49.9".
- Economy_of_the_Dominican_Republic grossExternalDebt "1.162E10".
- Economy_of_the_Dominican_Republic growth "4.5".
- Economy_of_the_Dominican_Republic hasPhotoCollection Economy_of_the_Dominican_Republic.
- Economy_of_the_Dominican_Republic importGoods "foodstuffs, petroleum, cotton and fabrics, chemicals and pharmaceuticals".
- Economy_of_the_Dominican_Republic importPartners "4.2".
- Economy_of_the_Dominican_Republic importPartners "42.5".
- Economy_of_the_Dominican_Republic importPartners "5.2".
- Economy_of_the_Dominican_Republic importPartners "6.2".
- Economy_of_the_Dominican_Republic importPartners "7.4".
- Economy_of_the_Dominican_Republic imports "1.453E10".
- Economy_of_the_Dominican_Republic industries "tourism, sugar processing, ferronickel and gold mining, textiles, cement, tobacco".
- Economy_of_the_Dominican_Republic inflation "3.9".
- Economy_of_the_Dominican_Republic labor "4498000".
- Economy_of_the_Dominican_Republic occupations "agriculture: 14.6%; industry: 22.3%; services: 63.1%".
- Economy_of_the_Dominican_Republic organs World_Trade_Organization.
- Economy_of_the_Dominican_Republic perCapita "10060.0".
- Economy_of_the_Dominican_Republic poverty "31.6".
- Economy_of_the_Dominican_Republic reserves "2.705E9".
- Economy_of_the_Dominican_Republic revenue "7.11E9".
- Economy_of_the_Dominican_Republic sectors "agriculture: 11.5%; industry: 21%; services: 67.5%".
- Economy_of_the_Dominican_Republic unemployment "12.5".
- Economy_of_the_Dominican_Republic width "270".
- Economy_of_the_Dominican_Republic year "Calendar year".
- Economy_of_the_Dominican_Republic subject Category:Economy_of_the_Dominican_Republic.
- Economy_of_the_Dominican_Republic subject Category:World_Trade_Organization_member_economies.
- Economy_of_the_Dominican_Republic comment "The Dominican Republic has the second largest economy in the Caribbean.".
- Economy_of_the_Dominican_Republic label "Economia da República Dominicana".
- Economy_of_the_Dominican_Republic label "Economy of the Dominican Republic".
- Economy_of_the_Dominican_Republic label "Economía de la República Dominicana".
- Economy_of_the_Dominican_Republic label "Wirtschaft der Dominikanischen Republik".
- Economy_of_the_Dominican_Republic label "Économie de la République dominicaine".
- Economy_of_the_Dominican_Republic label "Экономика Доминиканской Республики".
- Economy_of_the_Dominican_Republic label "多米尼加共和国经济".
- Economy_of_the_Dominican_Republic sameAs Wirtschaft_der_Dominikanischen_Republik.
- Economy_of_the_Dominican_Republic sameAs Economía_de_la_República_Dominicana.
- Economy_of_the_Dominican_Republic sameAs Économie_de_la_République_dominicaine.
- Economy_of_the_Dominican_Republic sameAs Economia_da_República_Dominicana.
- Economy_of_the_Dominican_Republic sameAs m.011bp7v1.
- Economy_of_the_Dominican_Republic sameAs Q62790.
- Economy_of_the_Dominican_Republic sameAs Q62790.
- Economy_of_the_Dominican_Republic wasDerivedFrom Economy_of_the_Dominican_Republic?oldid=606347389.
- Economy_of_the_Dominican_Republic isPrimaryTopicOf Economy_of_the_Dominican_Republic.