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LatinNews Daily - 28 January 2025

In brief: Dominican Republic posts solid growth

*The Dominican Republic’s central bank (BCRD) has released new figures showing the country’s GDP growth in 2024 was 5%. It notes that this followed growth of 4.5% in the first quarter of 2024, 6.1% in the second, 5.1% in the third, and 4.1% in the fourth. The BCRD highlights that the sectors driving growth in 2024 were services (+5.5%), particularly hotels, bars, & restaurants (+9.6%), financial services, (8.3%), energy & water (7.0%), transport & storage (5.7%), and trade (5.5%). In its latest forecast released on 18 December, the United Nations (UN) Economic Commission for Latin America and the Caribbean (Eclac) forecast that the Dominican Republic would post 5.2% GDP growth in 2024 - the highest in Central America and well above the 2.8% average for Central America. The BCRD report also notes that year-on-year inflation in the Dominican Republic closed 2024 at 3.35%, the lowest of the last six years, which is within its target range of 4.0 % ± 1.0. Meanwhile remittances totalled a record US$10.76bn in 2024, up 5.9% on 2023, while foreign direct investment (FDI) totalled US$4.51bn, exceeding US$4.00bn for a third consecutive year.

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