Jennifer GalvánChelsea Wiik

Angelica Jean BaptisteDevin Rae

TRVL 3010Prof. Eldad Boker

CRN: 24230

Dominican Republic:Importance of Tourism in

Relation to Economics

INTRODUCTION

This country has the ninth largest economy in Latin America; it is dependent on agriculture, trade and services.

Dominican Republic’s economy today is dominated by services. Tourism accounts for more than $1 billion in annual earnings.

The Dominican Republic is the second largest Caribbean nation, located on the island of Hispaniola sharing territory on the island with Haiti.

Economy in the Dominican Republic

The Dominican Republic’s economy is becoming stronger from its tourism sector, as the country’s economy was previously funded largely by agricultural exports.

Corruption is a hindrance in the Dominican Republic’s economy and drug trafficking is still a major issue.

The Dominican Republic’s GDP as of 2014 is $64.06 billion USD and has grown 4.3% since 2013.

GDP Composition by sector of origin: Services at 61.9%, Industry at 32.2%, and Agriculture at 5.8%.

One USD is equal to 42.5200 Dominican Pesos (DOP) and it has decreased in value from 2011.

Economy & Tourism

Last year alone Punta Cana received approximately 2.5 million visitors, most of them came from the United States.

As of December of 2013, the country’s tourism sector has increased by 6.3%, and it continues to grow since.

The country’s hotels, bars, and restaurants has increased by 8.5%, equaled to U.S$335 million.

Punta Cana

First private airport in the whole world.

One of the most popular tourist destinations in the Caribbean.

Tourism in Punta Cana was pretty much non-existent before the 1980’s.

United States 39.9% Canada 16.9% France 5.4% Germany 5.2% Russia 4.5% Spain 3.4% Puerto Rico 2.6%

The National Hotel & Tourism Association (ASONAHORES) reports there are 716 hotels with a total of 67,792 hotel rooms in the Dominican Republic as of December 2013.

United Kingdom 2.6% Brazil 1.8% Italy 2.2% Venezuela 1.7% Colombia 1.1% Belgium 0.7% The Netherlands 0.6%

In 2013, most tourists visiting the country by air came from:

Inflation for March 2015 came in at 0.64%, (well below the 4.0% ± 1% target) which is the lowest level since October 2009, following five consecutive months of y-o-y disinflation.

CONCLUSION

The economy has gotten much stronger with the

unemployment rate decreasing, and the country’s population

below the poverty line has decreased as well. Punta Cana is

now a well-known tourist destination, which helps in the

economic growth and it will tourism expansion it will continue

to grow into the future as a top destination in the Caribbean.

"Dominican Republic Economy." Economy: Population, GDP, Inflation, Business,Trade, FDI, Corruption. The Heritage Foundation, n.d. Web. 15 Dec. 2015.

“Economy: Dominican Republic.” The World Factbook. Central Intelligence Agency, n.d. Web. 15 Dec. 2015.

"XE Currency Converter." XE: (USD/DOP) US Dollar to Dominican Peso Rate. XE, n.d. Web. 15 Dec. 2015.

"The Dominican Republic's Tourism Revenues, the Best in Latin America." Access Dominican Republic. Access Dominican Republic, 9 July 2013. Web. 15 Dec. 2015.

Works Cited