Tourism and remittances, the two main pillars of DR economic stability

Remittances and tourism aim to end 2023 as a year of fulfilled goals.
As pillars of foreign exchange earnings, both activities have expectations and projections of reaching revenues of around US$10 billion each.

The performance observed up to the seventh month of the year encourages the possibilities that the projections of both the Central Bank of the Dominican Republic and the Ministry of Tourism (Mitur) will be met. The most recent sectoral statistics reflect sustained increases in revenues from both variables.

In the tourism sector, the results for July indicate that the country reached the seventh month of the year with 6,295,667 visitors, a situation which prompted the Minister of Tourism to headline his report with the phrase “Towards 10 million visitors”.

The good performance of tourism and remittances projects sustainability of stability, a condition sought by every economy.

In its most recent report on the performance of remittances, the BCRD highlighted that at the end of last July, remittances received by the country totaled US$5,909.3 million, for a growth of 4.2% compared to the similar period of 2022.

“Said increase is in line with the projection of exceeding US$10 billion by the end of 2023,” said the Central Bank in the press release in which it announced that the flow of remittances in the seventh month was US$889.4 million, registering a relative increase of 5.1 % with respect to the previous month.

The outlook described by the BCRD for remittances supports its expectations for the end of 2023. It stated that the flows received up to last July marked the seventh consecutive month with an increase, thus extending the trend of consecutive increases initiated in the last quarter of 2022.

The performance of the United States economy, from where more than 80% of the remittances coming into the country originate, has been a determining factor in the good performance of the remittances captured by the Dominican economy and supports that the flows will continue at similar or higher levels.