The International Monetary Fund released figures today that continue to show an upward trend with regard to the economy of the Dominican Republic. Currently 2011 statistics show a sustained growth of 5.5% with this current trend set to maintain course for 2012. This is encouraging news given global financial concerns and should help ease inflationary pressure on the price of staple goods with the exception of fuel prices. The Dominican Republic exports sugar, tobacco, coffee, cacao (chocolate) and nickel and has previously had success with the Free Zone Trade particularly in the textile and garment industry but suffereda hit in 2006 due to an appreciating Dominican Peso vs. U$ Dollar and increased competition from the far east. The Dominican Republic also has healthy gold deposits with Barrick Gold Corporation reporting accessible gold seams of 23.7 million ounces or in layman's terms enough work to keep the mine in business for the next 25 years. The main trading partner of the Dominican Republic is the USA which accounts for 75% followed by Canada, Western Europe and Japan. Dominican Republic tourism is also reporting an upward trend, particularly in the resorts of Punta Cana, Bavaro and Cap Cana and accounts for over 1 billion in annual earnings.
