Central Bank: GDP grows 6.5% and 109,300 net jobs are created
Valdez Albizu: "It will result in greater welfare" of the poorest
Diario Libre
SANTO DOMINGO. The Central Bank (BCRD) estimated that between January and March of this year, the economy grew by 6.5%, by far the highest rate, among those forecast for the other countries of Latin America and the Caribbean. The growth rate for Panama was forecast at 5.1%.
In addition, according to the numbers released by Valdez Albizu, the Governor of the BCRD, between October 2014 and April 2015, they have created 109,300 net jobs, which added to those generated between October 2012 and October 2014(about 235,600 new jobs) produces a total of 344,900 new jobs.
"Some 85% of the new jobs correspond to the formal sector," said Valdez Albizu, in the framework of a press conference held on Tuesday at the Auditorium of the Central Bank. During a press conference the bank released the preliminary numbers regarding the performance of the economy for the first quarter of 2015.
The creation of this supposed volume of net employment over 30 months, leads Valdez Albizu to the conclusion that "the goal of contributing to the generation of 400,000 formal jobs in four years could be fulfilled comfortably." This goal was part of the campaign promises by President Danilo Medina.
In the Dominican Republic, the BCRD designs and implements the economic policy in the monetary environment, process of the statistics that its application generates and evaluates its performance.
According to the BCRD, the strong growth of the economy in the first quarter, was accompanied in addition by an important creation of jobs, by a very low inflation rate (an accumulated rate of 0.16%), and a surplus in current accounts of the balance of payments amounting to US$264.4 million.
The surplus in the current accounts (during the last decade there has generally been a deficit) was a result of the increase of the income from tourism and remittances, in addition to the fall in oil prices which reduced the petroleum invoices.
According to the official, the first quarter growth was supported by the behavior of construction (14.9%), commerce (10.6%), financial intermediation (7.4%), transportation and warehousing (6.2%), education (9.4%), farming (5.8%), local manufacturing (5.5%) and the hotel bar and restaurant sector (4.9%).
Valdez Albizu stressed that this performance will result in "a greater welfare for the most vulnerable social conglomerates of the nation." This should be felt in the living conditions of these persons.
Petroleum bill falls 31.8%
Between the months of January and March 2015, due to the impact of the low prices of hydrocarbons, the petroleum bill amounted to US$672.2 million during the period under analysis, an amount that was US$313.4 million less than what was spent during the same quarter the year before, equal to a fall of 31.8%.
On the other hand, credit to the private sector in national currency grew at a year-to-year rate of 13.1% as of the month of April, for an increase of RD$64.6 billion, according to the report by the BCRD.
In addition, according to the numbers released by Valdez Albizu, the Governor of the BCRD, between October 2014 and April 2015, they have created 109,300 net jobs, which added to those generated between October 2012 and October 2014(about 235,600 new jobs) produces a total of 344,900 new jobs.
"Some 85% of the new jobs correspond to the formal sector," said Valdez Albizu, in the framework of a press conference held on Tuesday at the Auditorium of the Central Bank. During a press conference the bank released the preliminary numbers regarding the performance of the economy for the first quarter of 2015.
The creation of this supposed volume of net employment over 30 months, leads Valdez Albizu to the conclusion that "the goal of contributing to the generation of 400,000 formal jobs in four years could be fulfilled comfortably." This goal was part of the campaign promises by President Danilo Medina.
In the Dominican Republic, the BCRD designs and implements the economic policy in the monetary environment, process of the statistics that its application generates and evaluates its performance.
According to the BCRD, the strong growth of the economy in the first quarter, was accompanied in addition by an important creation of jobs, by a very low inflation rate (an accumulated rate of 0.16%), and a surplus in current accounts of the balance of payments amounting to US$264.4 million.
The surplus in the current accounts (during the last decade there has generally been a deficit) was a result of the increase of the income from tourism and remittances, in addition to the fall in oil prices which reduced the petroleum invoices.
According to the official, the first quarter growth was supported by the behavior of construction (14.9%), commerce (10.6%), financial intermediation (7.4%), transportation and warehousing (6.2%), education (9.4%), farming (5.8%), local manufacturing (5.5%) and the hotel bar and restaurant sector (4.9%).
Valdez Albizu stressed that this performance will result in "a greater welfare for the most vulnerable social conglomerates of the nation." This should be felt in the living conditions of these persons.
Petroleum bill falls 31.8%
Between the months of January and March 2015, due to the impact of the low prices of hydrocarbons, the petroleum bill amounted to US$672.2 million during the period under analysis, an amount that was US$313.4 million less than what was spent during the same quarter the year before, equal to a fall of 31.8%.
On the other hand, credit to the private sector in national currency grew at a year-to-year rate of 13.1% as of the month of April, for an increase of RD$64.6 billion, according to the report by the BCRD.
Diario Libre
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