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Friday, December 10, 2010

Dominican Republic GDP to grow 7%, “in worse of cases”

Despite a very difficult and complex year with many discussions on the foreign debt and going through a post crisis period, the Product Gross Domestic (GDP) will grow this year, in the worse of cases, around 7%, Central banker Héctor Valdez Albizu revealed yesterday.

He said according to the Monthly Economic Activity Index the GDP will grow 7.5% by October, for which the GDP will close between 7 and 7.4 percent for December. "That’s to say, that we are closing with good year and the most important manifestation has been that we have reached in very short period, what we economists call the potential capacity of the economy in terms of recovery."

He said in real terms the GDP had grown 7.6% in the January-September period, above the International Monetary Fund’s projections, which have been reviewed three times this year.

Speaking with reporters in a Christmas gathering Valdez Albizu said the economy’s growth has been reached with a strong push of credit for the private sector, which has grown 18% above the estimates of the authorities, adding however that, "that isn’t sometimes good because it can provoke unnecessary pressures on prices."

Source: Dominican Today

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