The Dominican Republic’s economy received a significant boost in August 2024, with remittances reaching $952.3 million.
This figure represents a 10.7% increase from August 2023, according to the Central Bank of the Dominican Republic (BCRD).
From January to August 2024, total remittances amounted to $7,112 billion, a 5.1% rise compared to the same period last year. The United States remained the primary source, contributing 82% of August’s remittances.
The BCRD attributes this growth to the U.S. economic performance, citing a slight decrease in unemployment to 4.2% and the creation of 142,000 new jobs in August.
The service sector, where many Dominican expatriates work, also showed expansion. Other significant contributors included Spain ($59.1 million), Italy, and Haiti.
Within the Dominican Republic, the Distrito Nacional received 43% of remittances, followed by Santiago (11.8%) and Santo Domingo (7.6%) provinces.
The BCRD projects a positive outlook for 2024, expecting total foreign exchange earnings to exceed $42.6 billion.
This includes over $10.5 billion from tourism and a similar amount from remittances. These remittance flows play a crucial role in maintaining the country’s economic stability and growth.
