a centered white cross that extends to the edges divides the flag into four rectangles - the top ones are blue (hoist side) and red, and the bottom ones are red (hoist side) and blue; a small coat of arms featuring a shield supported by an olive branch (left) and a palm branch (right) is at the center of the cross; above the shield a blue ribbon displays the motto, DIOS, PATRIA, LIBERTAD (God, Fatherland, Liberty), and below the shield, REPUBLICA DOMINICANA appears on a red ribbon
Economy ::Dominican Republic
Economy - overview:
The Dominican Republic has enjoyed strong GDP growth since 2005 and continued to post sound gains through mid-2008. The global recession, however, had a significant impact on GDP growth in the latter half of the year as tourism and remittances, two of the Dominican Republic's most important economic contributors, showed signs of slowing. The economy is highly dependent upon the US, the destination for about two-thirds of exports. Remittances from the US amount to about a tenth of GDP, equivalent to almost half of exports and three-quarters of tourism receipts. The country has long been viewed primarily as an exporter of sugar, coffee, and tobacco but in recent years the service sector has overtaken agriculture as the economy's largest employer due to growth in tourism and free trade zones. Although 2007 saw inflation around 6%, the rate grew to over 12% in 2008. High food prices, driven by the effects of consecutive tropical storms on agricultural products, and education prices were significant contributors to the jump. The effects of the global financial crisis and the US recession are projected to negatively affect GDP growth in 2009 with a rebound expected in 2010. Although the economy is growing at a respectable rate, high unemployment and underemployment remains an important challenge. The country suffers from marked income inequality; the poorest half of the population receives less than one-fifth of GNP, while the richest 10% enjoys nearly 40% of national income. The Central America-Dominican Republic Free Trade Agreement (CAFTA-DR) came into force in March 2007, which should boost investment and exports and reduce losses to the Asian garment industry.
GDP (purchasing power parity):
$78.19 billion (2008 est.) country comparison to the world: 76 $74.25 billion (2007 est.)
$68.43 billion (2006 est.)
note: data are in 2008 US dollars
GDP (official exchange rate):
$44.44 billion (2008 est.)