Key Facts

GDP (ppp) per CAPITA

$8200 (2008 est.)

Inflation Rate

10.6% (2008 est.)

Population

9,650,054 (July 2009 est.)

Country Risk Ratings

B

Ease of Doing Business

97/181

Global Competitiveness

96/134

Country Map

View Larger Map

Dominican Rep. : Introduction

Explored and claimed by Christopher COLUMBUS on his first voyage in 1492, the island of Hispaniola became a springboard for Spanish conquest of the Caribbean and the American mainland. In 1697, Spain recognized French dominion over the western third of the island, which in 1804 became Haiti. The remainder of the island, by then known as Santo Domingo, sought to gain its own independence in 1821 but was conquered and ruled by the Haitians for 22 years; it finally attained independence as the Dominican Republic in 1844. In 1861, the Dominicans voluntarily returned to the Spanish Empire, but two years later they launched a war that restored independence in 1865. A legacy of unsettled, mostly non-representative rule followed, capped by the dictatorship of Rafael Leonidas TRUJILLO from 1930-61. Juan BOSCH was elected president in 1962 but was deposed in a military coup in 1963. In 1965, the United States led an intervention in the midst of a civil war sparked by an uprising to restore BOSCH. In 1966, Joaquin BALAGUER defeated BOSCH in an election to become president. BALAGUER maintained a tight grip on power for most of the next 30 years when international reaction to flawed elections forced him to curtail his term in 1996. Since then, regular competitive elections have been held in which opposition candidates have won the presidency. Former President (1996-2000) Leonel FERNANDEZ Reyna won election to a second term in 2004 following a constitutional amendment allowing presidents to serve more than one term.

Dominican Republic: Central Bank of Dominican Republic

The Central Bank of Dominican Republic regulates the national banking and monetary system. The site features statistics, publications, and a section on the payments system. Available in English and Spanish.

Sources:
CIA World Factbook (September 2009)
U.S. Dept. of State Country Background Notes (June 2008)