Dominican Republic Tenders

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Capital Santo Domingo
ISO 3166 Code DO
Population 10,378,267
Area, Sq KM 48,730
Currency Dominican peso
Official Language Spanish
GDP, Billion USD 61,164
GDP Growth Rate, % 5.3
Inflation, Avg CP, % Chng 5.0
Interest Rates, % N/A
Unemployement Rate, % 6.1
Exchange Rate, 1 USD Equals 44.93
International dial code 809
Time Zone GMT-04:00
Internet TLD .do

The Dominican Republic is located on the island which is known by the name Hispanlola. The country also shares a part of the Greater Antilles archipelago of the Caribbean region. If the population and area are taken into considerations, The Dominican Republic is the second largest Caribbean country. It covers an area of 48,445 square kilometres and has a population of 10 million. One million people reside in the capital of the country, Santo Domingo. There are several small offshore islands that are a part of the country's territory and the two largest islands of the country are Beata in the southwest and Saona in the southeast. Columbus landed on this island in the year 1492 but the Tiapo people inhabited the island back then. The site of the 1st permanent settlement in the Americas was established here and was named Santo Domingo. The Spanish ruled this island for three centuries and finally the country got its independence in the year 1821. Since the civil war that took place in the year 1965 Dominic Republic started moving towards becoming representative democracy. This country is the most visited and popular destination of Caribbean. The year round golf courses on the island are one of the top most attractions of this country. Tourism therefore plays a very vital role in enhancing the economy of the country to a great extent. The economy of The Dominican Republic is the ninth largest in the world and the largest in Caribbean. The economy of this country is currently dominated by services but once agriculture as well as mining contributed immensely. Its advanced transportation infrastructure and telecommunication system are responsible for the economic progress marked by the country over the years. However, some of the problems that this country still faces include unemployment, erratic electric services along with government corruption. Income equality is quite prevalent in the country and international migration also is believed to affect the country to a great extent. The Dominican Republic is considered an upper middle income developing country and as of 2014, it has 12,803 dollars as GDP per capita in PPP. In the period between Jan-Mar in the year 2007, there was a hike in the GDP of 9.1 percent. Foreign investment, finance along with imports and exports are believed to be the chief reasons behind the GDP hike. Tourism and free trade zone earnings are rapidly growing and flourishing and are believed to help develop the country’s economy in a better way.

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