Santo Domingo. Remittances received by the Dominican Republic in the first four months of 2023 reached US$3,300.00 million, showing a 2.7% increase compared to the same period last year, the Central Bank reported.
In a press document sent to ALMOMENTO.NET, it was noted that April recorded an amount of US$811.0 million, an increase of 0.1% compared to the same month in 2022.
“These flows mark the fourth consecutive month of growth so far this year,” he added.
85.2% of inflows from the United States
He explained that the economic performance of the United States was one of the main factors that influenced the behavior of remittances, as 85.2% of formal flows in April came from that country, some US$608.2 million.
He highlighted that the economy grew by 1.1% during the first quarter of 2023, according to its Office of Economic Analysis, and unemployment stood at 3.4% in April 2023, equivalent to the lowest level in the last 50 years.
“Additionally, the Institute of Supply and Management’s (ISM) non-manufacturing purchasing managers’ index (PMI) recorded a value of 51.9 in April, indicating an expansion in the services sector, where most of the Dominican diaspora is employed.” Said.
The financial institution said that Spain was the second country from where most remittances were received in April, accounting for 5.9% of the total amount of US$41.9 million, followed by Haiti and Italy at 0.8% and 0.8% respectively. The rest is divided between countries such as Switzerland, Canada and Panama.
National district obtained the highest ratio
The BCRD states that the national district received the highest proportion of remittances received at 35.1%, followed by the provinces of Santiago and Santo Domingo at 14.0% and 8.6%, respectively.
This indicates that more than half (57.7%) of remittances are received in metropolitan areas of the country.