Valdez Albizu says economy will close 2010 with a growth of 7%

posted on: Dec 8 2010 12:2 by The Reporter. Viewed 610 times.


Central Bank Governor Hector Valdez Albizu said today that he predicts the Dominican economy will end this year at between 7 and 7.4% growth.

He said that this follows the growth of 7.6 percent of gross domestic product (GDP) between January and September.

"We are closing a good year," said Valdez Albizu in a meeting with reporters, editors and media representatives at the Porter House restaurant.

He said that this growth has been driven by increased private sector credit of 18% and said that although it is not good because it results in an increase in prices, inflation will close in about 6%.

He revealed that the consumer price index for November was 0.31% and the accumulated inflation was 5.27%.

He also said that the 11% increase in electricity tariff has an overall effect of 0.35% in the consumer's shopping basket and added that the increase that normally occurs in December allows the projection that inflation will be 6%, which is lower than negotiated with the International Monetary Fund.

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