SANTO DOMINGO. – Banco Popular Dominicano and the Dominican Republic Hotel and Tourism Association (ASONAHORES) presented on Monday the results of the third study on Dominican tourism, prepared by the research firm Analytica, which highlights the significant contribution of the tourism industry to the country's economy and its capacity to replicate benefits in various productive areas.
The economic research, titled "Results of Dominican Tourism," analyzes key indicators from 2016 to 2022. Among the highlighted information is the fact that the hotel industry generated an added value of US$22.19 billion in 2022, with a multiplier effect of 2.88 on the rest of the economy, in terms of GDP.
This equates to 19% of GDP, meaning that for every peso produced directly, the tourism industry generates two pesos indirectly and through induced effects. The latter category includes activity generated through purchases from other economic sectors and consumption by tourism sector employees. Hotels generated 59% of these revenues, and the rest of the sector generated 41%.
The study indicates that, in the hotel investment category, local capital has been gaining ground, reaching 31% in 2022 compared to 69% for foreign investment. Of all local hotel investment, 23.9% is financed by Dominican banks, a sector historically led by Banco Popular.
Tourist spending and employment
The average daily spending of foreign tourists has grown by 18% from 2012 to 2022, recently reaching US$139 per day. Meanwhile, tourism has contributed, on average, 10% of the country's tax revenue.
Regarding employment, the research indicates that the tourism sector formally employed 183,191 people in 2022, with a gender distribution of 58% male and 42% female, and only 2% foreign workers. It also notes that for every 10 direct jobs generated in the tourism industry, 25 indirect and induced jobs are created.
Support for the sector
Regarding the study, Christopher Paniagua, CEO of Banco Popular Dominicano, emphasized the financial organization's support for tourism development, playing a "relevant role in terms of financing and supporting the sector.".
"Our role goes beyond financing, and we demonstrate this by also supporting initiatives like this study, which open our eyes to all the potential that this industry still has," said the Popular executive.
Meanwhile, the president of Asonahores, David Llibre, reaffirmed the association's firm commitment to continue promoting the sustained growth of the tourism industry, through strengthening the traditional offering and focusing on its diversification, with the development of new tourist destinations, in accordance with what the varied Dominican nature has to offer in each region.
"The tourism sector not only generates significant income, but also promotes environmental conservation and the preservation of cultural heritage; fundamental elements to guarantee the long-term sustainability of our industry," Llibre stated.
The study was presented to media representatives at Torre Popular, the financial organization's headquarters. The presentation was given by Jacqueline Mora, founding partner of Analytica.
