What Is The Main Source Of Income In The Dominican Republic?
The main source of income in the Dominican Republic comes from wages and profits in the industrial field. Almost 32% of the country’s GPD comes from the industrial sector. It’s followed by the food and beverage manufacturing industry.
It’s estimated that over 500 Dominican companies manufacture goods mostly for the US market for those interested in the country’s source of income when trading internationally.
Mining and profits as a source of income in the Dominican Republic
Mining is one of the largest industries and sources of income for the Dominican Republic. You might think this small state doesn’t have anything to mine, but it’s the home of the 8th largest gold mine in the world. Pueblo Viejo mine is an impressive source of gold. It mines tons of gold each year. Mining here is believed to go back to the Spanish colonists. The interest in gold mining has always been high and this largest mine in the Americas makes the Dominican Republic one of the best places to work in the mining industry.
Ferronickel is a popular metal also mined in the Dominican Republic. This metal is quite rare and it’s found in small quantities in the country. However, demand is high in the steel industries around the world and the country can be one of the small suppliers following some of the world’s largest ferronickel mining countries such as China and Japan.
Cement, tobacco, and sugar industries
Complementary industries of the Dominican Republic are mostly based on consumer-level goods. Cement-making is a large industry fueling the country’s construction efforts. Most homes in the country are made with Dominican cement.
The tobacco industry is large, as in most South and Central American countries. It might not be as widespread as in Cuba, but producing tobacco is one of the main sources of income and opportunities for employment for the locals.
Sugar production is on the rise in the country. Since sugar is highly used in the food and beverage industry, it’s one of the areas excepted to grow in the near future. Planned growth for mining is considerably smaller and more difficult to implement. But sugar refining is one of the industries which can see some of the highest growth in the country.
Wages are generally low, even in these industries. A simple factory worker without work experience can earn as little as $80 per month. Chances are you’re going to get a better wage in the Dominican Republic as a trained worker in the finances or as a trained machinist in the mining industries. You can earn up to $1.500 per month in these positions, which is about the highest wages you can expect in the country regardless of your qualifications. But the good news is the general cost of living is lower than in North America and this smaller wage can go further, at least in terms of food, rent, and monthly bills. All of these can be covered by an average wage.
