Obligation Dominican Republic 5.875% ( US25714PBY34 ) en USD

Dominican Republic

101.106 % ▲

Republique dominicaine

US25714PBY34 ( en USD )

5.875% par an ( paiement semestriel )

17/04/2024 - Obligation échue

Prospectus brochure de l'obligation Dominican Republic US25714PBY34 en USD 5.875%, échue

L'Obligation émise par Dominican Republic ( Republique dominicaine ) , en USD, avec le code ISIN US25714PBY34, paye un coupon de 5.875% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 17/04/2024

L I S T I N G M E M O R A N D U M

US$1,000,000,000
The Dominican Republic
5.875% Amortizing Bonds due 2024
___________________
We made an offer of US$1,000,000,000 aggregate principal amount of our 5.875% amortizing bonds due 2024, which
we refer to as the "bonds." The bonds were offered as additional debt securities under an indenture dated May 11, 2005.
Interest on the bonds will accrue from April 18, 2013 and will be payable semiannually on April 18 and October 18 of
each year. The first interest payment on the bonds will be made on October 18, 2013. Payments of principal on the bonds will
be made in three equal installments on April 18, 2022, April 18, 2023 and April 18, 2024. The bonds are not redeemable prior to
maturity.
The bonds are general, direct, unconditional, unsubordinated and unsecured obligations of the Republic and rank
equally with all other existing and future unsubordinated and unsecured obligations of the Republic. The bonds are backed by
the full faith and credit of the Republic.
The Republic has applied to list the bonds on the Official List of the Luxembourg Stock Exchange and for trading on
the Euro MTF market of the Luxembourg Stock Exchange. The listing memorandum constitutes a prospectus for the purpose of
the Luxembourg law dated July 10, 2005 on prospectuses for securities.

Investing in the bonds involves risks. See "Risk Factors" beginning on page 12.
___________________
The bonds have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or the
"Securities Act", or the securities laws of any other jurisdiction. The bonds will be offered only to qualified institutional buyers
in the United States under Rule 144A of the Securities Act and to non-U.S. persons outside the United States under Regulation
S of the Securities Act. Prospective purchasers that are qualified institutional buyers are hereby notified that the sellers of the
bonds may be relying on an exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A under the
Securities Act. Outside the United States, the offering is being made in reliance on Regulation S under the Securities Act.
___________________
Price for bonds: 100% plus accrued interest, if any, from April 18, 2013.
The initial purchasers expect to deliver the bonds to purchasers on April 18, 2013 only in book-entry form through the
facilities of The Depository Trust Company, Euroclear and Clearstream, Luxembourg.

___________________
Citigroup Deutsche Bank Securities

April 29, 2013

We are responsible for the information contained in this listing memorandum. We have not authorized anyone
to give you any other information, and we take no responsibility for any other information that others may give
you. You should not assume that the information contained in this listing memorandum is accurate as of any
date other than the date on the front of this listing memorandum.
TABLE OF CONTENTS

Notice to Prospective Investors in the United States ................................................................................................... ii
Notice to New Hampshire Residents Only ................................................................................................................. iii
Notice to Prospective Investors in the European Economic Area .............................................................................. iii
Notice to Prospective Investors in the United Kingdom ............................................................................................. iv
Enforceability of Civil Liabilities ............................................................................................................................... iv
Defined Terms and Conventions ................................................................................................................................. v
Forward-Looking Statements .................................................................................................................................... vii
Summary...................................................................................................................................................................... 1
The Offering .............................................................................................................................................................. 10
Risk Factors ............................................................................................................................................................... 12
Use of Proceeds ......................................................................................................................................................... 17
The Dominican Republic ........................................................................................................................................... 18
The Economy ............................................................................................................................................................. 25
Balance of Payments and Foreign Trade ................................................................................................................... 57
The Monetary System ................................................................................................................................................ 69
Public Sector Finances ............................................................................................................................................... 88
Public Sector Debt ................................................................................................................................................... 102
Description of the Bonds ......................................................................................................................................... 114
Book-Entry Settlement and Clearance ..................................................................................................................... 124
Transfer Restrictions ................................................................................................................................................ 128
Taxation ................................................................................................................................................................... 131
Plan of Distribution ................................................................................................................................................. 134
Official Statements .................................................................................................................................................. 137
Validity of the Bonds ............................................................................................................................................... 137
General Information ................................................................................................................................................ 137
APPENDIX -- Global Public Sector External Debt ............................................................................................... A-1
i

This listing memorandum has been prepared by the Republic solely for use in connection with the proposed
offering of the securities described in this listing memorandum. This listing memorandum does not constitute an offer
to the public generally to subscribe for or otherwise acquire securities. You are authorized to use this listing
memorandum solely for the purpose of considering the purchase of the Republic's bonds. Each prospective investor,
by accepting delivery of this listing memorandum, agrees to the foregoing. This listing memorandum may only be
used for the purpose for which it has been published.
After having made all reasonable inquiries, the Republic confirms that:
the information contained in this listing memorandum is true and correct in all material respects and is
not misleading as of the date of this listing memorandum;
changes may occur in the Republic's affairs after the date of this listing memorandum;
certain statistical, economic, financial and other information included in this listing memorandum
reflects the most recent reliable data readily available to the Republic as of the date hereof;
the Republic holds the opinions and intentions expressed in this listing memorandum;
the Republic has not omitted other facts the omission of which makes this listing memorandum, as a
whole, misleading in any material respect; and
the Republic accepts responsibility for the information it has provided in this listing memorandum and
assumes responsibility for the correct reproduction of the information contained herein.
In making an investment decision, prospective investors must rely on their own examination of the Republic
and the terms of the offering, including the merits and risks involved. Prospective investors should not construe
anything in this listing memorandum as legal, business or tax advice. Each prospective investor should consult its own
advisors as needed to make its investment decision and to determine whether it is legally permitted to purchase the
securities under applicable legal investment or similar laws or regulations.
The Republic has furnished the information in this listing memorandum. You acknowledge and agree that the
initial purchasers make no representation or warranty, express or implied, as to the accuracy or completeness of such
information, and nothing contained in this listing memorandum is, or shall be relied upon as, a promise or
representation by the initial purchasers. This listing memorandum contains summaries believed to be accurate with
respect to certain documents, but reference is made to the actual documents for complete information. All such
summaries are qualified in their entirety by such reference. Copies of documents referred to herein will be made
available to prospective investors upon request to us or the initial purchasers.
The distribution of this listing memorandum and the offering and sale of the bonds in certain jurisdictions
may be restricted by law. The Republic and the initial purchasers require persons into whose possession this listing
memorandum comes to inform themselves about and to observe any such restrictions. This listing memorandum does
not constitute an offer of, or an invitation to purchase, any of the bonds in any jurisdiction in which such offer or sale
would be unlawful.
NOTICE TO PROSPECTIVE INVESTORS IN THE UNITED STATES
Neither the U.S. Securities and Exchange Commission ("SEC") nor any state securities commission has
approved or disapproved of these securities or determined if this listing memorandum is truthful or complete. Any
representation to the contrary is a criminal offense.
The bonds are subject to restrictions on transferability and resale and may not be transferred or resold except
as permitted under the Securities Act and applicable state securities laws pursuant to registration or exemption
therefrom. As a prospective purchaser, you should be aware that you may be required to bear the financial risks of this
ii

investment for an indefinite period of time. Please refer to the sections in this listing memorandum entitled "Plan of
Distribution" and "Transfer Restrictions."
NOTICE TO NEW HAMPSHIRE RESIDENTS ONLY
NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A LICENSE
HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE REVISED STATUTES ("RSA")
WITH THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT A SECURITY IS EFFECTIVELY
REGISTERED OR A PERSON IS LICENSED IN THE STATE OF NEW HAMPSHIRE IMPLIES THAT
ANY DOCUMENT FILED UNDER RSA 421-B IS TRUE, COMPLETE AND NOT MISLEADING.
NEITHER ANY SUCH FACT NOR THE FACT THAT ANY EXEMPTION OR EXCEPTION IS
AVAILABLE FOR A SECURITY OR A TRANSACTION MEANS THAT THE SECRETARY OF STATE
HAS PASSED IN ANY WAY UPON THE MERITS OR QUALIFICATIONS OF, OR RECOMMENDED OR
GIVEN APPROVAL TO, ANY PERSON, SECURITY OR TRANSACTION. IT IS UNLAWFUL TO MAKE,
OR CAUSE TO BE MADE, TO ANY PROSPECTIVE PURCHASER, CUSTOMER OR CLIENT ANY
REPRESENTATION INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH.
NOTICE TO PROSPECTIVE INVESTORS IN THE EUROPEAN ECONOMIC AREA
In any EEA Member State that has implemented the Prospectus Directive, this communication is only
addressed to and is only directed at qualified investors in that member state within the meaning of the Prospectus
Directive.
This listing memorandum has been prepared on the basis that any offer of bonds in any Member State of the
European Economic Area (each a Relevant Member State) will be made pursuant to an exemption under the
Prospectus Directive from the requirement to publish a prospectus for offers of bonds. Accordingly any person making
or intending to make any offer within the EEA of bonds which are the subject of the offering contemplated in this
listing memorandum may only do so in circumstances in which no obligation arises for the issuer or any initial
purchaser to publish a prospectus pursuant to Article 3 of the Prospectus Directive in relation to such offer. Neither the
issuer nor the initial purchasers have authorized, nor do they authorize, the making of any offer (other than Permitted
Public Offers) of bonds in circumstances in which an obligation arises for the issuer or an initial purchaser to publish a
prospectus for such offer.
For the purposes of this provision, the expression "Prospectus Directive" means Directive 2003/71/EC (and
amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member
State), and includes any relevant implementing measure in the Relevant Member State and the expression "2010 PD
Amending Directive" means Directive 2010/73/EU.
Buyer's Representation
Each person in a Member State of the European Economic Area which has implemented the Prospectus
Directive (each a Relevant Member State) who receives any communication in respect of, or who acquires any bonds
under the offer contemplated in this listing memorandum will be deemed to have represented, warranted and agreed to
and with the issuer and each initial purchaser that:
it is a qualified investor within the meaning of the law in that Member State implementing Article
2(1)(e) of the Prospectus Directive.
In the case of any bonds acquired by it as a financial intermediary, as that term is used in Article 3(2)
of the Prospectus Directive, (i) the bonds acquired by it in the offer have not been acquired on behalf
of, nor have they been acquired with a view to their offer or resale to, persons in any Relevant
Member State other than qualified investors, as that term is defined in the Prospectus Directive, or in
circumstances in which the prior consent of an initial purchaser has been given to the offer or resale;
or (ii) where bonds have been acquired by it on behalf of persons in any Relevant Member State
iii

other than qualified investors, the offer of those bonds to it is not treated under the Prospectus
Directive as having been made to such persons.
For the purposes of this representation, the expression an "offer to the public" in relation to any bonds in any
Relevant Member State means the communication in any form and by any means of sufficient information on the
terms of the offer and any bonds to be offered so as to enable an investor to decide to purchase or subscribe for the
bonds, as the same may be varied in that Relevant Member State by any measure implementing the Prospectus
Directive in that Relevant Member State and the expression Prospectus Directive means Directive 2003/71/EC (and
amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member
State), and includes any relevant implementing measure in the Relevant Member State and the expression "2010 PD
Amending Directive" means 2010/73/EU.
NOTICE TO PROSPECTIVE INVESTORS IN THE UNITED KINGDOM
This communication is only being distributed to and is only directed at (i) persons who are outside the United
Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (the Order) or (iii) high net worth companies, and other persons to whom it may
lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred
to as relevant persons). Any person who is not a relevant person should not act or rely on this document or any of its
contents.
______________
ENFORCEABILITY OF CIVIL LIABILITIES
The Republic is a sovereign state. Consequently, it may be difficult for investors to obtain or realize in the
United States or elsewhere upon judgments against the Republic. To the fullest extent permitted by applicable law,
including the limitation mandated by the Constitution of the Dominican Republic which submits to the courts and law
of the Dominican Republic all agreements executed between the Government and foreign entities or individuals
domiciled in the Republic, the Republic will irrevocably submit to the non-exclusive jurisdiction of any New York
state or U.S. federal court sitting in The City of New York, Borough of Manhattan, and any appellate court thereof, in
any suit, action or proceeding arising out of or relating to the bonds or the Republic's failure or alleged failure to
perform any obligations under the bonds, and the Republic will irrevocably agree that all claims in respect of any such
suit, action or proceeding may be heard and determined in such New York state or U.S. federal court. The Republic
will irrevocably waive, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the
maintenance of any suit, action or proceeding and any objection to any proceeding whether on the grounds of venue,
residence or domicile. To the extent the Republic has or hereafter may acquire any sovereign or other immunity from
jurisdiction of such courts with respect to any suit, action or proceeding arising out of or relating to the bonds or the
Republic's failure or alleged failure to perform any obligations under the bonds (whether through service of notice,
attachment prior to judgment, attachment in aid of execution, execution or otherwise), the Republic has, to the fullest
extent permitted under applicable law, including the U.S. Foreign Sovereign Immunities Act of 1976, irrevocably
waived such immunity in respect of any such suit, action or proceeding; provided, however, that under the U.S.
Foreign Sovereign Immunities Act of 1976, it may not be possible to enforce in the Republic a judgment based on such
a U.S. judgment, and that under the laws of the Republic, the property and revenues of the Republic are exempt from
attachment or other form of execution before or after judgment. See "Description of the Bonds --Governing Law" and
"--Submission to Jurisdiction."
Notwithstanding the preceding paragraph, the Republic has not consented to service or waived sovereign
immunity with respect to actions brought against it under the U.S. federal securities laws or any state securities laws.
In the absence of a waiver of immunity by the Republic with respect to such actions, it would not be possible to obtain
a judgment in such an action brought in a U.S. court against the Republic unless such court were to determine that the
Republic is not entitled under the U.S. Foreign Sovereign Immunities Act of 1976 to sovereign immunity with respect
to such action. Further, even if a U.S. judgment could be obtained in any such action under the U.S. Foreign Sovereign
Immunities Act of 1976, it may not be possible to enforce in the Republic a judgment based on such a U.S. judgment.
Execution upon property of the Republic located in the United States to enforce a U.S. judgment may not be possible
except under the limited circumstances specified in the U.S. Foreign Sovereign Immunities Act of 1976.
iv

DEFINED TERMS AND CONVENTIONS
Certain Defined Terms
All references in this listing memorandum to the "Republic" are to the issuer, and all references to the
"Government" or the "Central Government" are to the central government of the Dominican Republic and its
authorized representatives.
The terms set forth below have the following meanings for the purposes of this listing memorandum:
Gross domestic product, or "GDP", is a measure of the total value of final products and services produced in
a country in a specific year. Nominal GDP measures the total value of final production in current prices. Real GDP
measures the total value of final production in constant prices of a particular year, thus allowing historical GDP
comparisons that exclude the effects of inflation. In this listing memorandum, real GDP figures are based on constant
values referenced to their nominal level in 1991, the year used by the Banco Central de la República Dominicana, the
Dominican Central Bank or the "Central Bank", for purposes of maintaining real GDP statistics. GDP growth rates
and growth rates included in this listing memorandum for the various sectors of the Dominican economy are based on
real figures.
For balance of payments purposes, imports and exports are calculated based upon statistics reported to the
Republic's customs agency upon entry and departure of goods into the Dominican Republic on a free-on-board basis,
or "FOB basis", at a given point of departure.
The inflation rate provides an aggregate measure of the rate of change in the prices of goods and services in
the economy. The Republic measures the inflation rate by the percentage change between two periods in the consumer
price index, or "CPI", unless otherwise specified. The CPI is based on a basket of goods and services identified by the
Central Bank that reflects the pattern of consumption of Dominican households. The price for each good and service
that makes up the basket is weighted according to its relative importance in order to calculate the CPI. The annual
percentage change in the CPI is calculated by comparing the index as of a specific December against the index for the
immediately preceding December. The annual average percentage change in the CPI is calculated by comparing the
average index for a twelve-month period against the average index for the immediately preceding twelve-month
period. The Republic does not compile statistics to calculate a producer price index or a wholesale price index, which
are other indices often used to measure inflation.
Currency of Presentation and Exchange Rate
Unless we specify otherwise, references to "U.S. dollars," "dollars" and "US$" are to United States dollars,
and references to "pesos" and "DOP" are to Dominican pesos. Unless otherwise indicated, we have calculated the
exchange rate for each year in two ways: the end of period is the exchange rate reported by the Central Bank on the last
day of such year, while the yearly average corresponds to the daily average exchange rate reported by the Central Bank
for all working days during that year. This is consistent with the way that the International Monetary Fund or the
"IMF" publishes the exchange rates. In all cases, exchange rate information derives from transactions in the spot
market.
We have done all currency conversions, including conversions of pesos to U.S. dollars, for the convenience
of the reader only and you should not interpret these conversions as a representation that the amounts in question have
been, could have been or could be converted into any particular denomination, at any particular rate or at all.
At the close of business on December 31, 2011, the DOP/U.S. dollar purchase exchange rate on the spot
market, as reported by the Central Bank, was DOP38.72 per US$1.00 and DOP40.26 per US$1.00 at the close of
business on December 31, 2012. The spot market exchange rate reported by the Central Bank is used by the
accounting departments of private companies and public entities in the Dominican Republic, including the Central
Bank, for revaluation of assets and liabilities denominated in U.S. dollars.
v

Presentation of Financial and Economic Information
The Republic has presented all annual information in this listing memorandum based upon January 1 to
December 31 periods, unless otherwise indicated. Totals in certain tables in this listing memorandum may differ from
the sum of the individual items in such tables due to rounding.
The Central Bank conducts a review process of the Republic's official financial and economic statistics.
Accordingly, certain financial and economic information presented in this listing memorandum may be subsequently
adjusted or revised. The Government believes that this review process is substantially similar to the practices of
industrialized nations. The Government does not expect revisions of the data contained in this listing memorandum to
be material, although we cannot assure you that material changes will not be made.
vi

FORWARD-LOOKING STATEMENTS
This listing memorandum contains forward-looking statements. Forward-looking statements are statements
that are not historical facts, and include statements about the Republic's beliefs and expectations. These statements are
based on current plans, estimates and projections, and, accordingly, you should not place undue reliance on them.
Forward-looking statements speak only as of the date they are made. The Republic undertakes no obligation to update
any of these statements in light of new information or future events.
Forward-looking statements involve inherent risks and uncertainties. The Republic cannot assure you that
actual events or results will not differ materially from any forward-looking statements contained in this listing
memorandum. In particular, a number of important factors could cause actual results to differ materially from the
Republic's expectations. Such factors include, but are not limited to:
adverse external factors, such as:
o
changes in the international prices of commodities and/or international interest rates, which could
increase the Republic's current account deficit and budgetary expenditures;
o
changes in import tariffs and exchange rates, recession or low economic growth affecting the
Republic's trading partners, all of which could lower the growth or the level of exports of the
Dominican Republic, reduce the growth or the level of income from tourism of the Dominican
Republic, reduce the growth rate or induce a contraction of the Dominican economy and, indirectly,
reduce tax revenues and other public sector revenues, adversely affecting the Republic's fiscal
accounts;
o
increased costs of crude oil resulting from increased international demand or from political or social
instability or armed conflict in oil-producing states, including Venezuela and countries in the
Middle East;
o
international financial uncertainty that reduces the Republic's ability to obtain loans to finance
planned infrastructure projects; and
o
a decline in foreign direct investment, which could adversely affect the Republic's balance of
payments, the stability of the exchange rate and the level of the Central Bank's international
reserves, and a decrease in remittances from Dominicans residing and working abroad.
adverse domestic factors, such as lower than expected fiscal revenues, which could result in higher
domestic interest rates and an appreciation of the real exchange rate. These factors could lead to lower
economic growth, a decline in exports and income from tourism and a decrease in the Central Bank's
international reserves; and
other adverse factors, such as climatic, geological or political events.
vii

SUMMARY
This summary highlights information contained elsewhere in this listing memorandum. It is not complete and
may not contain all of the information you should consider before purchasing the bonds. You should carefully read the
entire listing memorandum, including "Risk Factors" before purchasing the bonds.
Selected Economic Information
(in millions of US$, except as otherwise indicated)

As of, and for the year ended, December 31,

2007
2008
2009(1)
2010(1)
2011(1)
Domestic economy

GDP (at current prices)
.............................................
41,228 45,718 46,712 51,658 55,666
GDP (in millions of DOP, at current prices) ............
1,364,210 1,576,163 1,678,763 1,901,897 2,119,302
Real GDP (in millions of DOP, chained values
referenced to 1991) ...............................................
314,593 331,127 342,564 369,117 385,664
Real GDP growth rate(2)
............................................
8.5% 5.3% 3.5% 7.8% 4.5%
Consumer price index (annual rate of change) .........
8.9%
4.5%
5.8% 6.2% 7.8%
Unemployment rate(3)
................................................
15.6% 14.2% 14.9% 14.3% 14.6%
Open unemployment rate(4)
.......................................
4.0% 4.7% 5.3% 4.0% 5.8%
Exchange rate (weighted end of period, in
DOP)
.....................................................................
33.52 35.26 36.09 37.31 38.55

Balance of payments(5)

Total current account(5) .............................................
(2,166) (4,519) (2,331) (4,329.5)
(4,408.9)
Of which:

Trade balance ...................................................
(6,437) (9,245) (6,813) (8,735.6) (8,823.8)
Income from tourism .......................................
4,064
4,166 4,049 4,209.1 4,352.4
Workers' remittances .......................................
3,046
3,222 3,042 2,998.1 3,200.0

Total capital and financial account(5) ........................
2,381
4,209 2,866 5,347.8 4,348.4
Of which:

Foreign direct investment ................................
1,667 2,870 2,165 1,896.3
2,275.0
Errors and omissions(6) ..............................................
412
(16)
(129) (960.5) 214.5
Overall balance of payments, excluding impact of
gold valuation adjustment(7) ................................
627
(326) 406 57.8 154.0
Change in Central Bank gross international
reserves (period end) ............................................
695 (284) 645 458.3 333.1
Central Bank net international reserves (period
end) ......................................................................
2,395 2,165 2,852 3,342.7
3,637.9

Public sector balance

Central government revenue(8)
..................................
7,308 7,246 6,392 7,051 7,487
As a % of GDP .....................................................
17.7%
15.9%
13.7%
13.6%
13.5%
Central government expenditure(9)
...........................
7,274 8,842 8,022 8,356 8,945
As a % of GDP .....................................................
17.6%
19.3%
17.2%
16.2%
16.1%
Of which, transfers to CDEEE
448
1,117
664
648
687
As a % of GDP
1.1%
2.4%
1.4%
1.3%
1.2%
Central government balance .....................................
34
(1,596) (1,629) (1,305) (1,460)
As a % of GDP .....................................................
0.1%
(3.5)%
(3.5)%
(2.5)%
(2.6)%
Overall non-financial public sector balance(10)

........
43 (1,747) (1,483) (1,500) (1,771)
As a % of GDP .....................................................
0.1%
(3.8)%
(3.2)%
(2.9)%
(3.2)%

Public sector debt(11)

Public sector external debt(12) ....................................
7,595
8,173
9,376
11,058
12,767
As a % of GDP(2)
..................................................
18.4% 17.9% 20.1% 21.4% 22.9%
Public sector domestic debt(13)
..................................
6,106 7,163 8,061 8,466 8,887
As a % of GDP .....................................................
14.8%
15.7%
17.3%
16.4%
16.0%
Total public sector debt ............................................
13,701
15,336
17,437
19,524
21,654
As a % of GDP .....................................................
33.2%
33.6%
37.4%
37.8%
38.9%

Public sector external debt service:

Amortizations
.......................................................
981
1,496 908 940
1,004
Interest payments ..................................................
428
376
323
333
399
Total external debt service ...............................
1,409
1,872
1,231
1,273
1,403
As a % of exports of goods and services .............
19.7%
27.7%
22.5%
19.3%
16.3%
____________
(footnotes on next page)
1

(1) Preliminary
data.
(2)
Percentage change from previous year.
(3)
Refers to population at or above the legal working age that is not employed and is willing to work (even if not actively seeking work), as a percentage of the total
labor force.
(4)
Revised data for 2000-2011. Refers to population at or above the legal working age that is not employed and is actively seeking work, as a percentage of the total
labor force.
(5)
Revised data for 2007-2009 and preliminary data for 2010 and 2011.
(6)
Represents errors and omissions in compiling balance of payment accounts based on double-entry accounting resulting from incomplete or overlapping coverage,
different prices and incomplete times of recording and conversion practices.
(7)
As presented in the above table, gold reserves have been valued at their corresponding market prices as of December 31 of each year.
(8)
Includes total revenue and foreign cash or in-kind transfers to support public sector expenditures.
(9) Includes
unidentified
expenditures that consist of non-cash items, such as food, clothing and other items received by the Government as aid. Also includes
expenditures made in periods different from the current period and that were not currently registered.
(10) The non-financial public sector includes the Central Government and non-financial public sector institutions (such as state-owned enterprises and other
decentralized government-owned institutions).
(11) Consolidated public sector debt. Excludes debt owed by Banco de Reservas to foreign creditors.
(12) External debt is defined as all public sector debt issued in foreign countries and under the jurisdiction of a foreign court, independent of the holder's nationality.
(13) Net of Central Government liabilities held by the Central Bank.
Sources: Central Bank, Ministry of Finance and IMF

2