Boston, Massachusetts. –  Dominican residents abroad contributed to the Dominican economy, in remittances to relatives and payments in travel expenses, US$25.7 billion (RD$663.8 billion) from 1997 to 2007, according to the annual information on the economy provided by the Central Bank, compiled by the Quisqueya Foundation, a non-government organization.

The economists Frank Valenzuela and Héctor Frias, president and executive director, said the figures show an annual growth of 10 percent in remittances to relatives and 22 percent growth on income in Dominican currency in the period. This resulted from the US$21.8 billion contributed in remittances and US$3.9 billion in travel expenses, they said.

They said the figure shows that Dominicans abroad contributed 9.6 percent of the Gross Domestic Product, provided 123 percent of the exports and financed 23 percent of the country’s total imports in the period.

They said the diaspora’s contributions totaled 10 percent to final consumption and within that, 10.8 percent of private consumption, of which the Dominican community abroad finances 38 percent of Dominican homes.

Valenzuela and Frias said the figures also show that the Dominican community abroad is a potential reserve for the Dominican Republic’s economic, political, social and institutional development.

In that regard, the heads of the Quisqueya Foundation seek a real diagnosis, including a summit of its leaders, in order to formulate and implement public policies to benefit that community’s medium and long term development and involvement with their native country.