The Dominican Republic’s IMAE rose 5.4% y-o-y in March (vs 0.7% in Feb), led by a 14.5% y-o-y rebound in construction from a low base. Free-trade zones and financial services also supported growth. However, activity fell 0.2% MoM, with 3-month annualized growth at 3.3%. In Q1 2025, IMAE grew 2.7% y-o-y, down from 4.3% in 4Q24. Growth remains sluggish amid external uncertainty impacting tourism. We forecast 2025 growth at 3.5% (vs 4.9% in 2024), though lower global oil prices should support fiscal and external balances.