The Dominican Republic has the ninth-largest economy in Latin America and is the largest economy in the Caribbean and Central American region. Over the last two decades, the Dominican Republic has had one of the fastest-growing economies in the Americas – with an average real GDP growth rate of 5.4% between 1992 and 2014. GDP growth in 2014 and 2015 reached 7.3 and 7.0%, respectively, the highest in the Western Hemisphere. In the first half of 2016, the Dominican economy grew 7.4% continuing its trend of rapid economic growth. Recent growth has been driven by construction, manufacturing, tourism, and mining. Private consumption has been strong, as a result of low inflation (under 1% on average in 2015), job creation, as well as a high level of remittances.