The Central Bank of the Dominican Republic has released its latest labor market survey, revealing a significant drop in the country’s unemployment rate. At the close of 2024, the rate stood at a historic low of 4.8%, down from 5.0% in the same period of 2023.
Key Findings• Job growth: The Dominican Republic’s economy added 97,988 jobs in 2024, bringing the total number of employed individuals to 5,050,930.• Formal employment: The majority of this growth came from the formal sector, with 140,669 new formal jobs created. This contrasts with a decrease of 42,681 informal jobs.• Record employment rate: The country’s employment rate reached a record high of 62.3%, indicating the highest proportion of working-age individuals in employment within the statistical series.• Decreasing informal employment: The rate of informal employment fell to 54.8%, the lowest point in the statistical...
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