MSMEs drive the economy in the DR; most operate in informal sector

Dolores

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Feb 20, 2019
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At a time when the government is taking actions for a major fiscal reform, Governor of the Central Bank Hector Valdez Albizu and Minister of Industry & Commerce Victor (Ito) Bisono presented findings on the importance of the MSMEs (MIPYMES in Spanish). Traditionally in the Dominican Republic, fiscal regimes has been drafted focused on taxation for big business, but smaller enterprises are the ones that most feel the brunt.

The National Survey on Micro, Small and Medium-Sized Enterprises (MSMEs) 2022-2023 study identified and classified over 470,000 establishments nationwide and found that MSMEs account for a substantial portion of the Dominican Republic’s economic activity, or 32% of the Gross Domestic Product.

According to the survey results, MSMEs employ a remarkable 3,052,449 individuals, representing 61.6% of the total workforce. This widespread employment...

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