{"id":231348,"date":"2025-02-13T08:40:02","date_gmt":"2025-02-13T12:40:02","guid":{"rendered":"https:\/\/dr1.com\/news\/?p=231348"},"modified":"2025-02-13T09:11:23","modified_gmt":"2025-02-13T13:11:23","slug":"central-bank-unemployment-rate-hits-historic-low-of-4-8-in-2024","status":"publish","type":"post","link":"https:\/\/dr1.com\/news\/2025\/02\/13\/central-bank-unemployment-rate-hits-historic-low-of-4-8-in-2024\/","title":{"rendered":"Central Bank: Unemployment rate hits historic low of 4.8% in 2024"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full is-resized\"><img src=\"https:\/\/dr1.com\/news\/wp-content\/uploads\/2020\/07\/Banco-Central-RD-CDN-e1633092752665.jpg\" alt=\"\" class=\"wp-image-144385\" height=\"400\"\/><\/figure><\/div>\n\n\n\n<p>The Central Bank of the Dominican Republic has released its latest labor market survey, revealing a significant drop in the country&#8217;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.<\/p>\n\n\n\n<p>Key Findings<br>\u2022 Job growth: The Dominican Republic&#8217;s economy added 97,988 jobs in 2024, bringing the total number of employed individuals to 5,050,930.<br>\u2022 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.<br>\u2022 Record employment rate: The country&#8217;s employment rate reached a record high of 62.3%, indicating the highest proportion of working-age individuals in employment within the statistical series.<br>\u2022 Decreasing informal employment: The rate of informal employment fell to 54.8%, the lowest point in the statistical series, excluding the atypical figure recorded in the second quarter of 2020 due to the COVID-19 pandemic.<br>\u2022 Wage growth: Average hourly earnings increased by 10.1% in nominal terms and 7.1% in real terms, reaching RD$151.50 per hour in 2024.<br>\u2022 Poverty reduction: The country&#8217;s monetary poverty rate has declined to 20.8%, reflecting a reduction from the 24.4% rate observed in the same period of 2023.<br>\u2022 Labor force participation: The overall labor force participation rate reached nearly its maximum value at 65.4%, indicating the highest proportion of the population actively engaged in the labor market.<\/p>\n\n\n\n<p>The Central Bank&#8217;s report highlights the positive performance of the Dominican Republic&#8217;s labor market, attributing it to the resilience of the country&#8217;s economy. This achievement is particularly notable considering the challenging global economic climate, marked by high interest rates, geopolitical uncertainties, and volatile commodity prices.<\/p>\n\n\n\n<p>Read more in Spanish:<br><a href=\"https:\/\/www.bancentral.gov.do\/a\/d\/6166-tasa-de-desocupacion-abierta-se-situa-en-48-al-cierre-de-2024\">Central Bank <\/a><\/p>\n\n\n\n<p>13 February 2025<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of the Dominican Republic has released its latest labor market survey, revealing a significant drop in the country&#8217;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\u2022 Job growth: The Dominican Republic&#8217;s economy added &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/dr1.com\/news\/2025\/02\/13\/central-bank-unemployment-rate-hits-historic-low-of-4-8-in-2024\/\" class=\"more-link\">Read more\u2026<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[337,3],"tags":[],"_links":{"self":[{"href":"https:\/\/dr1.com\/news\/wp-json\/wp\/v2\/posts\/231348"}],"collection":[{"href":"https:\/\/dr1.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dr1.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dr1.com\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dr1.com\/news\/wp-json\/wp\/v2\/comments?post=231348"}],"version-history":[{"count":4,"href":"https:\/\/dr1.com\/news\/wp-json\/wp\/v2\/posts\/231348\/revisions"}],"predecessor-version":[{"id":231376,"href":"https:\/\/dr1.com\/news\/wp-json\/wp\/v2\/posts\/231348\/revisions\/231376"}],"wp:attachment":[{"href":"https:\/\/dr1.com\/news\/wp-json\/wp\/v2\/media?parent=231348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dr1.com\/news\/wp-json\/wp\/v2\/categories?post=231348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dr1.com\/news\/wp-json\/wp\/v2\/tags?post=231348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}