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Puerto Rico Economy 1996

Overview:

Puerto Rico has one of the most dynamic economies in the Caribbean region. Industry has surpassed agriculture as the primary sector of economic activity and income. Encouraged by duty free access to the US and by tax incentives, US firms have invested heavily in Puerto Rico since the 1950s. US minimum wage laws apply. Important industries include pharmaceuticals, electronics, textiles, petrochemicals, and processed foods. Sugar production has lost out to dairy production and other livestock products as the main source of income in the agricultural sector. Tourism has traditionally been an important source of income for the island, with estimated arrivals of nearly 3.9 million tourists in 1993.

National product:

GDP - purchasing power parity - $26.8 billion (1994 est.)

National product real growth rate:

2.6% (1994 est.)

National product per capita:

$7,050 (1994 est.)

Inflation rate (consumer prices):

2.9% (1994)

Unemployment rate:

16% (1994)

Budget:

revenues:

$5.1 billion

expenditures:

$5.1 billion, including capital expenditures of $NA (FY94/95)

Exports:

$21.8 billion (1994)

commodities:

pharmaceuticals, electronics, apparel, canned tuna, rum, beverage concentrates, medical equipment, instruments

partners:

US 86.2% (1993)

Imports:

$16.7 billion (1994)

commodities:

chemicals, clothing, food, fish, petroleum products

partners:

US 69.2% (1993)

External debt:

$NA

Industrial production:

growth rate 5% (1994 est.)

Electricity:

capacity:

4.230,000 kW

production:

15.6 billion kWh

consumption per capita:

3,819 kWh (1993)

Industries:

manufacturing accounts for 39.4% of GDP; manufacturing of pharmaceuticals, electronics, apparel, food products, instruments; tourism

Agriculture:

accounts for only 3% of labor force and just over 1% of GDP; crops - sugarcane, coffee, pineapples, plantains, bananas; livestock - cattle, chickens; imports a large share of food needs (1993)

Economic aid:

none

Currency:

1 United States dollar (US$) = 100 cents

Exchange rates:

US currency is used

Fiscal year:

1 July - 30 June

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