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Puerto Rico Economy 2017
https://theodora.com/wfbcurrent/puerto_rico/puerto_rico_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Puerto Rico Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Puerto Rico had one of the most dynamic economies in the Caribbean region until 2006; however, growth has been negative for each of the last nine years. The downturn coincided with the phaseout of tax preferences that had led US firms to invest heavily in the Commonwealth since the 1950s, and a steep rise in the price of oil, which generates most of the island's electricity.Diminished job opportunities prompted a sharp rise in outmigration, as many Puerto Ricans sought jobs on the US mainland. Unemployment reached 16% in 2011, but declined to 13.7% in December 2014. US minimum wage laws apply in Puerto Rico, hampering job expansion. Per capita income is about half that of the US mainland.The industrial sector greatly exceeds agriculture as the locus of economic activity and income. Tourism has traditionally been an important source of income with estimated arrivals of more than 3.6 million tourists in 2008. Puerto Rico's merchandise trade surplus is exceptionally strong, with exports nearly 50% greater than imports, and its current account surplus about 10% of GDP.Closing the budget deficit while restoring economic growth and employment remain the central concerns of the government. The gap between revenues and expenditures narrowed to 0.2% of GDP in 2014, although analysts believe that not all expenditures have been accounted for in the budget and a better accounting of costs would yield an overall deficit of roughly 5% of GDP in 2014. Public debt rose to 105% of GDP in 2015, about $17,000 per person, or nearly three times the per capita debt of the State of Connecticut, the highest in the US. Much of that debt was issued by state-run schools and public corporations, including water and electric utilities. In June 2015, Governor Alejandro GARCIA Padilla announced that the island could not pay back at least $73 billion in debt and that it would seek a deal with its creditors.

GDP (purchasing power parity):
$131 billion (2016 est.) $133.4 billion (2015 est.) $133.4 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 79
[see also: GDP country ranks ]

GDP (official exchange rate):
$100.9 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-1.8% (2016 est.) 0% (2015 est.) -1.4% (2014 est.)
country comparison to the world: 206
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$37,700 (2016 est.) $38,400 (2015 est.) $37,700 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 48
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household consumption: 89.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 13.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 12.4%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.5%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 116%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -131.8% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 0.8%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 50.1%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 49.1% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
sugarcane, coffee, pineapples, plantains, bananas; livestock products, chickens

Industries:
pharmaceuticals, electronics, apparel, food products, tourism

Industrial production growth rate:
-0.9% (2016 est.)
country comparison to the world: 178
[see also: Industrial production growth rate country ranks ]

Labor force:
1.139 million (December 2014 est)
country comparison to the world: 143
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 2.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 19%
[see also: Labor force - by occupation - industry country ranks ]
services: 79% (2005 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
13.7% (December 2014 est.) 15% (December 2013 est.)
country comparison to the world: 148
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $9.086 billion
[see also: Budget revenues country ranks ]
expenditures: $9.684 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
9% of GDP (2016 est.)
country comparison to the world: 213
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-0.6% of GDP (2016 est.)
country comparison to the world: 42
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
92.5% of GDP (2016 est.) 96.6% of GDP (2015 est.)
country comparison to the world: 19
[see also: Public debt country ranks ]

Fiscal year:
1 July - 30 June

Inflation rate (consumer prices):
-0.2% (2016 est.) -0.3% (2015 est.)
country comparison to the world: 29
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
4% (31 December 2016 est.) 3.3% (31 December 2015 est.)
country comparison to the world: 156
[see also: Commercial bank prime lending rate country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Exports:
$70.41 billion (2016 est.) $71.1 billion (2015 est.)
country comparison to the world: 41
[see also: Exports country ranks ]

Exports - commodities:
chemicals, electronics, apparel, canned tuna, rum, beverage concentrates, medical equipment

Imports:
$47.61 billion (2016 est.) $49.71 billion (2015 est.)
country comparison to the world: 49
[see also: Imports country ranks ]

Imports - commodities:
chemicals, machinery and equipment, clothing, food, fish, petroleum products

Debt - external:
$56.82 billion (31 December 2010 est.) $52.98 billion (31 December 2009 est.)
country comparison to the world: 60
[see also: Debt - external country ranks ]

Exchange rates:
the US dollar is used

NOTE: The information regarding Puerto Rico on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Puerto Rico Economy 2017 information contained here. All suggestions for corrections of any errors about Puerto Rico Economy 2017 should be addressed to the CIA.




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