Puerto Rico Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

US Caribbean island territorial economy; hit hard by COVID-19 and hurricanes; declining labor force and job growth after a decade of continuous recession; capital-based industry and tourism; high poverty; energy import-dependent

Real GDP (purchasing power parity)

$106.5 billion (2021 est.)

$106.28 billion (2020 est.)

$111.117 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

0.21% (2021 est.)

-4.35% (2020 est.)

1.68% (2019 est.)

Real GDP per capita

$32,600 (2021 est.)

$32,400 (2020 est.)

$34,800 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$104.2 billion (2017 est.)

Inflation rate (consumer prices)

1.8% (2017 est.)

-0.3% (2016 est.)

Credit ratings

Standard & Poors rating: D (2015)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 0.8% (2017 est.)

industry: 50.1% (2017 est.)

services: 49.1% (2017 est.)

GDP - composition, by end use

household consumption: 87.7% (2017 est.)

government consumption: 12.2% (2017 est.)

investment in fixed capital: 11.7% (2017 est.)

investment in inventories: 0.5% (2017 est.)

exports of goods and services: 117.8% (2017 est.)

imports of goods and services: -129.8% (2017 est.)

Agricultural products

milk, plantains, bananas, poultry, tomatoes, mangoes/guavas, eggs, oranges, gourds, papayas

Industries

pharmaceuticals, electronics, apparel, food products, tourism

Industrial production growth rate

-2.1% (2017 est.)

Labor force

1.136 million (2021 est.)

Labor force - by occupation

agriculture: 2.1%

industry: 19%

services: 79% (2005 est.)

Unemployment rate

8.27% (2021 est.)

8.89% (2020 est.)

8.3% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 18.5%

male: 19.4%

female: 15.6% (2021 est.)

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $9.268 billion (2017 est.)

expenditures: $9.974 billion (2017 est.)

Budget surplus (+) or deficit (-)

-0.7% (of GDP) (2017 est.)

Public debt

51.6% of GDP (2017 est.)

50.1% of GDP (2016 est.)

Taxes and other revenues

8.9% (of GDP) (2017 est.)

Fiscal year

1 July - 30 June

Current account balance

$0 (2017 est.)

$0 (2016 est.)

Exports

$73.17 billion (2017 est.)

$73.2 billion (2016 est.)

Exports - partners

Italy 15%, Netherlands 15%, Belgium 9%, Japan 8%, Germany 8%, Austria 8%, Spain 7%, China 5% (2019)

Exports - commodities

packaged medicines, medical cultures/vaccines, hormones, orthopedic and medical appliances, sulfur compounds (2019)

Imports

$49.01 billion (2017 est.)

$48.86 billion (2016 est.)

Imports - partners

Ireland 38%, Singapore 9%, Switzerland 8%, South Korea 5% (2019)

Imports - commodities

nitrogen compounds, sulfur compounds, refined petroleum, medical cultures/vaccines, cars (2019)

Debt - external

$56.82 billion (31 December 2010 est.)

$52.98 billion (31 December 2009 est.)

Exchange rates

the US dollar is used

NOTE: The information regarding Puerto Rico on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Puerto Rico 2023 information contained here. All suggestions for corrections of any errors about Puerto Rico 2023 should be addressed to the CIA or the source cited on each page.