Puerto Rico Economy - 2024

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.)

Unemployment rate

8.27% (2021 est.)
8.89% (2020 est.)
8.3% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 18.5% (2021 est.)

male: 19.4%

female: 15.6%

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