Economy Of Puerto Rico
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Economy overview
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Puerto Rico has one of the most dynamic economies in the Caribbean region. A diverse industrial sector has far surpassed agriculture as the primary locus 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. 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, with estimated arrivals of nearly 5 million tourists in 1999. Growth fell off in 2001-03, largely due to the slowdown in the US economy.
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GDP
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purchasing power parity - $65.21 billion (2004 est.)
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GDP - real growth rate
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1.6% (2004 est.)
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GDP - per capita
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purchasing power parity - $16,800 (2004 est.)
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GDP - composition by sector
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agriculture: 1%
industry: 45%
services: 54% (2002 est.)
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Investment gross fixed
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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6.5% (2003 est.)
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Labor force
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1.3 million (2000)
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Labor force by occupation
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agriculture 3%, industry 20%, services 77% (2000 est.)
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Unemployment rate
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12% (2002)
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Budget
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revenues: $6.7 billion
expenditures: $9.6 billion, including capital expenditures of NA (FY99/00)
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Public debt
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Agriculture products
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sugarcane, coffee, pineapples, plantains, bananas, livestock products, chickens
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Industries
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pharmaceuticals, electronics, apparel, food products, tourism
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Industrial production growth rate
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NA
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Electricity production
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20.9 billion kWh (2001)
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Electricity production by source
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fossil fuel: 99.2%
hydro: 0.8%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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19.44 billion kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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190,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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0 cu m (2001 est.)
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Natural gas consumption
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630 million cu m (2001 est.)
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Natural gas exports
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0 cu m (2001 est.)
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Natural gas imports
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630 million cu m (2001 est.)
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Natural gas proved reserves
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Current account balance
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Exports
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$46.9 billion f.o.b. (2001)
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Exports commodities
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chemicals, electronics, apparel, canned tuna, rum, beverage concentrates, medical equipment
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Exports partners
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US 90.3%, UK 1.6%, Netherlands 1.4%, Dominican Republic 1.4% (2002 est.)
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Imports
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$29.1 billion c.i.f. (2001)
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Imports commodities
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chemicals, machinery and equipment, clothing, food, fish, petroleum products
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Imports partners
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US 55.0%, Ireland 23.7%, Japan 5.4% (2002 est.)
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Reserves of foreign exchange gold
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Debt external
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NA
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Economic aid recipient
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NA (2001)
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Currency
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US dollar (USD)
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Currency code
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USD
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Exchange rates
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the US dollar is used
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Fiscal year
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1 July - 30 June
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Applied Language Solutions offer English to Spanish Translation , English Translation .
This information was reproduced in part from the CIA World Fact book.
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