Puerto Rico Economy:
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, and has recovered in 2004.
GDP (purchasing power parity):
$68.95 billion (2004 est.)
GDP — real growth rate:
2.7% (2004 est.)
GDP — per capita:
purchasing power parity: $17,700 (2004 est.)
GDP — composition by sector:
agriculture: 1%
industry: 45%
services: 54%
(2002)
Labor force:
1.3 million (2000 est.)
Labor force — by occupation:
agriculture: 3%, industry: 20%, services: 77% (2000 est.)
Unemployment rate:
12% (2002 est.)
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
6.5% (2003 est.)
Budget:
revenues: $6.7 billion
expenditures: $9.6 billion including capital expenditures of NA (FY99/00 est.)
Agriculture — products:
Sugarcane, coffee, pineapples, plantains, bananas, livestock products, chickens
Industries:
pharmaceuticals, electronics, apparel, food products, tourism
Industrial production growth rate:
NA
Electricity — production:
22.09 billion kWh (2002 est.)
Electricity — consumption:
20.54 billion kWh (2002 est.)
Electricity — exports:
0 kWh (2002 est.)
Electricity — imports:
0 kWh (2002 est.)
Oil — production:
0 bbl/day (2001 est.)
Oil — consumption:
190,000 bbl/day (2001 est.)
Oil — exports:
NA
Oil — imports:
NA
Natural gas — production:
0 million cu m (2001 est.)
Natural gas — consumption:
630 million cu m (2001 est.)
Natural gas — exports:
0 cu m (2001 est.)
natural gas — imports:
630 million cu m (2001 est.)
Exports:
$46.9 billion (f.o.b., 2001 est.)
Exports — commodities:
chemicals, electronics, apparel, canned tuna, rum, beverage concentrates, medical equipment
Exports — partners:
US 90.3%, UK 1.6%, Netherlands 1.4%, Dominican Republic 1.4% (2002)
Imports:
$29.1 billion (c.i.f. 2001 est.)
Imports — commodities:
chemicals, machinery and equipment, clothing, food, fish, petroleum products
Imports — partners:
US 55.0%, Ireland 23.7%, Japan 5.4% (2002)
Debt — external:
NA
Economic aid — recipient:
NA (2001 est.)
Currency:
US dollar (USD)
Exchange rates:
the US dollar is used
Fiscal year:
1 July - 30 June
|
