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Puerto Rico: Economy#

Puerto Rico has one of the most dynamic economies in the Caribbean region, however, growth has been negative for the past four years, and unemployment rose to nearly 16% in 2011. The industrial sector has surpassed agriculture as the primary locus of economic activity and income. Mainland 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 more than 3.6 million tourists in 2008. Closing the budget deficit while restoring economic growth and employment remain the central concerns of the government.

Economic Facts#

GDP (purchasing power parity)$64.84 billion (2010 est.)
$68.84 billion (2009 est.)
$71.51 billion (2008 est.)
note: data are in 2010 US dollars
GDP - real growth rate-5.8% (2010 est.)
-3.7% (2009 est.)
-2.8% (2008 est.)
GDP - per capita (PPP)$16,300 (2010 est.)
$17,400 (2009 est.)
$18,100 (2008 est.)
note: data are in 2010 US dollars
GDP - composition, by sector of originagriculture: 0.7%
industry: 48.8%
services: 50.5% (2013 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Labor force - by occupationagriculture: 2.1%
industry: 19%
services: 79% (2005)
Exports - commoditieschemicals, electronics, apparel, canned tuna, rum, beverage concentrates, medical equipment
Agriculture - productssugarcane, coffee, pineapples, plantains, bananas; livestock products, chickens
Budgetrevenues: $6.7 billion
expenditures: $9.6 billion (FY99/00)
Imports - commoditieschemicals, machinery and equipment, clothing, food, fish, petroleum products
Exchange ratesthe US dollar is used
Exports$69.75 billion (2013 est.)
$67.3 billion (2012 est.)
Debt - external$56.82 billion (31 December 2010 est.)
$52.98 billion (31 December 2009 est.)
Fiscal year1 July - 30 June
Imports$47.32 billion (2013 est.)
$49 billion (2012 est.)
Industrial production growth rate0.5% (2013 est.)
Industriespharmaceuticals, electronics, apparel, food products, tourism
Inflation rate (consumer prices)0.9% (2013 est.)
2.6% (2012 est.)
Labor force1.286 million (March 2012)
Unemployment rate16% (2011 est.)
12% (2002 est.)
Public debt96.5% of GDP (2013 est.)
93.2% of GDP (2012 est.)
GDP (official exchange rate)$93.52 billion (2010 est.)
Market value of publicly traded shares$NA
Taxes and other revenues7.2% of GDP (FY99/00)
Budget surplus (+) or deficit (-)-3.1% of GDP (FY99/00)
GDP - composition, by end usehousehold consumption: 88.2%
government consumption: 14.6%
investment in fixed capital: 14%
investment in inventories: 0.1%
exports of goods and services: 106.9%
imports of goods and services: -123.8%
(2013 est.)