Puerto Rico Economy Profile 2004

Economy - overview

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.

GDP (purchasing power parity)

purchasing power parity - $65.21 billion (2003 est.)

GDP - real growth rate

1.6% (2003 est.)

GDP - per capita (PPP)

purchasing power parity - $16,800 (2003 est.)

GDP - composition by sector

agriculture: 1%
industry: 45%
services: 54% (2002 est.)

Population below poverty line

NA

Household income or consumption by percentage share

lowest 10%: NA
highest 10%: NA

Inflation rate (consumer prices)

6.5% (2003 est.)

Labor force

1.3 million (2000)

Labor force - by occupation

agriculture 3%, industry 20%, services 77% (2000 est.)

Unemployment rate

12% (2002)

Budget

revenues: $6.7 billion
expenditures: $9.6 billion, including capital expenditures of NA (FY99/00)

Industries

pharmaceuticals, electronics, apparel, food products, tourism

Industrial production growth rate

NA

Electricity - production

20.9 billion kWh (2001)

Electricity - consumption

19.44 billion kWh (2001)

Electricity - exports

0 kWh (2001)

Electricity - imports

0 kWh (2001)

Oil - production

0 bbl/day (2001 est.)

Oil - consumption

190,000 bbl/day (2001 est.)

Oil - imports

NA (2001)

Oil - exports

NA (2001)

Natural gas - production

0 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.)

Agriculture - products

sugarcane, coffee, pineapples, plantains, bananas, livestock products, chickens

Exports

$46.9 billion f.o.b. (2001)

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 est.)

Imports

$29.1 billion c.i.f. (2001)

Imports - commodities

chemicals, machinery and equipment, clothing, food, fish, petroleum products

Imports - partners

US 55.0%, Ireland 23.7%, Japan 5.4% (2002 est.)

Debt - external

NA

Economic aid - recipient

NA (2001)

Currency

US dollar (USD)

Currency (code)

USD

Exchange rates

the US dollar is used

Fiscal year

1 July - 30 June