Puerto Rico Economy - overview

Economy - overview: 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.

Definition: This entry briefly describes the type of economy, including the degree of market orientation, the level of economic development, the most important natural resources, and the unique areas of specialization. It also characterizes major economic events and policy changes in the most recent 12 months and may include a statement about one or two key future macroeconomic trends.

Source: CIA World Factbook - Unless otherwise noted, information in this page is accurate as of February 21, 2013