Puerto Rico Economy Profile 2008

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 2004. Growth fell off in 2001-03, largely due to the slowdown in the US economy, recovered in 2004-05, but declined again in 2006-07.

GDP (purchasing power parity)

$77.41 billion (2007 est.)

GDP (official exchange rate)

$NA (2007 est.)

GDP - real growth rate

-1.2% (2007 est.)

GDP - per capita (PPP)

$19,600 (2007 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 (FY99/00)

Industries

pharmaceuticals, electronics, apparel, food products, tourism

Industrial production growth rate

NA%

Electricity - production

24.96 billion kWh (2005)

Electricity - consumption

23.21 billion kWh (2005)

Electricity - exports

0 kWh (2005)

Electricity - imports

0 kWh (2005)

Oil - production

1,354 bbl/day (2005 est.)

Oil - consumption

230,000 bbl/day (2005 est.)

Oil - imports

230,100 bbl/day (2004)

Oil - exports

10,580 bbl/day (2004)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2005 est.)

Natural gas - consumption

642.6 million cu m (2005 est.)

Natural gas - exports

0 cu m (2005 est.)

Natural gas - imports

642.6 million cu m (2005)

Natural gas - proved reserves

0 cu m (1 January 2006 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% (2006)

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% (2006)

Debt - external

$NA

Market value of publicly traded shares

$NA

Economic aid - recipient

$NA

Currency (code)

US dollar (USD)

Exchange rates

the US dollar is used

Fiscal year

1 July - 30 June