Puerto Rico Economy Profile 2009

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)

$70.23 billion (2008 est.)
$72.03 billion (2007 est.)
$73.35 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$88 billion (2008 est.)

GDP - real growth rate

-2.5% (2008 est.)
-1.8% (2007 est.)
0.5% (2006 est.)

GDP - per capita (PPP)

$17,700 (2008 est.)
$18,300 (2007 est.)
$18,700 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 1%
industry: 45%
services: 54% (2005 est.)

Population below poverty line

NA%

Labor force

1.479 million (2007)

Labor force - by occupation

agriculture: 2.1%
industry: 19%
services: 79% (2005)

Unemployment rate

12% (2002)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Budget

revenues: $6.7 billion
expenditures: $9.6 billion (FY99/00)

Inflation rate (consumer prices)

6.5% (2003 est.)

Industries

pharmaceuticals, electronics, apparel, food products, tourism

Industrial production growth rate

NA%

Electricity - production

23.84 billion kWh (2006 est.)

Electricity - production by source

fossil fuel: 99.2%
hydro: 0.8%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

22.17 billion kWh (2006 est.)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007 est.)

Oil - production

1,354 bbl/day (2007 est.)

Oil - consumption

215,000 bbl/day (2007 est.)

Oil - imports

230,700 bbl/day (2005)

Oil - exports

10,610 bbl/day (2005)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2007 est.)

Natural gas - consumption

736.2 million cu m (2007 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

736.2 million cu m (2007 est.)

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 (2001)

Exports - commodities

chemicals, electronics, apparel, canned tuna, rum, beverage concentrates, medical equipment

Imports

$29.1 billion c.i.f.

Imports - commodities

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

Debt - external

$NA

Market value of publicly traded shares

$NA

Economic aid - recipient

$NA

Currency (code)

USD

Currency (code)

US dollar (USD)

Exchange rates

the US dollar is used

Fiscal year

1 July - 30 June