The Economy Of Puerto Rico. A brief sketch of the economy of Puerto Rico

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The Economy Of Cuba. A brief sketch of the economy of Puerto Rico

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.

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

country comparison to the world: 99

GDP (official exchange rate):

$93.52 billion (2010 est.)

GDP - real growth rate:

-5.8% (2010 est.)

-3.7% (2009 est.)

-2.8% (2008 est.)

country comparison to the world: 217

GDP - per capita (PPP):

$16,300 (2010 est.)

$17,400 (2009 est.)

$18,100 (2008 est.)

note: data are in 2010 US dollars

country comparison to the world: 97

GDP - composition, by end use:

household consumption: 89.4%

government consumption: 14.7%

investment in fixed capital: 13.4%

investment in inventories: 1%

exports of goods and services: 108.7%

imports of goods and services: -127.2%

(2014 est.)

GDP - composition, by sector of origin:

agriculture: 0.7%

industry: 48.5%

services: 50.8% (2014 est.)

Agriculture - products:

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

Industries:

pharmaceuticals, electronics, apparel, food products, tourism

Industrial production growth rate:

-5.2% (2014 est.)

country comparison to the world: 193

Labor force:

1.286 million (March 2012 est.)

country comparison to the world: 137

Labor force - by occupation:

agriculture: 2.1%

industry: 19%

services: 79% (2005)

Unemployment rate:

16% (2011 est.)

12% (2002 est.)

country comparison to the world: 151

Population below poverty line:

NA%

Household income or consumption by percentage share:

lowest 10%: NA%

highest 10%: NA%

Budget:

revenues: $9.033 billion

expenditures: $9.128 billion (2014 est.)

Taxes and other revenues:

9.7% of GDP (2014 est.)

country comparison to the world: 207

Budget surplus (+) or deficit (-):

-0.1% of GDP (2014 est.)

country comparison to the world: 42

Public debt:

93.6% of GDP (2014 est.)

91.8% of GDP (2013 est.)

country comparison to the world: 19

Fiscal year:

1 July - 30 June

Inflation rate (consumer prices):

0.9% (2014 est.)

0.9% (2013 est.)

Commercial bank prime lending rate:

3.3% (31 December 2014 est.)

3.3% (31 December 2013 est.)

country comparison to the world: 171

Market value of publicly traded shares:

$NA

Exports:

$68.34 billion (2014 est.)

$68.27 billion (2013 est.)

country comparison to the world: 51

Exports - commodities:

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

Imports:

$46.9 billion (2014 est.)

$49.57 billion (2013 est.)

country comparison to the world: 57

Imports - commodities:

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

Debt - external:

$56.82 billion (31 December 2010 est.)

$52.98 billion (31 December 2009 est.)

country comparison to the world: 59

Exchange rates:

the US dollar is used