Economy - overview Puerto Rico has one of the most dynamic economies in the Caribbean region.A diverse industrial sector has surpassed agriculture as the primary locus of economic activity and income. Encouraged by duty-free access to the USand by tax incentives, US firms have invested heavily in Puerto Rico sincethe 1950s. US minimum wage laws apply. Sugar production has lost out to dairyproduction and other livestock products as the main source of income in theagricultural sector. Tourism has traditionally been an important source ofincome for the island, with estimated arrivals of nearly 3.9 million touristsin 1993.

GDP purchasing power parity - $31.6 billion (1996 est.)

GDP - real growth rate 3% (1996 est.)

GDP - per capita purchasing power parity - $8,200 (1996 est.)

GDP - composition by sector
agriculture: NA%
industry: NA%
services: NA%

Inflation rate - consumer price index 5.1% (1996 est.)

Labor force
total: 1.3 million (1996)
by occupation: government 22%, manufacturing 17%, trade 20%, construction 6%, communicationsand transportation 5%, other 30% (1993)

Unemployment rate 14% (FY95/96 est.)

Budget
revenues : $5.1 billion
expenditures: $5.1 billion, including capital expenditures of $NA (FY94/95)

Industries pharmaceuticals, electronics, apparel, food products; tourism

Industrial production growth rate 5% (1994 est.)

Electricity - capacity 4.47 million kW (1994)

Electricity - production 16.82 billion kWh (1994)

Electricity - consumption per capita 4,231 kWh (1995 est.)

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

Exports
total value : $22.9 billion (f.o.b. 1996)
commodities: pharmaceuticals, electronics, apparel, canned tuna, rum, beverage concentrates,medical equipment
partners: US 88% (1995 est.)

Imports
total value: $19.1 billion (c.i.f. 1996)
commodities: chemicals, clothing, food, fish, petroleum products
partners : US 62% (1995 est.)

Debt - external $NA

Economic aid none

Currency 1 US dollar (US$) = 100 cents

Exchange rates US currency is used

Fiscal year 1 July - 30 June

NOTE: The information regarding Puerto Rico on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Puerto Rico Economy 1997 information contained here. All suggestions for corrections of any errors about Puerto Rico Economy 1997 should be addressed to the CIA.