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Puerto Rico (commonwealth associated with the US) Economy

    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 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 for the island, with estimated arrivals of nearly 4 million tourists in 1993. Construction and tourism were the leading sectors in economic growth in 1998.

    GDP: purchasing power parity—$34.7 billion (1998 est.)

    GDP—real growth rate: 3.1% (1998 est.)

    GDP—per capita: purchasing power parity—$9,000 (1998 est.)

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

    Population below poverty line: NA%

    Household income or consumption by percentage share:
    lowest 10%: NA%
    highest 10%: NA%

    Inflation rate (consumer prices): 5.7% (1998 est.)

    Labor force: 1.3 million (1996)

    Labor force—by occupation: government 19%, manufacturing 13%, trade 17%, construction 5%, other 32%, unemployed 14% (1996)

    Unemployment rate: 13% (FY96/97 est.)

    Budget:
    revenues: $6.7 billion
    expenditures: $9.6 billion (FY 1999/2000

    Industries: pharmaceuticals, electronics, apparel, food products; tourism

    Industrial production growth rate: 5% (1994 est.)

    Electricity—production: 18.3 billion kWh (1996)

    Electricity—production by source:
    fossil fuel: 98.36%
    hydro: 1.64%
    nuclear: 0%
    other: 0% (1996)

    Electricity—consumption: 18.3 billion kWh (1996)

    Electricity—exports: 0 kWh (1996)

    Electricity—imports: 0 kWh (1996)

    Agriculture—products: sugarcane, coffee, pineapples, plantains, bananas; livestock products, chickens

    Exports: $30.3 billion (f.o.b. 1998)

    Exports—commodities: pharmaceuticals, electronics, apparel, canned tuna, rum, beverage concentrates, medical equipment

    Exports—partners: US 88% (1997 est.)

    Imports: $21.8 billion (c.i.f. 1996)

    Imports—commodities: chemicals, machinery and equipment, clothing, food, fish, petroleum products

    Imports—partners: US 62% (1997 est.)

    Debt—external: $NA

    Economic aid—recipient: $NA

    Currency: 1 US dollar (US$) = 100 cents

    Exchange rates: US currency is used

    Fiscal year: 1 July—30 June

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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)