Puerto Rico: 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, with estimated arrivals of nearly 5 million tourists in 1999. Prospects for 2001 are clouded by a probable slowing down in both the construction and tourist sectors and by increasing inflation, particularly in energy and food prices; estimated growth will be 2%.

GDP:	purchasing power parity - $39 billion (2000 est.)

GDP - real growth rate:

2.8% (2000 est.)

GDP - per capita:

purchasing power parity - $10,000 (2000 est.)

GDP - composition by sector:

agriculture:  1% industry:  45% services:  54% (1999 est.)

Population below poverty line:

NA%

Household income or consumption by percentage share:

lowest 10%:  NA% highest 10%:  NA%

Inflation rate (consumer prices):

5.7% (2000 est.)

Labor force:

1.3 million (2000)

Labor force - by occupation:

agriculture 3%, industry 20%, services 77% (2000 est.)

Unemployment rate:

9.5% (2000)

Budget:

revenues:  $6.7 billion expenditures:  $9.6 billion, including capital expenditures of $NA (FY99/00)

Industries:

pharmaceuticals, electronics, apparel, food products; tourism

Industrial production growth rate:

NA%

Electricity - production:

16.76 billion kWh (1999)

Electricity - production by source:

fossil fuel:  98.45% hydro:  1.55% nuclear:  0% other:  0% (1999)

Electricity - consumption:

15.587 billion kWh (1999)

Electricity - exports:

0 kWh (1999)

Electricity - imports:

0 kWh (1999)

Agriculture - products:

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

Exports:

$38.5 billion (f.o.b., 2000)

Exports - commodities:

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

Exports - partners:

US 88% (2000)

Imports:

$27 billion (c.i.f., 2000)

Imports - commodities:

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

Imports - partners:

US 60% (2000)

Debt - external:

$NA

Economic aid - recipient:

$NA

Currency:

US dollar (USD)

Currency code:

USD

Exchange rates:

the US dollar is used

Fiscal year:

1 July - 30 June

Source: CIA World Factbook 2001
(In general, information available as of 1 January 2001 was used in the preparation of this edition.)

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