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 more than 3.6 million tourists in 2008. Growth fell off in 2001-03, largely due to the slowdown in the US economy, recovered in 2004-05, but declined again in 2006-08.
GDP (purchasing power parity):
$67.87 billion (2009 est.)
note: data are in 2009 US dollars
GDP (official exchange rate):
$86.24 billion (2009 est.)
GDP - real growth rate:
-4.5% (2009 est.)
GDP - per capita (PPP):
$17,100 (2009 est.)
note: data are in 2009 US dollars
GDP - composition by sector:
agriculture: 1%
industry:
45%
services:
54% (2005 est.)
Labor force:
1.479 million (2007)
Labor force - by occupation:
agriculture: 2.1%
industry:
19%
services:
79% (2005)
Unemployment rate:
12% (2002 est.)
Population below poverty line:
NA%
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.)
Market value of publicly traded shares:
$NA
Agriculture - products:
sugarcane, coffee, pineapples, plantains, bananas; livestock products, chickens
Industries:
pharmaceuticals, electronics, apparel, food products, tourism
Industrial production growth rate:
NA%
Electricity - production:
23.72 billion kWh (2007 est.)
Electricity - consumption:
22.06 billion kWh (2007 est.)
Electricity - exports:
0 kWh (2008 est.)
Electricity - imports:
0 kWh (2008 est.)
Oil - production:
1,354 bbl/day (2008 est.)
Oil - consumption:
185,300 bbl/day (2008 est.)
Oil - exports:
16,520 bbl/day (2007 est.)
Oil - imports:
225,000 bbl/day (2007 est.)
Oil - proved reserves:
0 bbl (1 January 2009 est.)
Natural gas - production:
0 cu m (2008 est.)
Natural gas - consumption:
806.6 million cu m (2008 est.)
Natural gas - exports:
0 cu m (2008 est.)
Natural gas - imports:
806.6 million cu m (2008 est.)
Natural gas - proved reserves:
0 cu m (1 January 2009 est.)
Exports:
$46.9 billion (2001 est.)
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
Exchange rates:
the US dollar is used
NOTE: The information regarding Puerto Rico on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Puerto Rico Economy 2010 information contained here. All suggestions for corrections of any errors about Puerto Rico Economy 2010 should be addressed to the CIA.
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This page was last modified 09-Feb-10