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Puerto Rico:
Economy

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Puerto Rico Page


Economy - overview
Definition
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 nearly 5 million tourists in 2004. Growth fell off in 2001-03, largely due to the slowdown in the US economy, recovered in 2004-05, but declined again in 2006-07.
GDP (purchasing power parity)
Definition - World rank and map
$77.41 billion (2007 est.)
GDP (official exchange rate)
Definition
$NA (2007 est.)
GDP - real growth rate
Definition - World rank and map
-1.2% (2007 est.)
GDP - per capita
Definition - World rank and map
$19,600 (2007 est.)
GDP - composition by sector
Definition
agriculture: 1%
industry: 45%
services: 54% (2002 est.)
Labor force
Definition
1.3 million (2000)
Labor force - by occupation
Definition
agriculture: 3%
industry: 20%
services: 77% (2000 est.)
Unemployment rate
Definition - World rank and map
12% (2002)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
6.5% (2003 est.)
Budget
Definition
revenues: $6.7 billion
expenditures: $9.6 billion (FY99/00)
Agriculture - products
Definition
sugarcane, coffee, pineapples, plantains, bananas; livestock products, chickens
Industries
Definition
pharmaceuticals, electronics, apparel, food products, tourism
Industrial production growth rate
Definition - World rank and map
NA%
Electricity - production
Definition - World rank and map
24.96 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
23.21 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
5,863.9 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
1,354 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
230,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
58.1 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
10,580 bbl/day (2004)
Oil - imports
Definition - World rank and map
230,100 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
642.6 million cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
162 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
642.6 million cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Exports
Definition - World rank and map
$46.9 billion f.o.b. (2001)
Exports - commodities
Definition
chemicals, electronics, apparel, canned tuna, rum, beverage concentrates, medical equipment
Exports - partners
Definition
US 90.3%, UK 1.6%, Netherlands 1.4%, Dominican Republic 1.4% (2006)
Imports
Definition - World rank and map
$29.1 billion c.i.f. (2001)
Imports - commodities
Definition
chemicals, machinery and equipment, clothing, food, fish, petroleum products
Imports - partners
Definition
US 55.0%, Ireland 23.7%, Japan 5.4% (2006)
Debt - external
Definition - World rank and map
$NA
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$NA
Currency (code)
Definition
US dollar (USD)
Exchange rates
Definition
the US dollar is used
Fiscal year
Definition
1 July - 30 June


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