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The Economy of Puerto Rico

Puerto Rican Economy

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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 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:

GDP - real growth rate: -2% (2008 est.) -1.8% (2007 est.) 0.5% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 1% industry: 45% services: 54% (2002 est.)

Population below poverty line:

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

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 1.3 million (2000)

Labor force - by occupation: agriculture: 2.1% industry: 19% services: 79% (2005)

Unemployment rate: 12% (2002)

Budget: revenues: $6.7 billion expenditures: $9.6 billion (FY99/00)

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

Industrial production growth rate: NA%

Electricity - production: 23.84 billion kWh (2006 est.)

Electricity - production by source:

Electricity - consumption: 22.17 billion kWh (2006 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 1,354 bbl/day (2007 est.)

Oil - consumption: 215,000 bbl/day (2007 est.)

Oil - exports: 10,610 bbl/day (2005)

Oil - imports: 230,700 bbl/day (2005)

Oil - proved reserves: 0 bbl (1 January 2006 est.)

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 736.2 million cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 736.2 million cu m (2007 est.)

Natural gas - proved reserves: 0 cu m (1 January 2006 est.)

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

Exports: $46.9 billion f.o.b. (2001)

Exports - commodities: chemicals, electronics, apparel, canned tuna, rum, beverage concentrates, medical equipment

Exports - partners:

Imports: $29.1 billion c.i.f. (2001)

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

Imports - partners:

Debt - external: $NA

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: the US dollar is used

Fiscal year: