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 (purchasing power parity):
$70.59 billion (2008 est.)
$72.03 billion (2007)
$73.35 billion (2006)
note: data are in 2008 US dollars
GDP (official exchange rate):
$88 billion (2008 est.)
GDP - real growth rate:
-2% (2008 est.)
-1.8% (2007 est.)
0.5% (2006 est.)
GDP - per capita (PPP):
$17,800 (2008 est.)
$18,300 (2007 est.)
$18,700 (2006 est.)
note: data are in 2008 US dollars
GDP - composition by sector:
agriculture: 1%
industry: 45%
services: 54% (2002 est.)
Labor force:
1.3 million (2000)
Labor force - by occupation:
agriculture: 2.1%
industry: 19%
services: 79% (2005)
Unemployment rate:
12% (2002)
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:
23.84 billion kWh (2006 est.)
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.)
Exports:
$46.9 billion f.o.b. (2001)
Exports - commodities:
chemicals, electronics, apparel, canned tuna, rum, beverage concentrates, medical equipment
Imports:
$29.1 billion c.i.f. (2001)
Imports - commodities:
chemicals, machinery and equipment, clothing, food, fish, petroleum products
Debt - external:
$NA
Exchange rates:
the US dollar is used