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 for the island, with estimated arrivals of nearly 5 million tourists in 1999. Prospects for 2000 are good, assuming continued strength in the tourism and construction sectors and continuation of the US boom.

GDP: purchasing power parity - $38.1 billion (1999 est.)

GDP - real growth rate: 4.2% (1999 est.)

GDP - per capita: purchasing power parity - $9,800 (1999 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): 5.2% (1999 est.)

Labor force: 1.3 million (1996)

Labor force - by occupation: agriculture 3%, industry 20%, services 77% (1999 est.)

Unemployment rate: 13% (FY97/98 est.)

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: 17.765 billion kWh (1998)

Electricity - production by source:
fossil fuel: 98.06%
hydro: 1.94%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 16.521 billion kWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

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

Exports: $34.9 billion (f.o.b., 1999)

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

Exports - partners: US 88% (1999)

Imports: $25.3 billion (c.i.f., 1999)

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

Imports - partners: US 60% (1999)

Debt - external: $NA

Economic aid - recipient: $NA

Currency: 1 US dollar (US$) = 100 cents

Exchange rates: US currency is used

Fiscal year: 1 July - 30 June