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 1999. Growth fell off in 2001-02, largely due to the
slowdown in the US economy.
GDP:
purchasing power parity - $43.01 billion (2002 est.)
GDP - real growth rate:
-0.2% (2002 est.)
GDP - per capita:
purchasing power parity - $11,100 (2002 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% (2002 est.)
Labor force:
1.3 million (2000)
Labor force - by occupation:
agriculture 3%, industry 20%, services 77% (2000 est.)
Unemployment rate:
12% (2002)
Budget:
revenues: $6.7 billion
expenditures: $9.6 billion, including capital expenditures of $NA
(FY 99/00)
Industries:
pharmaceuticals, electronics, apparel, food products; tourism
Industrial production growth rate:
NA%
Electricity - production:
20.9 billion kWh (2001)
Electricity - production by source:
fossil fuel: 99.2%
hydro: 0.8%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
19.44 billion kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
190,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Natural gas - production:
0 cu m (2001 est.)
Natural gas - consumption:
630 million cu m (2001 est.)
Natural gas - exports:
0 cu m (2001 est.)
Natural gas - imports:
630 million cu m (2001 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:
US 88.2%, UK 1.5%, Dominican Republic 1.4% (2001)
Imports:
$29.1 billion c.i.f. (2001)
Imports - commodities:
chemicals, machinery and equipment, clothing, food, fish, petroleum
products
Imports - partners:
US 53.5%, Ireland 16.3%, Japan 4.5% (2001)
Debt - external:
$NA
Economic aid - recipient:
$NA
Currency:
US dollar (USD)
Currency code:
USD
Exchange rates:
the US dollar is used
Fiscal year:
1 July - 30 June