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    Puerto Rico Economy - 2002

      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, with estimated arrivals of nearly 5 million tourists in 1999. Growth fell off in 2001, largely due to the slowdown in the US economy.

      GDP purchasing power parity - $43.9 billion (2001 est.)

      GDP - real growth rate 2.2% (2001 est.)

      GDP - per capita purchasing power parity - $11,200 (2001 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) 5.7% (2000 est.)

      Labor force 1.3 million (2000)

      Labor force - by occupation agriculture 3%, industry 20%, services 77% (2000 est.)

      Unemployment rate 9.5% (2000)

      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 20.497 billion kWh (2000)

      Electricity - production by source
      fossil fuel: 99.22%
      hydro: 0.78%
      other: 0% (2000)
      nuclear: 0%

      Electricity - consumption 19.062 billion kWh (2000)

      Electricity - exports 0 kWh (2000)

      Electricity - imports 0 kWh (2000)

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

      Exports $38.5 billion (f.o.b., 2000)

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

      Exports - partners US 88% (2000)

      Imports $27 billion (c.i.f., 2000)

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

      Imports - partners US 60% (2000)

      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

      NOTE: The information regarding Puerto Rico on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Puerto Rico Economy 2002 information contained here. All suggestions for corrections of any errors about Puerto Rico Economy 2002 should be addressed to the CIA.

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    Revised 30-Jan-03
    Copyright © 2003 Photius Coutsoukis (all rights reserved)