Puerto Rico:

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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, and has recovered in 2004-2005.

GDP purchasing power parity $72.52 billion (2005 est.)

GDP - real growth rate 2.5% (2005 est.)

GDP - per capita purchasing power parity - $18,500 (2005 est.)

GDP - composition by sector

agriculture: 1%
industry: 45%
services: 54% (2002 est.)

Population below poverty line NA%

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

Inflation rate (consumer prices) 6.5% (2003 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 (FY99/00)

Industries pharmaceuticals, electronics, apparel, food products; tourism

Industrial production growth rate NA%

Electricity - production 23.03 billion kWh (2003)

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

Electricity - consumption 21.42 billion kWh (2003)

Electricity - exports 0 kWh (1998)

Electricity - imports 0 kWh (1998)

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 90.3%, UK 1.6%, Netherlands 1.4%, Dominican Republic 1.4% (2004

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

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

Imports - partnersUS 55.0%, Ireland 23.7%, Japan 5.4% (2004)

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