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 4 million tourists in 1993. The construction sector has been a key factor in recent economic growth.

GDP: purchasing power parity $32.9 billion (1997 est.)

GDP real growth rate: 3% (1997 est.)

GDP per capita: purchasing power parity $8,600 (1997 est.)

GDP composition by sector:
agriculture: NA%
industry: NA%
services: NA%

Inflation rate consumer price index: 5.5% (1997 est.)

Labor force:
total: 1.3 million (1996)
by occupation: government 19%, manufacturing 13%, trade 17%, construction 5%, other 32%, unemployed 14% (1996)

Unemployment rate: 13% (FY96/97 est.)

Budget:
revenues: $5.1 billion
expenditures: $5.1 billion, including capital expenditures of $NA (FY94/95)

Industries: pharmaceuticals, electronics, apparel, food products; tourism

Industrial production growth rate: 5% (1994 est.)

Electricity capacity: 4.465 million kW (1995)

Electricity production: 17.34 billion kWh (1995)

Electricity consumption per capita: 4,548 kWh (1995)

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

Exports:
total value: $22.9 billion (f.o.b. 1996)
commodities: pharmaceuticals, electronics, apparel, canned tuna, rum, beverage concentrates, medical equipment
partners: US 88% (1995 est.)

© CIA 1999