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.)

Imports
total value: $19.1 billion (c.i.f. 1996)
commodities: chemicals, clothing, food, fish, petroleum products
partners: US 62% (1995 est.)

Debt - external $NA

Economic aid none

Currency 1 US dollar (US$) = 100 cents

Exchange rates US currency is used

Fiscal year 1 July - 30 June

NOTE: The information regarding Puerto Rico on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Puerto Rico Economy 1998 information contained here. All suggestions for corrections of any errors about Puerto Rico Economy 1998 should be addressed to the CIA.