Puerto Rico Economy - 2004

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 2001-03, largely due to the slowdown in the US economy.

GDP:
purchasing power parity - $65.28 billion (2003 est.)

GDP - real growth rate:
1.6% (2003 est.)

GDP - per capita:
purchasing power parity - $16,800 (2003 est.)

GDP - composition by sector:
agriculture: 1%
industry: 42%
services: 57% (2002 est.)

Population below poverty line:
NA% (2001 est.)

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 (2002)

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:
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

Oil - imports:
NA

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:
$46.22 billion f.o.b. (2002)

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% (2002)

Imports:
$26.46 billion c.i.f. (2002)

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

Imports - partners:
US 55.0%, Ireland 23.7%, Japan 5.4% (2002)

Debt - external:
$NA (2001 est.)

Economic aid - recipient:
$NA (2001)

Currency:
US dollar (USD)

Currency code:
USD

Exchange rates:
the US dollar is used