This is due to the big presence of US pharmaceutical companies in Puerto Rico that produce many drugs and allied products (2/3 of the manufacturing production in Puerto Rico comes from pharma). "Puerto Rico: Distribution of gross domestic product (GDP) across economic sectors from 2008 to 2018." In its analysis, the firm predicts that the effects of the coronavirus on Puerto Rico’s economy will be evident through December 2020. Climate; GDP (current US$) Details. Puerto Rico includes the following metropolitan areas for which an Economy At A Glance table is available: Aguadilla-Isabela-San Sebastian, PR; Guayama, PR; Mayaguez, PR; Ponce, PR; San German-Cabo Rojo, PR; San Juan-Caguas-Guaynabo, PR . SAN JUAN, Puerto Rico, Dec. 3, 2020 /PRNewswire-HISPANIC PR WIRE/ — As the island of Puerto Rico – a U.S. protectorate in the Caribbean – continues its path to economic transformation, the tropical paradise is undertaking efforts to attract world-class professionals from diverse sectors to accelerate the endeavor. “We still … Puerto Rico's economy is affected by the same factors affecting the US economy. Connecting . . Many Puerto Ricans, unable to find jobs on the island, have migrated to the mainland, with the population and labor force estimated to be shrinking at a rate of 1.5% this year. . Chart. Puerto Rico gdp per capita for 2018 was $31,622, a 1.65% increase from 2017. The Gross Domestic Product (GDP) in Puerto Rico expanded 1.50 percent in 2019 from the previous year. These annual statistics cover the time period from 2012 to 2017. It is classified by the International Monetary Fund as a developed jurisdiction with an advanced, high-income economy ; [247] it ranks highly on the Human Development Index , ahead of the rest of Latin America. Puerto Rico GDP Value was 105 USD Billion in 2020. The September economic activity index was down 6.3% from the value for … To put this in perspective, the money Puerto Rico owes represented nearly 70% of the territory's gross domestic product (GDP). Live estimate for national public debt today and since the beginning of the year. Go deeper . Puerto Rico had one of the most dynamic economies in the Caribbean region until 2006; however, growth has been negative for each of the last 11 years. GDP growth (annual %) - Puerto Rico. And now in 2020, Puerto Rico has been under strict government measures due to COVID-19 that have severely impacted the local economy, the southwestern region was impacted by earthquakes, and the island recently experienced botched primaries and more FBI-ordered arrests of … In September 2017, Puerto Rico’s economic woes were compounded when Hurricane Maria, a Category 4 hurricane with some 150 mph winds, made … Also Show. Puerto Rico gdp per capita for 2017 was $31,109, a 1.57% increase from 2016. Population, total. GDP per capita year to date (annual $33 348) Connecting . Contact us; Puerto Rico Economy. . Puerto Rico gdp per capita for 2019 was $32,874, a 3.96% increase from 2018. But, Estudios Técnicos said growth will pick up in 2022 and 2023, led by an increase in investment in construction, as the greater disbursements of federal CDBG-DR recovery funds occur, and an improvement in the labor market is expected. Puerto Rico to see economic deficit sooner than anticipated due to coronavirus Puerto Rico's economy will essentially see no growth over the next six years, with its … Puerto Rico's GDP decreased by 2% in 2019. Updated 8 mins ago - Politics & Policy. Data Source: World Bank MLA … GDP (constant 2010 US$) GDP (current US$) GDP (constant LCU) GDP: linked series (current LCU) GDP, PPP (constant … The statistics can be used to understand Puerto Rico’s economic trends and support economic development strategies, particularly as the island continues its recovery from Hurricanes Irma and Maria. SAN JUAN, PUERTO RICO (October 15, 2019) -- Today, the Bureau of Economic Analysis (BEA) released prototype statistics for personal consumption expenditures, private fixed investment, and net exports of goods for Puerto Rico. Label. Employment, Hours, and Earnings from the CES survey … The economy of Puerto Rico is classified as a high income economy by the World Bank and as the most competitive economy in Latin America by the World Economic Forum. . Puerto Rico had one of the most dynamic economies in the Caribbean region until 2006; however, growth has been negative for each of the last nine years. In Puerto Rico, the biggest economic sector is manufacturing, which represents around 45% of the GDP. SAN JUAN, Puerto Rico, Dec. 3, 2020 /PRNewswire/ -- As the island of Puerto Rico – a U.S. protectorate in the Caribbean – continues its path to economic transformation, the tropical paradise is undertaking efforts to attract world-class professionals from diverse sectors to accelerate the endeavor. However, re-building efforts made after Puerto Rico was hit by its biggest earthquake in a century in January 2020, should partially cushion the slowdown. Yet, Puerto Rico residents do not have access to the same assistance that is available to people facing such challenges in the mainland United States. Statista. Puerto Rico - Economy. By 2003, the economy was beginning to show … A Puerto Rican flag flies outside a home Oct. 24, 2017, outside Las Marias, Puerto Rico. Economic Overview. What Puerto Rico Can Bring to the U.S. Economy. It also characterizes major economic events and policy changes in the most recent 12 months and may include a statement about one or … Puerto Rico’s economy recorded little growth after 1996, and real (inflation-adjusted) GDP has been falling for the past decade. Puerto Rico Gdp and National debt 28-11-2020 13:02:51. Details. Puerto Rico is a point of convenience and the bulk of the money goes elsewhere. . A key component of a Puerto Rico economic development plan is the re-enactment of Section 936 because historically the pharmaceutical industry has been a vital component of the economy of Puerto Rico. None; Aggregates; Same region; Similar values; Highest values; Lowest values; Share Details. The board has estimated that Puerto Rico’s economy will contract by 4 percent. We have plenty of reasons to believe that statehood will be good for Puerto Rico’s economy. World Bank national accounts data, and OECD National Accounts data files. The bottom line: The lack of information on Puerto Rico's economic growth "has made it challenging for policy makers and businesses to engage in short- and long-term analysis and planning that is critical for developing Puerto Rico’s economy," BEA staff wrote in a budget request to Congress this year. GDP(PPP) year to date : Connecting . Statistics and historical data on GDP growth rate, per capita PPP, constant prices. Puerto Rico - Puerto Rico - The economy: Puerto Rico’s economy, now based on services and manufacturing, was dominated by agriculture until the mid-20th century. Puerto Rico's top prelate issued a … Puerto Rico Jump to. School enrollment, primary (% gross) Details. CO2 emissions (metric tons per capita) Details. GDP in Puerto Rico is down because of a vicious circle further spurred on by Hurricanes Irma and Maria. . (Credit: Bob Roller/CNS.) The latest effort is the program ElComebackPR.org a … “The Puerto Rico government made a tough choice to save lives, but it came at a cost. Life expectancy at birth, total (years) Details . October 15, 2020. That was partly due to the government’s tighter fiscal stance, natural disasters and a dwindling population. Among Puerto Rico’s greatest economic challenges are chronically high poverty, especially among children, and low labor-force participation. Economy | September 29th 2020 US presidential candidates promise to boost Puerto Rico aid Trump and Biden are courting votes of Puerto Ricans in Florida, a key swing state in the November poll. Axios. Economy - overview: This entry briefly describes the type of economy, including the degree of market orientation, the level of economic development, the most important natural resources, and the unique areas of specialization. Download Historical Data Save as Image. Geographically based survey data available from BLS: Employment & Unemployment . Puerto Rico gdp per capita for 2016 was $30,627, a 2.9% increase from 2015. The September 11, 2001 terrorist attacks on the United States also had an adverse effect on the Puerto Rican tourist industry. Puerto Rico's fragile economy is facing an uncertain future after the island's governor rejected a settlement announced late Sunday with bondholders … GNI per capita, Atlas method (current US$) Details. Economy :: Puerto Rico. For comparison, the average debt-to-GDP … Live statistics for Economy of Puerto Rico. License: CC BY-4.0 Line Bar Map. Current GDP (estimated data for 2020) and national debt. 1961 - 2019. Under Spanish colonial rule the island was largely neglected because of its limited mineral resources. GDP Annual Growth Rate in Puerto Rico averaged 3.34 percent from 1961 until 2019, reaching an all time high of 13.80 percent in 1971 and a record low of -4.30 percent in 2018. Structure of Puerto Rico GDP… The downturn in the US economy that began in 2001 negatively impacted the Puerto Rican economy more severely than the mainland economy. Puerto Rico's merchandise trade surplus is exceptionally strong, with exports nearly 50% greater than imports, and its current account surplus about 10% of GDP. However, from a longer-term perspective Puerto Rico’s economy is in decline. Closing the budget deficit while restoring economic growth and employment remain the central concerns of the government. Poverty headcount ratio at national poverty lines (% of population) Details. In conjunction with this release, BEA is requesting feedback to refine the data sources and methods …