Economy ———-
Economic overview: Puerto Rico has one of the most dynamic economies in the Caribbean region. Industry has surpassed agriculture as the primary sector 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. Important industries include pharmaceuticals, electronics, textiles, petrochemicals, and processed foods. 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 3.9 million tourists in 1993.
GDP: purchasing power parity - $29.7 billion (1995 est.)
GDP real growth rate: 3.3% (1995 est.)
GDP per capita: $7,800 (1995 est.)
GDP composition by sector: agriculture: NA% industry: NA% services: NA%
Inflation rate (consumer prices): 2.9% (1994)
Labor force: 1.2 million (1993) by occupation: government 22%, manufacturing 17%, trade 20%, construction 6%, communications and transportation 5%, other 30% (1993)
Unemployment rate: 16% (1994)
Budget:
revenues: $5.1 billion
expenditures: $5.1 billion, including capital expenditures of $NA
(FY94/95)