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Puerto Rico (commonwealth associated with the US) Economy 1999
Economyoverview: 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. Construction and tourism were the leading sectors in economic growth in 1998. GDP: purchasing power parity$34.7 billion (1998 est.) GDPreal growth rate: 3.1% (1998 est.) GDPper capita: purchasing power parity$9,000 (1998 est.)
GDPcomposition by sector:
Population below poverty line: NA%
Household income or consumption by percentage share:
Inflation rate (consumer prices): 5.7% (1998 est.) Labor force: 1.3 million (1996) Labor forceby occupation: government 19%, manufacturing 13%, trade 17%, construction 5%, other 32%, unemployed 14% (1996) Unemployment rate: 13% (FY96/97 est.)
Budget:
Industries: pharmaceuticals, electronics, apparel, food products; tourism Industrial production growth rate: 5% (1994 est.) Electricityproduction: 18.3 billion kWh (1996)
Electricityproduction by source:
Electricityconsumption: 18.3 billion kWh (1996) Electricityexports: 0 kWh (1996) Electricityimports: 0 kWh (1996) Agricultureproducts: sugarcane, coffee, pineapples, plantains, bananas; livestock products, chickens Exports: $30.3 billion (f.o.b. 1998) Exportscommodities: pharmaceuticals, electronics, apparel, canned tuna, rum, beverage concentrates, medical equipment Exportspartners: US 88% (1997 est.) Imports: $21.8 billion (c.i.f. 1996) Importscommodities: chemicals, machinery and equipment, clothing, food, fish, petroleum products Importspartners: US 62% (1997 est.) Debtexternal: $NA Economic aidrecipient: $NA Currency: 1 US dollar (US$) = 100 cents Exchange rates: US currency is used Fiscal year: 1 July30 June
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