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Puerto Rico Economy Facts. He lacks a majority in the Legislative Assembly and the emergence of three smaller non-traditional parties will hamper governability. The Puerto Rico Annual Fact Sheet is an abridgement of demographic financial economic political and geographic data. Federal Reserve Bank regulates its money supply and rates of foreign. Puerto Rico is in the midst of a bleak economic crisis.
Puerto Ricos GDP decreased by an estimated 75 in 2020 mainly due to the impacts of the COVID-19 pandemic. The island has 74 billion in debt and another 50 billion in pension obligations on the books making its case by far the largest municipal. The downturn coincided with the phaseout of tax preferences that had led US firms to invest heavily in the Commonwealth since the 1950s and a steep rise in the price of oil which generates most of the islands electricity. Puerto Rico has changed from an agricultural economy based primarily on sugar tobacco and coffee products to a thriving modern industrial and services oriented economy. Puerto Ricos Declining Population. 13675 Gross Domestic ProductGDP.
Puerto Rico has changed from an agricultural economy based primarily on sugar tobacco and coffee products to a thriving modern industrial and services oriented economy.
Trade generates about one-tenth of the GDP and employs one-fifth of the workforce whereas finance real estate and insurance create roughly one-fifth of the GDP but employ less than one-twentieth of the workforce. A diverse industrial sector has far surpassed agriculture as the primary locus of economic activity and income. 2019 versus 141413 in Aug. Puerto Ricos GDP decreased by an estimated 75 in 2020 mainly due to the impacts of the COVID-19 pandemic. Puerto Rico has been one of the most dynamic and competitive economies in Latin America and the Caribbean region until recent years Puerto Ricos economy relies mainly on federal aid from the United States government. Federal Reserve Bank regulates its money supply and rates of foreign.