Economy (Puerto Rico)
=====================


     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.
         Important new 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. The economy has largely recovered from the
         disruptions caused by Hurricane Hugo in September 1989. The tourism
         infrastructure has been especially hard hit.
     GNP:
         purchasing power equivalent - $21.6 billion, per capita $6,600; real growth
         rate 2.2% (FY90)
     Inflation rate (consumer prices):
         1.3% (October 1990-91)
     Unemployment rate:
         15.5% (October 1991)
     Budget:
         revenues $5.8 billion; expenditures $5.8 billion, including capital
         expenditures of $258 million (FY89)
     Exports:
         NA
       commodities:
         pharmaceuticals, electronics, apparel, canned tuna, rum, beverage
         concentrates, medical equipment, instruments
       partners:
         US 87% (FY90)
     Imports:
         NA
       commodities:
         chemicals, clothing, food, fish, petroleum products
       partners:
         US 68% (FY90)
     External debt:
         $NA
     Industrial production:
         growth rate 3.8% (FY90)
     Electricity:
         4,149,000 kW capacity; 14,844 million kWh produced, 4,510 kWh per capita
         (1990)
     Industries:
         manufacturing of pharmaceuticals, electronics, apparel, food products,
         instruments; tourism
     Agriculture:
         accounts for 3% of labor force; crops - sugarcane, coffee, pineapples,
         plantains, bananas; livestock - cattle, chickens; imports a large share of
         food needs
     Economic aid:
         none
     Currency:
         US currency is used
     Exchange rates:
         US currency is used
     Fiscal year:
         1 July - 30 June