Google+, © Copyright: 2020. However, despite its importance, only 6% of the island's total area is considered arable. Near-term outlook. Economy | October 29th 2020 Output picks up again slowly As gradual reopening lifts output from Q2 lows, the growth outlook will be shaped by myriad of non-Covid challenges. Puerto Rico Economic Analysis Report 2019 - 2020 4 (19.9), in New York (17.0), in Louisiana (16.6), in alifornia (15.9), in Massachusetts (15.6), in onnecticut (15.2), in Georgia (14.1), and in Rhode Island (14.0). According to the updated IMF forecasts from 14th April 2020, due to the outbreak of the COVID-19, GDP growth is expected to slow down to -6% in 2020 and pick up to 1.5% in 2021, subject to the post-pandemic global economic recovery. Source: “Defintitely, it is significant that Puerto Rico takes part in high-caliber world economic reports, which are used by many of the world’s largest multinational companies to decide where to establish their businesses. Latest Available Data. By the eighteenth century, Puerto Rico had become a major exporter of tobacco, coffee, and sugarcane. According to the IMF, the general government balance in 2019 was equivalant to -3.3% of GDP. Puerto Rico’s Capitol building (Brad Clinesmith) Recently, Judge José A. Cabranes, a judge on the Second U.S. Puerto Rico and a group of investors in February agreed to a debt-cutting deal that would allow them to recover as much as 77.6 cents on the dollar from their investment in the island’s bonds. For a general overview of trade restrictions due to COVID-19 pandemic, please consult the section dedicated to the United States and its territories on the International Trade Centre's COVID-19 Temporary Trade Measures webpage. 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 island's electricity. It is expected to reach 61.5% of GDP in 2020, and 62.9% of GDP in 2021. For the international outlook you can consult the latest situation reports published by the World Health Organisation as well as the global daily statistics on the coronavirus pandemic evolution including data on confirmed cases and deaths by country. © Export Entreprises SA, All Rights Reserved. As a result, the island imports about 85% of its food needs, even though most of their land is fertile. Press The Bureau of Economic Analysis is finally developing statistics to measure the island's status. Find more information about your business sector on our service Market Reports. Global growth is projected at −4.4 percent in 2020, a less severe contraction than forecast in the June 2020 World Economic Outlook (WEO) Update. October 13, 2020. Please check the spelling. "Puerto Rico: Growth rate of the real gross domestic product (GDP) from 2009 to 2021 (compared to the previous year)." In 2019, public debt represented 58.9% of GDP, and it continues to grow. My Cart About Andria Salvá, president of Puerto Rico 3000, explained that Puerto Rico was the third most competitive country in the hemisphere, according to WEF results for 2014. Economic activity dropped over 9% on average in April–June, due to the fallout from the pandemic and regular earthquakes. For the latest forecasts on the economic impacts caused by the coronavirus pandemic, please consult the OECD Economic Outlook Interim Report Coronavirus: the world economy at risk (March 2020) and the IMF's policy tracking platform Policy Responses to COVID-19 for the key economic responses from governments. Due to the high level of uncertainty in current global economic conditions, the April 2020 WEO database and statistical tables contain only these indicators: real GDP growth, consumer price index, current account balance, unemployment, per capita GDP growth, and fiscal balance. Google+, Facebook 5 years of Puerto Rico economic forecasts for more than 30 economic indicators. Inflation has been contained at 0.7% in 2019, and is expected to decrease to -1.5% in 2020 and increase to 0.6% in 2021 (April 2020 World Economic Outlook IMF). Tools and resources to help your company expand globally. Puerto Rico (U.S.) and Jamaica were the region’s top-ranked economies, ranking 65 th and 71 th globally. Any Comment About This Content? Available data suggests activity remained frail at the outset of FY 2021. November 18, 2020. Online Store Puerto Rico has very limited natural resources, with arable land being one of the country's most important natural resources. Advertising & Media Outlook New ... across economic sectors Puerto Rico 2018. This page has economic forecasts for Puerto Rico including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Puerto Rico economy. In general, the country's industry has shifted from industrial production relying on labour (food industry, tobacco, copper and textiles) to a capital-based service industry. Puerto Rico from The World Bank: Data. IMF – World Economic Outlook Database. There has been a significant shift in the industrial composition of Puerto Rico’s economy. April 15, 2020. 11:58 AM . However, despite its importance, only 6% of the island's total area is considered arable. 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. How can youth voices reach top officials in the country? Your country was not recognised. Puerto Rico's GDP decreased by 2% in 2019. Source: IMF – World Economic Outlook Database, 24% of the population in Puerto Rico is between 18 and 34 years old. April 22, 2020 – In the face of the global pandemic that continues to cause uncertainty around the world, a group of economic development experts participated in a roundtable discussion on the economic outlook for Puerto Rico during and after COVID-19. In its analysis, the firm predicts that the effects of the coronavirus on Puerto Rico’s economy will be evident through December 2020. The Puerto Rican economy has been suffering a recession for over a decade, which has led to high levels of debt. Latest Update: October 2020. 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 Overall, agriculture accounts for just 0.7% of Puerto Rico's GDP and employs 2.1% of the labour force.The Puerto Rican industry sector mainly produces drugs, electronic devices, petrochemicals, processed foods, clothing and textiles. That was partly due to the government’s tighter fiscal stance, natural disasters and a dwindling population. All suggestions for corrections of any errors about Puerto Rico Economy 2020 should be addressed to the CIA or the … Because of rounding, the sum of the percentages may be smaller/greater than 100%. Employment in Puerto Rico 2020 . Puerto Rico Economic Outlook. Puerto Rico has suffered from a severe and prolonged economic slump for more than a decade, with GDP, population, and employment all on a downward trend since 2006 when a tax incentive for manufacturers—Section 936—was phased out. According to the updated IMF forecasts from 14th April 2020, due to the outbreak of the COVID-19, GDP growth is expected to slow down to -6% in 2020 and pick up to 1.5% in 2021, subject to the post-pandemic global economic recovery. Therefore, any incident related to the contents or services must be resolved between the user and Export Entreprises S.A.; with no involvement or responsibility from Banco Santander, S.A. or any of its subsidiaries. However, the overall lack of opportunities in the island has resulted in significant migration outflows, as an increasing number of Puerto Ricans continue to emigrate to the United States. The Puerto Rican economy has been suffering a recession for over a decade, which has led to high levels of debt. This page provides - Puerto Rico Economic Activity Index- actual values, historical data, forecast, chart, statistics, economic calendar and news. Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. | Puerto Rico Economy | Privacy Policy | Cookies Policy | Terms & Conditions | Sitemap | RSS feed, Economic Growth (GNP, annual variation in %), Inflation Rate (CPI, annual variation in %, eop), Inflation Rate (CPI, annual variation in %).
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