Economy - overview:
Puerto Rico had one of the most dynamic economies in the Caribbean region until 2006; however, growth has been negative for each of the last 11 years. 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.Diminished job opportunities prompted a sharp rise in outmigration, as many Puerto Ricans sought jobs on the US mainland. Unemployment reached 16% in 2011, but declined to 11.5% in December 2017. US minimum wage laws apply in Puerto Rico, hampering job expansion. Per capita income is about two-thirds that of the US mainland.The industrial sector greatly exceeds agriculture as the locus of economic activity and income. Tourism has traditionally been an important source of income with estimated arrivals of more than 3.6 million tourists in 2008. Puerto Rico's merchandise trade surplus is exceptionally strong, with exports nearly 50% greater than imports, and its current account surplus about 10% of GDP.Closing the budget deficit while restoring economic growth and employment remain the central concerns of the government. The gap between revenues and expenditures amounted to 0.6% of GDP in 2016, although analysts believe that not all expenditures have been accounted for in the budget and a better accounting of costs would yield an overall deficit of roughly 5% of GDP. Public debt remained steady at 92.5% of GDP in 2017, about $17,000 per person, or nearly three times the per capita debt of the State of Connecticut, the highest in the US. Much of that debt was issued by state-run schools and public corporations, including water and electric utilities. In June 2015, Governor Alejandro GARCIA Padilla announced that the island could not pay back at least $73 billion in debt and that it would seek a deal with its creditors.Hurricane Maria hit Puerto Rico square on in September 2017, causing electrical power outages to 90% of the territory, as well as extensive loss of housing and infrastructure and contamination of potable water. Despite massive efforts, more than 40% of the territory remained without electricity as of yearend 2017. As a result of the destruction, many Puerto Ricans have emigrated to the US mainland.

GDP (purchasing power parity):
$127.3 billion (2017 est.) $131 billion (2016 est.) $134.5 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 82

GDP (official exchange rate):
$103.2 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-2.8% (2017 est.) -2.6% (2016 est.) -1.1% (2015 est.)
country comparison to the world: 215
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$37,900 (2017 est.) $38,400 (2016 est.) $38,700 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 50

GDP - composition, by end use:
household consumption: 87.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 12.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 11.7%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.5%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 117.8%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -129.8% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 0.8%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 50.1%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 49.1% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
sugarcane, coffee, pineapples, plantains, bananas; livestock products, chickens

Industries:
pharmaceuticals, electronics, apparel, food products, tourism

Industrial production growth rate:
-2.1% (2017 est.)
country comparison to the world: 195
[see also: Industrial production growth rate country ranks ]

Labor force:
1.139 million (December 2014 est)
country comparison to the world: 142
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 2.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 19%
[see also: Labor force - by occupation - industry country ranks ]
services: 79% (2005 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
11.5% (2017 est.) 11.8% (2016 est.)
country comparison to the world: 148
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

Budget:
revenues: $9.268 billion
[see also: Budget - revenues country ranks ]
expenditures: $9.974 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
9% of GDP (2017 est.)
country comparison to the world: 215
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-0.7% of GDP (2017 est.)
country comparison to the world: 53
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
91.6% of GDP (2016 est.) 91.6% of GDP (2016 est.)
country comparison to the world: 24
[see also: Public debt country ranks ]

Fiscal year:
1 July - 30 June

Inflation rate (consumer prices):
1.1% (2017 est.) -0.3% (2016 est.)
country comparison to the world: 46
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
5% (31 December 2017 est.) 4% (31 December 2016 est.)
country comparison to the world: 145
[see also: Commercial bank prime lending rate country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Exports:
$73.16 billion (2017 est.) $73.2 billion (2016 est.)
country comparison to the world: 41
[see also: Exports country ranks ]

Exports - commodities:
chemicals, electronics, apparel, canned tuna, rum, beverage concentrates, medical equipment

Imports:
$49.01 billion (2017 est.) $48.86 billion (2016 est.)
country comparison to the world: 51
[see also: Imports country ranks ]

Imports - commodities:
chemicals, machinery and equipment, clothing, food, fish, petroleum products

Debt - external:
$56.82 billion (31 December 2010 est.) $52.98 billion (31 December 2009 est.)
country comparison to the world: 62
[see also: Debt - external country ranks ]

Exchange rates:
the US dollar is used