puerto rico economic outlook 2020

Puerto Rico has very limited natural resources, with arable land being one of the country's most important natural resources. Christopher Columbus reached the island that would become Puerto Rico, then home to the indigenous Taino people, in 1493, ushering in more than four hundred years of Spanish rule. As a result, t. petrochemicals, processed foods, clothing and textiles. IMF – World Economic Outlook Database, 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. Statista. ; World Bank, Puerto Rico. IMF – World Economic Outlook Database. Industry accounts for 50% of GDP and employs 19% of the labour force.The service industry's main sectors include tourism, finance, insurance, trade, real estate, transportation and utilities. My Cart Advertising & Media Outlook New ... across economic sectors Puerto Rico 2018. 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). The Puerto Rican economy has been suffering a recession for over a decade, which has led to high levels of debt. However, despite its importance, only 6% of the island's total area is considered arable. Puerto Rico has massive economic problems that go beyond Hurricanes Maria and Irma. 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 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. 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. Leading Economic Index in Puerto Rico averaged 0.49 percent from 1981 until 2020, reaching an all time high of 23.50 percent in November of 2018 and a record low of -20 percent in November of 2017. October 2020. By continuing your navigation on our website. Client Log In, Facebook After Hurricanes Irma and María (almost 40,000 jobs were lost), and after multiple Earthquakes and October 13, 2020. Google+, © Copyright: 2020. Read more. Latest Available Data. Please check the spelling. 5 years of Puerto Rico economic forecasts for more than 30 economic indicators. 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. 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. Puerto Rico faces some challenges in achieving full utilisation of its agricultural potential, mainly due to the low number of people willing to work in the agricultural sector. Still, Puerto Rican agriculture produces sugar cane, coffee, pineapple, plantains, animal products and chickens - among other products. Latest Update: October 2020. Twitter The Puerto Rican economy has been suffering a recession for over a decade, which has led to high levels of debt. Puerto Rico economic growth for 2019 was $104.99B, a 3.97% increase from 2018. LinkedIn Any Comment About This Content? Source: In addition, the country hopes to avoid the downgrading of its credit rating, so as not to lose access to financing. entering Puerto Rico under the Visa Waiver Program, as tourist and business travelers, rose from 57,642 in 2012 to 61,852 in 2017. Economic activity dropped over 9% on average in April–June, due to the fallout from the pandemic and regular earthquakes. April 15, 2020. © Export Entreprises SA, All Rights Reserved. Press That was partly due to the government’s tighter fiscal stance, natural disasters and a dwindling population. 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. Yet discontent with colonial rule led to a growing independence movement on the island, and Spain granted … This page provides - Puerto Rico Economic Activity Index- actual values, historical data, forecast, chart, statistics, economic calendar and news. This satellite image provided by 2020 Maxar Technologies shows the damaged radio telescope at the Arecibo Observatory in Puerto Rico, Thursday, Nov. 17, 2020. Fitch Ratings - Chicago - 29 Sep 2020: Fitch Ratings has affirmed all of Liberty Communications of Puerto Rico LLC's (LCPR) ratings, including the Long-Term Foreign Currency Issuer Default Rating (IDR) at 'B+'. Santander, Santander Trade and the Flame logo are registered trademarks. However, despite its importance, only 6% of the island's total area is considered arable. Get a sample report showing our regional, country and commodities data and analysis. "Puerto Rico: Growth rate of the real gross domestic product (GDP) from 2009 to 2021 (compared to the previous year)." 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. 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. Aug 5, 2020 . About There has been a significant shift in the industrial composition of Puerto Rico’s economy. 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. 11:58 AM . 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. 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