Wirtschaft von Puerto Rico - Wikipedia

Wirtschaft von Puerto Rico

Währung		US-Dollar (USD $)
	1. Juli - 30. Juni
Handelsorganisationen	CARICOM (beobachtend), Interpol (Unterbüro) , IOC, IGB, UNWTO (assoziiertes Unternehmen), hUPU [1]
Statistik
BIP	103,2 Milliarden US-Dollar (2017) [2]
BIP-Rang	60. (nominal)
BIP-Wachstum	[3]
BIP pro Kopf	[4]
BIP nach Sektoren	Verarbeitendes Gewerbe: 46,4%, Finanzen, Versicherungen und Immobilien: 19,6%, Dienstleistungen: 12,5%, Regierung : 8,6%, Handel: 8%, Transport und andere öffentliche Einrichtungen: 2,9%, Bau und Bergbau: 1,7%, Landwirtschaft: 0,6% (2010) [1]
	2,47% [5] (FY 2010)
	45% (2009) 0.537 (2010) [6]
Arbeitskräfte	1,105 Millionen [7] (Oktober 2018) [19599003] Arbeitskräfte durch Besetzung	Dienstleistungen: 29,9%, Regierung: 23,7%, Handel: 21,8%, Verarbeitendes Gewerbe: 9,2%, Transport und andere öffentliche Einrichtungen: 5,2%, Bau und Bergbau: 4,9%, Finanzen, Versicherungen und Immobilien: 3,7%, Agricu lture: 1,6%. (2010)
Arbeitslosigkeit	[8]
Durchschnittlicher Bruttolohn	[9]
Hauptindustrien	Pharmazeutika, Elektronik, Bekleidung, Nahrungsmittel, Tourismus. (2010)
	64. (2018) [10]
Extern
Exporte	64,88 Milliarden US-Dollar für FOB (2011 est.) [11] [11]
Exportgüter	Chemie, Elektronik, Rum, Getränkekonzentrate, medizinische Geräte, Thunfischkonserven, Bekleidung. [11]
Hauptexportpartner	USA 76,5%, Belgien 6,1%, Niederlande 3,4%, Italien 1,7%, . 19659047] Spanien 1,6%. (2016)
Importe	43,32 Mrd. CIF (2016 est.) [12]	chemikalien, maschinen und ausrüstungen, lebensmittel, erdölprodukte, bekleidung, fische [11]
Hauptimportpartner	Vereinigte Staaten 55,6%, Irland 13,4%, Singapur 6,1%, Schweiz 2,9%, Südkorea 2,8%. (2016)
Öffentliche Finanzen
	[13] (GJ 2012)
Umsatz	[19456560] Erhöhung "src =" "http://upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding = "async" title = "Erhöhen" width = "11" height = "11" srcset = "// upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/ thumb / b / b0 / Increase2.svg / 22px-Increase 2.svg.png 2x "data-file-width =" 300 "data-file-height =" 300 "/> 31,3 Milliarden US-Dollar (GJ 2010) [14]
Ausgaben	[ erforderliche Zitierung
	Standard & Poor's [a] BB + Ausblick Ausblick [16] Ba2 Outlook Alle Werte, soweit nicht anders angegeben, sind in US-Dollar.

Die -Ökonomie von Puerto Rico wird von der Weltbank als Volkswirtschaft mit hohem Einkommen und vom Weltwirtschaftsforum als wettbewerbsfähigste Wirtschaft in Lateinamerika eingestuft. ^[17][18] Die Haupttreiber davon s Wirtschaft ist Herstellung, vor allem Pharmazeutika, Textilien, Petrochemie und Elektronik; gefolgt von der Dienstleistungsbranche, insbesondere Finanzen, Versicherungen, Immobilien und Tourismus. ^[b][c] Die Geographie von Puerto Rico und sein politischer Status sind beide bestimmende Faktoren für seinen wirtschaftlichen Wohlstand, hauptsächlich aufgrund seiner relativ geringen Größe als Insel; der Mangel an natürlichen Ressourcen, die zur Herstellung von Rohstoffen verwendet werden, und folglich seine Abhängigkeit von Importen; sowie seine Oberhoheit gegenüber den Vereinigten Staaten, die ihre Außenpolitik kontrollieren und Handelsbeschränkungen ausüben, insbesondere in der Schifffahrtsindustrie.

Auf makroökonomischer Ebene erlebt Puerto Rico seit 13 aufeinander folgenden Jahren eine wirtschaftliche Depression, die 2006 mit einer Reihe von negativen Cashflows und dem Auslaufen des für Puerto Rico geltenden Abschnitts 936 des US Internal Revenue Code begann. Dieser Abschnitt war für die Wirtschaft der Insel von entscheidender Bedeutung, da er Steuerbefreiungen für US-amerikanische Unternehmen errichtete, die sich in Puerto Rico niederließen und es ihren in der Insel tätigen Tochtergesellschaften erlaubten, ihre Gewinne jederzeit an die Muttergesellschaft zu senden, ohne die Körperschaftssteuer des Bundes zu zahlen . Überraschenderweise konnte Puerto Rico im letzten Jahrzehnt eine relativ niedrige Inflation aufrechterhalten. Akademisch sind die meisten wirtschaftlichen Probleme in Puerto Rico auf Bundesverordnungen zurückzuführen, die abgelaufen sind, aufgehoben wurden oder auf Puerto Rico nicht mehr zutreffen; von seiner Unfähigkeit, im Laufe der Geschichte unabhängig zu werden und sich selbst zu erhalten; von seiner stark politisierten öffentlichen Politik, die sich immer ändert, wenn eine politische Partei an Macht gewinnt; sowie von seiner äußerst ineffizienten lokalen Regierung, die im Laufe der Zeit eine öffentliche Verschuldung in Höhe von 66% ihres Bruttoinlandsprodukts aufgenommen hat.

Im Vergleich zu den verschiedenen Bundesstaaten der Vereinigten Staaten ist Puerto Rico ärmer als der ärmste Staat der Vereinigten Staaten. 45% der Bevölkerung leben unterhalb der Armutsgrenze. ^[d] Im Vergleich zu Lateinamerika Puerto Rico hat das höchste Pro-Kopf-BIP in der Region und ist die wettbewerbsfähigste Wirtschaft der iberoamerikanischen Staaten, die Chile und Spanien übertreffen. ^[21][22] Das Commonwealth hat eine massive Anleiheverschuldung, die es nicht bedienen kann, 70 Mrd. USD Anfang 2017 oder 12.000 US-Dollar pro Kopf ^[23] zu einem Zeitpunkt, zu dem die Arbeitslosenquote (8,0%, Oktober 2018) mehr als doppelt so hoch ist wie die des Festlandes. ^[24][23] Die Verschuldung nahm während einer Jahrzehntelangen Rezession zu. ^[25] Es ist wichtig, dass Puerto Rico Umstrukturierungsgeschäfte mit Gläubigern abschließt, um einen bankrottähnlichen Prozess unter PROMESA zu vermeiden. ^[26] Insbesondere befindet sich Puerto Rico seit 2016 in einer ungewöhnlichen Situation: Seine Wirtschaft steht unter der Aufsicht eines Bundesvorstand t Er verwaltet die Finanzen und trägt dazu bei, wieder Zugang zu den Kapitalmärkten zu erhalten. ^[27]

Das Commonwealth verfügt über eine moderne Infrastruktur, einen großen öffentlichen Sektor und einen institutionellen Rahmen, der sich an den Vorschriften der US-amerikanischen Bundesbehörden orientiert von denen die meisten auf der Insel eine aktive und dauerhafte Präsenz haben. Die wichtigsten Handelspartner sind die Vereinigten Staaten selbst, Irland und Japan. Die meisten Produkte stammen aus Ostasien, hauptsächlich aus China, Hongkong und Taiwan. Auf globaler Ebene macht Puerto Ricos Abhängigkeit von Erdöl bei Transport und Stromerzeugung sowie seine Abhängigkeit von Nahrungsmittelimporten und Rohstoffen die Folge, dass Puerto Rico volatil und sehr reaktionsfähig auf Veränderungen der Weltwirtschaft und des Klimas ist.

Geschichte [ edit ]

Wie viele andere Länder ist auch Puerto Rico von einer Agrarwirtschaft zu einer Industriewirtschaft gewechselt. Die Wirtschaft erlebt derzeit einen Wandel im Informationszeitalter, wenn auch langsam.

Präkolonialismus [ edit ]

Über die Wirtschaftsgeschichte von Puerto Rico vor der Ankunft der Spanier ist nicht viel bekannt. Das Wenige, das über seine Einwohner, die Taíno, bekannt ist, ist, dass ihre Wirtschaft eine Mischung aus Jagd und Sammeln mit der Landwirtschaft war.

Die Taíno fingen kleine Tiere wie Säugetiere, Regenwürmer, Eidechsen, Schildkröten und Vögel. Manatis wurden aufgespießt und Fische wurden in Netzen gefangen, aufgespießt, vergiftet, in Wehre gefangen oder mit Haken und Leinen gefangen. Wilde Papageien wurden mit domestizierten Vögeln getötet, und Leguane wurden von Bäumen und anderer Vegetation genommen. Vieh wurde nicht praktiziert, da es in Puerto Rico keine einheimischen großen Tiere gab, die in einer landwirtschaftlichen Umgebung aufgezogen werden könnten, um Waren wie Nahrungsmittel, Ballaststoffe oder Arbeitskräfte herzustellen.

Felder für wichtige Wurzelfrüchte, wie das Grundnahrungsmittel Yuca, wurden durch Anhäufung von Erdhügeln mit dem Namen conucos hergestellt. Dies verbesserte die Entwässerung und Fruchtbarkeit des Bodens, verzögerte die Erosion und ermöglichte eine längere Lagerung der Kulturen im Boden. Weniger wichtige Ernten wie Mais wurden in einfachen Lichtungen gezüchtet, die durch Brandrodungstechnik erzeugt wurden. Typischerweise waren conucos drei Fuß hoch und neun Fuß im Umfang und waren in Reihen angeordnet. Die Hauptwurzelkultur war Yuca / Cassava, ein holziger Strauch, der wegen seiner essbaren und stärkehaltigen Wurzelknollen gezüchtet wird. Es wurde mit einer coa gepflanzt, einer Art vollständig aus Holz gefertigter Hacke. Frauen verarbeiteten die giftige Manioksorte, indem sie sie ausprägten, um die giftigen Säfte zu extrahieren. Dann mahlen sie die Wurzeln zu Mehl, um Brot zu backen. Batata (Süßkartoffel) war die nächstwichtigste Wurzelkultur. ^[28]

Im Gegensatz zu den Praktiken auf dem Festland wurde Mais nicht zu Mehl gemahlen und zu Brot gebacken. Es wurde gekocht und vom Kolben gegessen. Maisbrot wird bei hoher Luftfeuchtigkeit in Westindien schneller als Maniok-Brot. Die Taíno züchteten Kürbis, Bohnen, Paprika, Erdnüsse und Ananas. Rund um die Häuser wurden Tabak, Kalebassen (westindische Kürbisse) und Baumwolle angebaut. Andere Früchte und Gemüse wie Palmnüsse, Guaven und Zamia Wurzeln wurden aus der Wildnis gesammelt. ^[28]

Spanische Herrschaft [ edit ]

Die Wirtschaft Nach der Ankunft der Spanier im Jahr 1493 wurde Puerto Rico bis zu ihrem Abzug im Jahr 1898 drastisch verändert. Die Wirtschaft wurde in dieser Zeit durch die Sklaverei der Ureinwohner, den Taíno und durch Sklaven aus Afrika getrieben. Sklaven wurden nur geringfügig entlohnt oder mussten gezwungen werden, in Farmen, Minen, Haushalten und anderen Bereichen zu arbeiten. Die Landwirtschaft war das wichtigste Produktionsmittel sowie der ursprünglich aus Europa importierte Viehbestand. Zuckerrohr, Tabak, Kaffee und Kleinfrüchte waren die Hauptkulturen, die nach Europa exportiert wurden und somit die Hauptwirtschaft der Insel darstellten. ^[29] Gold-, Silber- und Kupferbergbau fand ebenfalls statt, wenn auch nicht so Ähnlich wie in anderen Gebieten während der spanischen Kolonialisierung Amerikas.

United States rule [ edit ]

In diesem Abschnitt fehlt möglicherweise der Fokus oder es kann sich um mehr als ein Thema handeln . Bitte helfen Sie, diesen Artikel zu verbessern, möglicherweise durch Teilen des Artikels und / oder durch Einführen einer Seite zur Begriffsklärung, oder erörtern Sie diese Frage auf der Diskussionsseite. ( November 2012 )

Anfang des 20. Jahrhunderts Der größte Beitrag zur Wirtschaft von Puerto Rico war die Landwirtschaft, und die Haupternte war Zucker. Er verdrängte andere Geldfrüchte wie Tabak und Kaffee. Im Jahr 1935 gründete der Präsident der Vereinigten Staaten, Franklin D. Roosevelt, die Rekonstruktionsverwaltung von Puerto Rico, die landwirtschaftliche Entwicklung, öffentliche Arbeiten und die Elektrifizierung der Insel ermöglichte.

Die Wirtschaftsbedingungen haben sich seit der Weltwirtschaftskrise durch externe Investitionen in kapitalintensive Industrien wie Petrochemie, Pharma und Technologie dramatisch verbessert. In den späten 1940er Jahren ermutigte eine Reihe von Projekten mit dem Namen Operation Bootstrap die Errichtung von Fabriken mit Steuerbefreiungen. Das produzierende Gewerbe ersetzte die Landwirtschaft als Hauptindustrie der Insel. Die Operation Bootstrap basierte auf einer Kampagne zur "Industrialisierung an erster Stelle" und zur Modernisierung, die die puertoricanische Wirtschaft auf Exporte, insbesondere in die USA, konzentrierte. Infolgedessen wird Puerto Rico von der Weltbank inzwischen als "Land mit hohem Einkommen" eingestuft. ^[30][31] Obwohl anfänglich große Beschäftigungszuwächse und Pro-Kopf-Einkommen zu verzeichnen waren, wurden Rezessionen in den Vereinigten Staaten in dem Land immer stärker Puerto Ricos Entwicklung erschwert. ^[32]

Mit der Unterzeichnung des nordamerikanischen Freihandelsabkommens und des Freihandelsabkommens zwischen der Dominikanischen Republik und Zentralamerika verlor Puerto Rico gegenüber einigen lateinamerikanischen Ländern einen Handelsvorteil Das Recht auf zollfreie Einfuhren in den US-Markt wurde erweitert. Nach dem Fair Minimum Wage Act von 2007 unterliegt Puerto Rico auch den Mindestlohngesetzen der Vereinigten Staaten, die Niedriglohnländern wie Mexiko und der Dominikanischen Republik einen wirtschaftlichen Vorteil in der Karibik verschaffen. ^[33] Einst der Begünstigte Aufgrund der besonderen steuerlichen Behandlung seitens der US-Regierung muss die lokale Industrie heute mit denen in wirtschaftlich schwächeren Teilen der Welt konkurrieren, in denen Löhne nicht den US-Mindestlohngesetzen unterliegen. In den letzten Jahren haben einige US- und ausländische Fabriken in Länder mit niedrigeren Löhnen in Lateinamerika und Asien gezogen. Puerto Rico unterliegt den US-amerikanischen Handelsgesetzen und -beschränkungen.

Ebenfalls um 1950 begann eine starke Migration von Puerto Rico in die kontinentalen Vereinigten Staaten, insbesondere New York City, auf der Suche nach besseren wirtschaftlichen Bedingungen. Die puertoricanische Migration nach New York wies eine durchschnittliche jährliche Migration von 1.800 für die Jahre 1930-1940 auf, 31.000 für 1946-1950, 45.000 für 1951-1960 und einen Höchststand von 75.000 für 1953. ^[34] Stand 2003 ^[update] Das US Census Bureau schätzt, dass in den USA mehr Menschen in Puerto Rico geboren werden als in Puerto Rico. ^[35]

Am 1. Mai 2006 hatte die puertoricanische Regierung erhebliche Bargeldknappheit Flüsse, die die Schließung des örtlichen Bildungsministeriums und 42 anderer Regierungsbehörden erzwangen. Alle 1.536 öffentlichen Schulen wurden geschlossen und 95.762 Menschen wurden in die erste teilweise Schließung der Regierung in der Geschichte der Insel aufgenommen. ^[36] Am 10. Mai 2006, wurde die Haushaltskrise mit einer neuen Steuer gelöst Reformabkommen, damit alle Regierungsangestellten wieder arbeiten können. Am 15. November 2006 wurde eine Umsatzsteuer von 5,5% eingeführt. Die Kommunen sind gesetzlich verpflichtet, eine kommunale Verkaufssteuer von 1,5% zu erheben, was die Gesamtumsatzsteuer auf 7% erhöht. ^[37]

Die Staatsverschuldung von Puerto Rico ist schneller gewachsen als das Wachstum Im Januar 2009 erließ Luis Fortuño mehrere Maßnahmen, die darauf abzielten, das $ 3,3 Mrd. der Regierung zu beseitigen, . 19659118] einschließlich Entlassung von 12.505 ^[40] Regierungsangestellten. Die Arbeitslosenquote von Puerto Rico lag im Januar 1945 bei 15,9 Prozent (Januar 2010, 19009005). ^[41] Einige Analysten sagen, sie rechnen mit Entlassungen der Regierung auf 17 Prozent. ^[a]

Im November 2010 schlug Gouverneur Fortuño einen Steuerreformplan vor, der in einem Zeitraum von sechs Jahren umgesetzt werden sollte, rückwirkend auf 1. Januar 2010. Die erste Phase, die für das Jahr 2010 gilt, senkt die Steuern für alle einzelnen Steuerzahler um 7–15%. Bis zum Jahr 2016 wird die durchschnittliche Steuerentlastung einzelner Steuerzahler eine Steuersenkung von 50% und eine Steuerentlastung von 30% für die Körperschaftsteuerpflichtigen darstellen, deren Steuersatz von 41 auf 30% gesenkt wird. ^[43]

At Gleichzeitig erkennt der jüngste Bericht der Task Force des Präsidenten zum Status von Puerto Rico an, dass Statusfrage und Wirtschaft eng miteinander verbunden sind. Viele Teilnehmer der von der Task Force durchgeführten Foren argumentierten, dass die Unsicherheit über den Status Puerto Rico in wirtschaftlichen Bereichen zurückhält. Und obwohl es eine Reihe wirtschaftlicher Maßnahmen gibt, die sofort oder kurzfristig ergriffen werden sollten, unabhängig vom endgültigen Ergebnis der Statusfrage, hängt die Ermittlung der wirksamsten Mittel zur Unterstützung der Wirtschaft von Puerto Rico von der Lösung der Statusfrage ab. Kurz gesagt, das langfristige wirtschaftliche Wohlergehen von Puerto Rico würde durch eine frühzeitige Entscheidung über die Statusfrage dramatisch verbessert. ^[44]

Während des Geschäftsjahres (FY-2012) konsolidierte das Unternehmen Budget für die Inselgruppe, einschließlich direkter Übertragungen aus staatlichen Programmen (Sozialleistungen für Arbeitnehmer und Sozialarbeiter, Veteranenleistungen, Pell-Zuschüsse und Zinszuschüsse für Studenten sowie verschiedene befristete Mittel - z. B. US-amerikanisches Wiederauffüllungs- und Reinvestitionsgesetz von 2009 - Gesamtbeträge von 2,6 Mrd. USD) Das entspricht mehr als 28,7 Milliarden US-Dollar oder rund 30% des BIP, während die Einnahmen über 31 Milliarden US-Dollar lagen. ^[45] Im Jahr 2010 beliefen sich die Bundesübertragungen auf 16,710 Milliarden US-Dollar, während die Regierung des Commonwealth Mittel in Höhe von 10,12 Milliarden US-Dollar verwaltete.

Aufgrund der kürzlichen Herabsetzung der spanischen Kreditwürdigkeit verfügt Puerto Rico über die zweithöchste von der Agentur langfristig an ein spanischsprachiges Territorium erteilte Bonität (BBB +, Stable [46]

In Im Juni 2013 wurde eine US-Medicaid-Zahlung in Höhe von 300 Millionen US-Dollar an Puerto Rico verzögert, weil die Regierung von Puerto Rico ihren staatlich gesponserten Versicherungsträger ohne Zustimmung der US-amerikanischen Abteilung für Gesundheit und Human Services gewechselt hatte - eine von mehreren beunruhigenden wirtschaftlichen Entwicklungen, einschließlich hoher Schulden Bevölkerungsverhältnisse, die ha Das Forbes Magazine sorgte auf dem US-Markt für städtische Anleihen für Bestürzung. ^[47]

Puerto Rico erlebt seit 13 aufeinander folgenden Jahren eine wirtschaftliche Depression, die 2006 nach einer Reihe von negativen Cashflows begann und der Ablauf des Abschnitts 936, der sich auf Puerto Rico des US Internal Revenue Code bezieht. Dieser Abschnitt war für die Wirtschaft von entscheidender Bedeutung, da er Steuerbefreiungen für in Puerto Rico ansässige US-Unternehmen festlegte, die es ihren in der Insel tätigen Tochtergesellschaften erlaubten, ihre Gewinne jederzeit an die Muttergesellschaft zu senden, ohne die Körperschaftssteuer zu zahlen. Die Regierung verzeichnete seit dem Jahr 2000 auch 19 negative Cashflows in Folge, was die fragile Wirtschaftslage noch verschlimmerte, da die Regierung neue Schulden aufnehmen muss, um die alte zu begleichen. ^[e]

Puerto Rico Überraschenderweise konnte die Inflation im letzten Jahrzehnt jedoch relativ niedrig gehalten werden. Akademisch sind die meisten wirtschaftlichen Probleme in Puerto Rico auf Bundesverordnungen zurückzuführen, die abgelaufen sind, aufgehoben wurden oder auf Puerto Rico nicht mehr zutreffen; seine Unfähigkeit, im Laufe der Geschichte unabhängig zu werden und sich selbst zu erhalten; seine stark politisierte öffentliche Politik, die sich tendenziell ändert, wenn eine politische Partei an Macht gewinnt; sowie die äußerst ineffiziente lokale Regierung, die im Laufe der Zeit eine öffentliche Verschuldung in Höhe von 66% ihres Bruttoinlandsprodukts eingegangen ist.

• 
  

  

  
  

  
  

  Der Economic Activity Index von Puerto Rico für das Geschäftsjahr 2005–2013 belegt seine Depression.
  

  
  

  
  


• 
  

  

  
  

  
  

  Der monatliche Economic Activity Index von Puerto Rico für das Geschäftsjahr 2013 belegt seine Trägheit und seinen Rückgang.
  

  
  

  
  

Bis Mitte Januar 2017 hatte die Verschuldung in einem Gebiet mit einer Armutsrate von 45 Prozent und einer zweistelligen Arbeitslosigkeit, die mehr als das Doppelte des US-Durchschnitts auf dem amerikanischen Festland beträgt, 70 Milliarden US-Dollar oder 12.000 US-Dollar pro Kopf betragen Um Umstrukturierungsabkommen mit Gläubigern zu erreichen, um einen bankrottähnlichen Prozess unter PROMESA zu vermeiden. ^[26] Ende Januar hatte die US-amerikanische Bundesregierung der Regierung von Puerto Rico bis zum 28. Februar den Auftrag erteilt, einen Steuerplan (einschließlich Verhandlungen mit Gläubigern) zur Lösung des Problems vorzulegen Probleme. Ein Moratorium für Klagen von Schuldnern wurde bis zum 31. Mai verlängert. ^[49]

Gouverneur Ricardo Rosselló spricht sich stark für die Staatlichkeit von Puerto Rico aus, insbesondere wegen finanzieller Vorteile, die dies bieten würde. Dazu gehören jährlich 10 Milliarden US-Dollar an Bundesmitteln, das Wahlrecht bei Präsidentschaftswahlen, höhere Sozialleistungen und Leistungen für die Sozialversicherung und ein Recht auf Insolvenzantrag von Regierungsbehörden und Kommunen. Letzteres ist derzeit verboten. ^[50] Eine fünfte Volksabstimmung findet am 11. Juni 2017 statt. Die beiden Optionen werden "Statehood" und "Independence / Free Association" sein. Es wird das erste Referendum sein, das nicht die Wahl des "Commonwealth" anbietet. Unabhängig vom Ergebnis wird der Kongress die endgültige Entscheidung über den Status von Puerto Rico treffen. ^[51]

Eine Überprüfung der wirtschaftlichen Lage im Mai 2017 durch die offiziellen Währungs- und Finanzinstitutionen Forum, ein unabhängiger Think Tank, hat zu einer Warnung geführt, dass die geplante "drakonische Haushaltskürzung" in den nächsten vier Jahren bis zu 6% des BSP der Insel senken und zu einem weiteren Rückgang führen wird. "Puerto Rico braucht dringend ein Programm im Rahmen eines Internationalen Währungsfonds, das Schuldenerlass beinhaltet, um weitreichende Reformen durchzuführen, die das Wachstum erleichtern werden", schloss die Gruppe. ^[52]

Sectors [ edit ]

Die Wirtschaft von Puerto Rico wird hauptsächlich von der Herstellung bestimmt, vor allem von Pharmazeutika, Textilien, Petrochemikalien und Elektronik. gefolgt von der Dienstleistungsbranche, vor allem Finanzen, Versicherungen, Immobilien und Tourismus.

Primärsektor [ edit ]

Landwirtschaft [ edit ]

Die Landwirtschaft macht etwa 808 Millionen US-Dollar oder etwa 0,8% der Insel aus Bruttoinlandsprodukt (BIP). ^[53] Allerdings importiert Puerto Rico 85% seiner Lebensmittel, obwohl der größte Teil des Landes fruchtbar ist. Nur 6% sind landwirtschaftlich nutzbar; eine Tatsache, die eine unmittelbare Bedrohung für die Ernährungssicherheit von Puerto Rico darstellt. ^[54][55] Diese verblüffende Situation ist auf eine Verlagerung der Prioritäten hin zu Industrialisierung, Bürokratisierung, Misswirtschaft der Böden, mangelnde Alternativmethoden und mangelnde landwirtschaftliche Arbeitskräfte zurückzuführen. Die geografische Lage von Puerto Rico in der Karibik verschlimmert diese Probleme und macht die knappen vorhandenen Pflanzen anfällig für die verheerenden Auswirkungen der Hurrikane im Atlantik.

Die folgenden Früchte werden industriell angebaut und sind weit verbreitet. ^[56]

Äpfel ( Manzanas ), Bananen ( Guineos ), Trauben ( Uvas ), Orangen ( chinas ) und Wassermelonen ( Melonen ) sowie einige der vorgenannten Kulturfrüchte importiert.

Zu industriell kultivierten und weit verbreiteten Körnern gehören Gerste ( cebada ), Mais ( maíz ), Reis ( arroz ), Roggen ( centeno ) und Weizen ( Trigo ). Zu den Hülsenfrüchten zählen Schwarze Bohnen ( Habichuelas Negras ), Kichererbsen ( Garbanzo ), Kidney-Bohnen ( Habichuelas Rojas ), Erbsen ( Pitipuá ). Taubenerbsen ( gandules ) und rosa Bohnen ( habichuelas rosadas ). Zu den Knollen gehören Cassava ( yuca ), Eddoe ( Malanga ), Kartoffeln ( Papas ), Süßkartoffeln ( Batata ), Taro ( yautía ) und Yams ( ñame ).

Zu Gemüse gehören Spargel ( espárragos ), Kohl ( repollo ), Blumenkohl ( coliflor ), Möhren [ zanahorias Chayote ( chayote ), Gurke ( pepinillo ), Aubergine ( berenjena ), Salat [ lechuga ]Zwiebeln [ cebolla ) und Paprika ( ají ).

Zu Kräutern gehören Basilikum ( orégano ), Lorbeerblätter ( hojas de laurel ), Koriander ( cilantrillo ), culantro [ culantro ) und Petersilie ( perejil ). Gewürze schließen Achiote ( Achiote ), Zimt ( Canela ), Nelken ( Clavos ), Knoblauch ( Ajo ), Ingwer () ein ] Jengibre ) und Paprika ( Sazón ).

Neueste Studien haben gezeigt, dass es an jungen Landwirten fehlt und dass 65% der landwirtschaftlichen Kräfte der Insel vorhanden sind
über 55 Jahre alt. Der Rückgang der neuen Landwirte wird erhebliche negative Auswirkungen auf die Insel haben. ^{[ dubious - Diskussion ]}

Energie, Wasser und öffentliche Einrichtungen [ bearbeiten ]

Die Betriebskosten von PREPA für das Geschäftsjahr 2013 zeigen an, wie der Kraftstoffeinkauf 58% der Betriebskosten der Behörde übernimmt.

Puerto Rico verfügt weder über Kohle-, Erdgas- noch Ölreserven ^[57] so dass alle importiert werden müssen sein Brennstoff, um Energie zu erzeugen. Die Puerto Rico Electric Power Authority (PREPA), ein staatliches Unternehmen, produziert 70% der gesamten Energie in Puerto Rico durch mehrere Kraftwerke, die von fossilen Brennstoffen abhängig sind. 58% des Budgets von PREPA gehen direkt zu diesen Kosten. Zusätzliche indirekte Kosten importierter fossiler Brennstoffe werden durch Stromabnahmevereinbarungen für die 30% der Energie des Landes gezahlt, die von privaten Unternehmen erzeugt wird, die von fossilen Brennstoffen abhängig sind. Um den Energiebedarf zu decken, muss Puerto Rico Öl mit einer Rate von 8,0 Milliarden kWh und etwa 1.499.196 km3 Erdgas pro Jahr [44] sowie eine sehr große Menge Kohle importieren.

Perplexingly, less than 3% of all energy is produced through renewable energy even though Puerto Rico enjoys more than 65% sunny hours per day in average and 19-knot (22 mph; 35 km/h) winds year round. The island could also generate all its energy through hydroelectric dams thanks to its local geography which features many rivers but it has opted to leave that industry behind. Public policy has also opted not to pursue nuclear power either. Biofuel, biomass, geothermal energy, wave power and tidal power are still in its infant stages although there are some microbusinesses providing energy from those sources or performing research on the subject. The Puerto Rican government has made plans to reduce dependency on costly imported fossil fuels,^[57] but lacks funds to make more than modest progress.

As a result, Puerto Ricans pay 26¢ per kilowatt per hour of electricity, compared to an average of 11 to 12 cents or less in the United States.^[f] This places Puerto Rico at an enormous disadvantage when compared to other states that produce electric power at less than half of Puerto Rico's price.^[f][59] Electric utility costs ultimately create a ripple effect on the economy as it adds to the cost of living and the cost of doing business.^[g] For example, 20% of Bacardi's expenses on the island come from electricity, while the company that owns all Wendy's, Applebee's, and LongHorn Steakhouse on the island has simply opted to keep the lights and air conditioning off in certain areas when employees arrive.^[h][i]

The water industry is administered in whole by the Puerto Rico Aqueducts and Sewers Authority (PRASA), another government-owned corporation and government monopoly which owns and manages all the water supply network in Puerto Rico. All potable water comes either from raw water (primarily rainwater, lakes, and rivers) or sewage treatment subject to regulations by the Department of Natural and Environmental Resources of Puerto Rico (DRNA), the Environmental Protection Agency (EPA), the Puerto Rico Environmental Quality Board (JCA in Spanish), and the Safe Drinking Water Act. The water bottling industry is diverse with several plants on the island.

Fishery and seafood[edit]

Fishery is common in all coastal towns but Puerto Rico does not have enough wild fisheries to supply the demand required to sustain a profitable fishing industry. There are no industrial fish farms on the island either. Common fish consumed by residents include cod (bacalao), mahi-mahi (pez dorado), marlin (marlín), salmon (salmón), snapper (chillo), trunkfish (chapín), and tuna (atún). Other seafood includes clams (almejas), crabs (cangrejos), lobsters (langostas), mussels (mejillones), octopi (pulpo), oysters (ostras), and squids (calamares). It is quite common for restaurants on the coast to serve fresh seafood.

Forestry[edit]

Almost all wood used on the island is imported even though a study conducted more than two decades ago by the U.S. Forest Service concluded that local soil could sustain a lumber industry if the proper species were used.^[61] Regardless of this, several small sawmills do exist on the island.^[62]

Livestock and pets[edit]

Livestock used for food includes cattle, goats, pigs, and rabbits. Donkeys, horses, and mules are strictly used for labor or recreation as consumption is frowned upon culturally by locals. Cattle is used for both meat and dairy with a strong and self-sufficient local milk industry through processors such as Suiza Dairy and Tres Monjitas. Poultry includes chickens, ducks, geese, turkeys, and quail. The pet industry is one of the only two industries experiencing consistent significant growth on the island with dogs, cats, fishkeeping, canaries, parakeets, and parrots being quintessential in homes. Consumption of animals commonly used as pets is frowned upon culturally save for rabbits.

Mining[edit]

There are some metal deposits of copper, gold, silver, zinc, and molybdenum on the island but they are not large enough to sustain a profitable mining industry.^[63] Mismanagement of terrains and poor urban planning has made it difficult for the mining industry to thrive as well, as many deposits are directly below or nearby residential complexes. Puerto Rico also possesses industries of lime, marble, salt, cement, clay, crushed stone, dimension stone, industrial sand, gravel, and stone.^[64][65] The cement industry is tracked meticulously as it has shown to be highly correlated to the GDP of the island.^[66]

Secondary sector[edit]

Manufacturing is the largest economic sector of the island; composing almost half (about 46%) of its gross domestic product (GDP) through more than 2,000 manufacturing plants scattered throughout the island.^[67][68] All^{[citation needed]} manufacturers in Puerto Rico are in some way interconnected with the Puerto Rico Industrial Development Company (PRIDCO) which provides substantial incentives for companies that manufacture in Puerto Rico. Manufacturers are also voluntarily interconnected through the Puerto Rico Manufacturers Association which serves as their primary trade association and their main lobby group upon the Legislative Assembly of Puerto Rico. Most manufacturing in Puerto Rico today is the product of Operation Bootstrap.^{[citation needed]}

In terms of specialization, more than half of all manufacturing done in Puerto Rico is attributed to the pharmaceutical industry which generates more than 18,000 jobs, pays more than $3 billion USD in taxes, comprise about half of total exports, and has generated more than 25% of the island's GDP for the past four decades.^[69] Comparatively, Puerto Rico is the fifth largest area in the world for pharmaceutical manufacturing with more than 80 plants, including:

Puerto Rico is also the third-largest biotechnology manufacturer with more than two million square feet and the seventh-largest medical-device exporter with more than 50 plants. Pharmaceutical companies originally came to Puerto Rico in the late 1960s and 1970s to take advantage of the now-expired federal tax incentive known as Section 936. This incentive allowed U.S.-based manufacturers to send all profits from local plants to stateside parent plants without having to pay any federal taxes. However, expired patents, cheaper manufacturers (such as those in Brazil, China, India, and South Korea), the rise of generic drugs, and high production costs pose a challenge to the industry.^[69] As of 2014^[update]Puerto Rico produces 16 of the top 20-selling drugs in the mainland United States.^[70]

The aeronautical industry is relatively young on the island and concentrates mostly on the northwestern corridor composed by Aguadilla and Isabela. These municipalities serve as local headquarters for Honeywell Aerospace, Lufthansa, and Pratt & Whitney.^[71][72]GE Aviation, Lockheed Martin, and Raytheon also have presence on the island although their local operations do not focus on aeronautics but rather focus on business support.

Education in aeronautics is provided by the Caribbean Aviation Training Institute and the Interamerican University of Puerto Rico. The University of Puerto Rico, Mayaguez Campus (UPRM), the Polytechnic University of Puerto Rico (PUPR), and the Turabo University graduate most of the engineers on the island.

Tertiary sector[edit]

Finance[edit]

The financial sector is of great prominence, accounting for 5.75% of Puerto Rico's Gross National Product (GNP) in 2010. Similar to any other state of the union, Puerto Rico's financial sector is also fully integrated into the U.S. financial system. Federal regulations govern the sector, being a constituent part of the jurisdiction of the Federal Reserve Bank of New York, responsible for implementing monetary policy enacted by members of the Federal Reserve Board in Washington, D.C. throughout the United States.

Real estate[edit]

The real estate industry constitutes about 14.8% of the GDP, about 1% of all of the employee compensation on the island and, together with finance and insurance (FIRE), about 3.7% of all the employment on the jurisdiction.^[j][k][l]

Tourism[edit]

Tourism is an important component of the Puerto Rican economy supplying an approximate $1.8 billion USD per year. In 1999, an estimated five million tourists visited the island, most from the United States. Nearly a third of these were cruise ship passengers. An increase in hotel registrations, which has been observed since 1998, and the construction of new hotels and the Puerto Rico Convention Center are indicators of the current strength of the tourism industry. In 2009, tourism accounted for nearly 7% of the islands' gross national product.^[74]

The following includes some public and private projects aimed at increasing the tourism industry in Puerto Rico:

Trade[edit]

As an unincorporated territory of the United States, travel and trade between Puerto Rico and the U.S. mainland or other U.S. territory are not subject to international border controls. However, all goods moving from Puerto Rico to the U.S. mainland are subject to agriculture inspection controls by the U.S. Department of Agriculture (USDA).^[75] Travelers and goods move without restriction between Puerto Rico and other U.S. territories such as U.S. Virgin Islands. Travel and trade between Puerto Rico and territory outside U.S. jurisdiction are subject to international border controls.

Mail bound for the mainland from Puerto Rico and Hawaii is subject to USDA inspection for quarantined plant matter.^[76]

Puerto Rico may collect import duties only to the same degree it taxes the same goods produced domestically.^[77]

Puerto Rico receives cross-over subsidies, which generated approximately $371 million in 2008.^[78]

Puerto Rico's Imports and Exports from 2005 to 2013 (in millions)^[79]

Year	Imports	Change	Exports	Change	Balance	Ratio	Total	Change
2005	$41,911	9.5%	$56,995	3.5%	$15,084	15.25%		6.0%
2006	$43,858	4.6%	$59,404	4.2%	$15,546	15.05%	$103,262	4.4%
2007	$44,917	2.4%	$62,558	5.3%	$17,641	16.41%	$107,474	4.1%
2008	$43,422	-3.3%	$63,800	2.0%	$20,378	19.01%	$107,223	-0.2%
2009	$40,113	-7.6%	$59,726	-6.4%	$19,613	19.64%		-6.9%
2010	$41,429	3.3%	$68,555	14.8%	$27,126	24.66%	$109,984	10.2%
2011	$47,031	13.5%	$57,616	-16.0%	$10,585	10.12%	$104,647	-4.9%
2012	$46,067	-2.1%	$58,805	2.1%	$12,738	12.15%	$104,871	0.2%
2013	$43,805	-4.9%	$61,920	5.3%	$18,115	17.13%	$105,726	0.8%

Similar to other states of the union, Puerto Rico is subject to trade agreements signed by the United States. As an unincorporated territory, the commonwealth is restricted from joining international organizations without the consent of the United States due to its current political status.^[m] However, due to its geographical and cultural nature, the U.S. Department of State allows Puerto Rico to be an observer in most international organizations to which it would potentially belong to if Puerto Rico were a sovereign state.^[n]

Quaternary sector[edit]

Entrepreneurship and research & development (R&D) is relatively young on the island but has become increasingly important for its economy due to its downturn. Companies like Neolpharma and Rock Solid Technologies possess significant R&D operations on the island.^[82] Regarding entrepreneurship, several organizations have presence on the island as well, such as the Founder Institute, the Small Business Administration, SCORE, and Startup Weekend. Most entrepreneurial activities are driven by regional organizations that join academia, local government, and private businesses such as DISUR, INTECO, INTENE, and INTENOR.^[83] Other initiatives such as the Puerto Rico Technoeconomic Corridor, the Puerto Rico Science, Technology and Research Trust, and the Puerto Rico Small Business Technology and Development Center provide significant support to entrepreneurship and R&D on the island.

Quinary sector[edit]

Major management consulting firms have presence in the island including Accenture, the Boston Consulting Group, Booz Allen Hamilton, Deloitte, McKinsey & Company, and PricewaterhouseCoopers.

Infrastructure[edit]

Puerto Rico has a modern infrastructure and an institutional framework guided by the regulations of U.S. federal agencies, most of which have an active and continued presence in the island. For most intents and purposes Puerto Rico is treated as if it were a state of the United States, albeit not being one. Virtually all federal laws apply on the island, save a few exceptions, including a strong and robust protection for intellectual property and contracts.

Education[edit]

Preschool education, care, and services (including Early Head Start and Head Start) are free for low income families with private daycares being common and within walking distance in urban areas. Primary and secondary education is compulsory and free regardless of income through more than 1,400 public schools. Only ten public schools are considered prestigious locally, all of them being magnet schools, which graduate the highest scores on the island of the College Board's PEAU (Latin America's equivalent of the SAT). Two examples of these are CIMATEC and CROEM which focus on science, technology, and mathematics. There are more than 700 private schools on the island, most of them Catholic.^[84] It is constitutionally illegal to deny entrance or take action against students that profess a difference faith than the school they attend or intend to attend. Students from differing denominations are legally freed from attending religious activities on the schools they attend. Prominent private schools include Academia del Perpetuo Socorro, Academia Maria Reina, Academia San Jorge, Colegio Marista Guaynabo, Colegio San Ignacio de Loyola, and Colegio San José which maintain a high rate of students being accepted into prominent universities in the United States.

There is a plethora of junior colleges on the island, the most prominent being the Huertas College, the ICPR Junior College, the Instituto de Banca y Comercio, and the National University College (NUC). There is only one state-run system, the Puerto Rico Technological Institute, which possesses several prestigious programs at the local level and whose costs are significantly below market prices. Thanks to this abundance of junior colleges—and the presence of other institutions of higher education— the percentage of Puerto Ricans with bachelor's degrees, at 18.3% according to the 2000 Census, is roughly comparable to the lower tier of American states.

Not a single college and university in Puerto Rico ranks in the top 700 global rankings, with only the state university, the University of Puerto Rico (UPR), appearing on the ranks. Several schools and programs appear on different rankings but not a single one of these is considered a prestigious ranking system neither nationally nor internationally. The three major university systems on the island are the University of Puerto Rico itself with 11 campuses, the Ana G. Méndez University System (SUAGM) with 3 major campuses and some satellites, and the Interamerican University of Puerto Rico (Inter) with 9 campuses and 2 specialized schools.

The prestige and eliteness of the University of Puerto Rico within the Caribbean and Puerto Rico is unparalleled:^{[citation needed]}

• it produces more than 80% of all post-secondary research on the island,


• it graduates the largest number of Hispanic engineers in the United States,


• it graduates the largest number of chemical engineers in the United States,


• it graduates the second largest number of female engineers in the United States,


• it possesses the largest number of patents by a university on the island,


• it possesses the largest enrollment on the island and one of the largest in the United States,


• it possesses the largest faculty body on the island and one of the largest in the United States,


• it possesses the largest number of academic programs on the island and one of the largest in the United States,


• it possesses the largest number of doctoral programs on the island,


• it possesses the largest number of campuses on the island,


• it possesses the highest ratio of students from the island that enroll in graduate studies,


• it confers the largest number of post-secondary degrees on the island,


• it conducts almost all medical research on the island,


• it is considered the best university in all the Caribbean,


• its flagship campus has won 24 out of the 90 global cups of the Puerto Rico college athletics, and


• it has graduated six out of ten governors of Puerto Rico.

The system, however, is highly politicized with its board of trustees, chancellor, rectors, deans, and program directors changing whenever a political party gains power (about every 4 or 8 years) as the university is a government-owned corporation. Its flagship campus is also prone to student strikes, averaging about one strike every three years that halts the whole campus, with the system as a whole averaging about one strike every five years that halts the whole system. Most strikes derive from the extremely cheap costs per credit the institution offers: $55 USD per undergraduate credit and $117 per graduate credit^{[citation needed]}. It is highly unlikely that a student graduates with college debt as a full Pell Grant covers most costs for low income students, and those that don't receive a full Pell Grant or a Pell Grant at all can easily cover tuition costs^{[citation needed]}. This economic accessibility comes at a price for the residents of Puerto Rico however: 9.6% of the General Budget of the Government of Puerto Rico is automatically assigned to the university by law. As the economy shrunk so did the university's endowment, suffocating an already highly indebted university incapable of generating enough revenue to maintain itself.^[85] Because of this, the board of trustees increased tuition costs, which led to strikes. Other strikes were caused by the mere mention of lowering the aforementioned percentage automatically assigned to the university even though no bill has ever been filed for such purpose.

In terms of specialized schools and programs, not a single school and program in Puerto Rico is ranked in a prestigious system. The University of Puerto Rico possesses the largest academic offer with 472 academic programs of which 32 lead to a doctorate. UPR is also the only system with a business school, an engineering school, a law school, a nursing school, a school of architecture, and a school of medicine. Almost all its schools and programs rank first on the island although competition has increased in the last decades with private universities gaining track at a fast pace. The Ana G. Méndez System, the Interamerican University, and the University of the Sacred Heart possess a business school with the University of Sacred Heart leading in non-profit management and social enterprise, as well as in communications. The Polytechnic University of Puerto Rico and the Turabo University both have engineering schools with the Polytechnic University leading in computer security and offering the only master's degree in computer science on the island. Ranking regarding law schools is subjective with the University of Puerto Rico School of Law, the Interamerican University of Puerto Rico School of Law, and the Eugenio María de Hostos School of Law considered the best although UPR still leads in constitutional law. In terms of medicine the University of Puerto Rico School of Medicine and the University of Puerto Rico School of Dental Medicine are simply unmatched, with the Interamerican University School of Optometry being the only school of optometry on the island. The Carlos Albizu University leads in psychology while the Metropolitan University leads in environmental management although UPR leads by far in environmental science. In terms of arts, the Atlantic University College leads in digital arts by far, while the Conservatory of Music of Puerto Rico and the Escuela de Artes Plásticas y Diseño de Puerto Rico are considered the most prestigious in music and arts respectively; both by far. The only school of international relations was created in November 2013 under the name of Morales Carrión Diplomatic and Foreign Relations School, ascribed to the Department of State of Puerto Rico and still in development. There are no veterinary schools on the island with most veterinarians studying abroad at the Universidad Autónoma de Santo Domingo in the Dominican Republic.

Almost all junior colleges, colleges, universities, and schools are accredited by the Middle States Association of Colleges and Schools. Specific programs tend to possess their respective accreditation as well (such as ABET, AACSB, LCME, and so on) although it is not uncommon for programs to not possess its expected accreditation—for example, only two business schools are accredited by AACSB.

Healthcare[edit]

The healthcare system in Puerto Rico is quite robust and advanced. The system meets the regulations of the U.S. Department of Health and Human Services which has jurisdiction over the island, and the local Department of Health of Puerto Rico. Medical offices within walking distance are common in urban areas as well as walk-in clinics, urgent care, emergency rooms, and hospitals. There are specialized hospitals for cardiovascular diseases, cancer treatment, children (pediatrics), psychiatric care, and veterans. Every medical specialty is covered in the island thanks to the different medical schools on the island, including the University of Puerto Rico School of Medicine, the Universidad Central del Caribe School of Medicine (UCCSoM), the Ponce School of Medicine, and the San Juan Bautista School of Medicine.

Veterinary healthcare is provided by private veterinarians, clinics, and animal hospitals which are common and scattered all over the island.

Postal service and shipping[edit]

The United States Postal Service has at least one postal office in each municipality in Puerto Rico with the island using zip codes as its postal code system. DHL, FedEx, and UPS have well established operations on the island.

Shipping cargo is expensive as Puerto Rico is restricted on using the United States Merchant Marine when shipping from and to the United States due to the Merchant Marine Act of 1920 (the Jones Act). Cargo costs can quadruple when shipping to or from Puerto Rico due to this restriction.

Security[edit]

Local security is overseen by the Puerto Rico Commission on Safety and Public Protection and the U.S. Department of Homeland Security which has jurisdiction over the island. Law enforcement is carried out by the Puerto Rico Police, the local state police force which has many stations scattered throughout all municipalities. Municipal laws are enforced by each respective Puerto Rico municipal police. The legal system is a mix of the civil law and the common law systems. Disputes under local jurisdiction are carried out by a system of municipal courts, district courts, and appellate courts with the highest state court and the court of last resort being the Supreme Court of Puerto Rico.

U.S. federal laws apply in Puerto Rico as the island is a territory of the United States. Issues that trespass into federal jurisdiction are managed by the Federal Bureau of Investigations (FBI), the Drug Enforcement Administration (DEA), the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), the United States Marshals Service (USMS), the U.S. Department of Justice (DOJ), and other federal agencies. Disputes that trespass the local jurisdiction are managed by the federal court system with the United States District Court for the District of Puerto Rico being the first in line.

Fire protection, rescue, and protection from hazards is provided by the Puerto Rico Firefighters Corps which has at least one fire station in each municipality on the island. A separate agency, the Puerto Rico Medical Emergencies Corps, provides emergency medical services to all Puerto Rico. The island is also part of the 9-1-1 system. All local emergencies and disasters are managed and overseen by the Puerto Rico State Agency for Emergency and Disaster Management (AEMEAD) which works closely and directly with the Federal Emergency Management Agency (FEMA). Puerto Rico also has a local National Weather Service station which provides forecasts and public warnings, as well as a local Puerto Rico Seismic Network which tracks seismic activity and provides public warnings.

The local national guard is the Puerto Rico National Guard which has a branch for ground forces, the Puerto Rico Army National Guard, and another for aerial warfare, the Puerto Rico Air National Guard. The state defense force is the Puerto Rico State Guard under the sole jurisdiction of the governor. Both the Puerto Rico National Guard and the Puerto Rico State Guard are considered two of the most active and well-prepared local forces in the nation. Nine servicemen have been bestowed with the Medal of Honor, the highest military decoration of the United States, with Puerto Ricans having served in every U.S. military conflict since World War I, including the War in Afghanistan and the Iraq War.

Key posts include the Puerto Rico Police Superintendent, the Puerto Rico Adjutant General, the Secretary of Justice of Puerto Rico, and the Chief Justice of the Supreme Court of Puerto Rico.

Telecommunications[edit]

Telecommunications meet the regulations of the Federal Communications Commission (FCC) which has jurisdiction over the island, and the local Puerto Rico Telecommunications Regulatory Board (JRT in Spanish). Broadcasts are transmitted through radio and television stations, as well as the Internet. Uno Radio Group and the Spanish Broadcasting System are two of the most prominent radio operators on the island. Telemundo, Univision, and WAPA America transmit television from the island through WKAQ-TV, WLII-TV, and WAPA-TV respectively.

Several communications service providers offer triple play (Internet + television + telephony) on the island with Claro Puerto Rico, Choice Cable TV, and Liberty Media being the most prominent. Most downtime is caused by power failures in the electric grid rather than in telecommunications networks with outages being rare and fixed within hours. High speed internet access and mobile telephony is ubiquitous with providers such as AT&T, Open Mobile, Sprint, and T-Mobile being the most prominent. Chains like Burger King, Church's Chicken, McDonald's, and Starbucks provide free WiFi at their numerous locals.

Submarine communications cables landing in Puerto Rico include ARCOS-1, Americas II, and ANTILLAS I.

Transportation[edit]

Cities and towns in Puerto Rico are interconnected by a system of roads, freeways, expressways, and highways maintained by the Puerto Rico Highways and Transportation Authority (PRHTA) under the jurisdiction of the U.S. Department of Transportation, and patrolled by the Puerto Rico Police. The island's metropolitan area is served by a public bus transit system and a rapid transit system. Other forms of public transportation include seaborne ferries (that serve Puerto Rico's archipelago) as well as share taxis.

The island has three international airports, the Luis Muñoz Marín International Airport (SJU) in Carolina, Mercedita Airport in Ponce, and the Rafael Hernández Airport in Aguadilla. Puerto Rico is also served by another 27 local airports. The Luis Muñoz Marín International Airport is the largest aerial transportation hub in the Caribbean, and one of the largest in the world in terms of passenger and cargo movement.^[86]

Puerto Rico has nine ports in different cities across the main island. The San Juan Port is the largest in Puerto Rico, the busiest port in the Caribbean and the 10th busiest in the United States in terms of commercial activity and cargo movement, respectively.^[86] The second largest port is the Port of the Americas in Ponce, currently under expansion to increase cargo capacity to 1.5 million twenty-foot containers (TEUs) per year.^[87]

Comparative advantages[edit]

Puerto Rico does not have any comparative advantages in international markets but has a few at the U.S. national level.^[p] Its high costs of doing business are the primary factor, amongst many, that hinder the island from competing against foreign markets. These costs are typically offset by a combination of incentives or subsidies where the government either does not collect taxes against the foreign firm, assumes capital expenditures, subsidizes workers salaries and trainings, or, more often than not, offers a combination thereof. This is the case for Lufthansa's operations in Aguadilla where the local government invested $46 million USD against $20 million invested by the company, aiming at recouping the investment in the long run.^[q][r][s]

Domestically, however, several comparative advantages emerge when comparing Puerto Rico to other U.S. jurisdictions. These advantages base themselves on lower wages and beneficial legal loopholes that exist as a result of Puerto Rico's political status. For example, a company like Microsoft may create a subsidiary based in Puerto Rico in order to transfer its intellectual property to it, so that it can benefit from transfer pricing loopholes thereafter.^[90] Since the subsidiary is based in Puerto Rico, the company lawfully uses a loophole that allows it to undervalue the transferred intellectual property through the use of cost-sharing agreements, and by taking advantage of the revenue exceptions within the U.S. legal framework that apply exclusively to Puerto Rico.^[91]

This lack of advantages pervades the economy of the island extensively. As the territory is unable to compete against foreign markets, multinational corporations choose to close operations on the island and open them elsewhere. All while domestic businesses struggle to export their products and services when competing against external firms that offer lower prices. The same scenario occurs against other U.S. jurisdictions capable of producing goods and services at lesser costs.

Public finance[edit]

Monetary policy[edit]

Puerto Rico does not have a local coin, using instead the United States dollar as its local and only currency. Because of this, Puerto Rico does not control its money supply nor its interest rates, being subject instead to the monetary policy of the United States particularly to the operations performed by the Federal Reserve System. Puerto Rico, however, has a representative in the Federal Reserve Bank of New York through a local businessman by the name of Richard Carrión, Chairman and CEO of Popular, Inc., who has served as member of the board for the reserve bank several times.

Public debt[edit]

The public debt of Puerto Rico has grown at a faster pace than the growth of its economy, reaching $46.7 billion in 2008.^[92] In January 2009, Governor Luis Fortuño enacted several measures aimed at eliminating the government's $3.3 billion deficit.^[93]

Since 2000, the government of Puerto Rico has experienced 19 consecutive negative cash flows which has contributed to the enlargement of its public debt, as the government incurs in new debt in order to pay the older one.

On February 4, 2014 Standard & Poor's downgraded the debt of Puerto Rico to junk status. Puerto Rico has roughly $70 billon outstanding debt for a population of four million inhabitants. Despite its small population it is the third issuer of municipal bonds in all 50 states and territories. First being California, second New York.^[94]

In early 2017, the Puerto Rican government-debt crisis posed serious problems for the government which was saddled with outstanding debt of $70 billion or $12,000 per capita^[23] at a time with a 45 percent poverty rate and 14.2% unemployment that is more than twice the mainland U.S. average.^[24][23]

The Commonwealth had been defaulting on many debts, including bonds, since 2015. Newly elected governor Ricardo Rosselló discussed the situation in an interview with the international Financial Times in mid January and indicated that he would seek an amicable resolution with creditors and also make fiscal reforms. "There will be real fiscal oversight and we are willing to sit down. We are taking steps to make bold reforms. ... What we are asking for is runway to establish these reforms and have Washington recognise that they have a role to play." He had instructed Puerto Rican government agencies to cut operating expenses by 10 percent and reduce political appointees by 20 percent.^[95] To ensure that funds would be available to pay for "essential" government services, Rosselló signed a fiscal emergency law on January 28, 2017 that would allow for setting aside funds that might otherwise be required for debt payments.^[96]

In mid January, the cash strapped government was having difficulty maintaining health care funding. "Without action before April, Puerto Rico’s ability to execute contracts for Fiscal Year 2018 with its managed care organizations will be threatened, thereby putting at risk beginning July 1, 2017 the health care of up to 900,000 poor U.S. citizens living in Puerto Rico", according to a letter sent to Congress by the Secretary of the Treasury and the Secretary of Health and Human Services. They also said that "Congress must enact measures recommended by both Republicans and Democrats that fix Puerto Rico’s inequitable health care financing structure and promote sustained economic growth."^[97] In late January, the federal control board created under PROMESA gave the government until February 28 to present a fiscal plan (including negotiations with creditors) to solve the problems. It is essential for Puerto Rico to reach restructuring deals to avoid a bankruptcy-like process under PROMESA.^[26] A moratorium on lawsuits by debtors was extended to May 31.^[49]

Governor Rosselló hired investment expert Rothschild & Co in January 2017 to assist in convincing creditors to take deeper losses than they had expected on Puerto Rico's debts. The company was also exploring the possibility of convincing insurers that had guaranteed some of the bonds against default, to contribute more to the restructuring, according to reliable sources. The governor also planned to negotiate restructuring of about $9 billion of electric utility debt, a plan that could result "in a showdown with insurers". Political observers suggest that his negotiation of the electrical utility debt indicated Rosselló's intention to take a harder line with creditors. Puerto Rico has received authority from the federal government to reduce its debt with legal action and this may make creditors more willing to negotiate instead of becoming embroiled in a long and costly legal battle.^[98]

Taxation[edit]

Taxation is highly complex due to a lack of uniformity in the local internal revenue code and a disparate amount of incentives, subsidies, tax exemptions, tax breaks, and tax deductions.. For example, an ordinary retail sale might have to pay: import taxes, sales taxes, property taxes, corporate net income taxes, national taxes, excise taxes, and sin taxes depending on the item being sold. Regardless of all this, American citizens that reside in Puerto Rico do not pay federal income taxes unless they work for the federal government, do business with the federal government, or send funds to the United States. This peculiarity has been taken as an advantage by the local government which now offers a plethora of tax exemptions and tax benefits for high-net-worth individuals that relocate to the island. These benefits have been ratified into law through Act 20 of 2012, Act 22 of 2012, and Act 273 of 2012.^[99] Thanks to these acts, business owners residing on the island might be completely exempt from paying any local and federal taxes at all, depending on their line of business.

On November 15, 2006, the government implemented a 5.5% sales tax.^[100] An optional 1-1.5% municipal tax had been in effect since May 2006. On July 1, 2015, the government raised the sales tax from 7% to 11.5%.^[101]

Comparatives[edit]

Business sizes[edit]

More than 99% of all businesses in Puerto Rico are considered small businesses (less than 250 employees) with more than 74% being micro-enterprises (less than 10 employees).^[102][103] However, in terms of payroll, small businesses constitute about 61% of all payroll on the island with about 13% of all payroll coming from medium businesses (between 250–499 employees) and about 25% coming from large enterprises (more than 500 employees).^[102]

Business sizes and payroll in Puerto Rico^[102]

Number of employees	Number of businesses	Annual payroll (in thousands)
1–5	25,084
5–9	9,092
10–19	5,756
20–49	3,955
50–99	1,318
100–249	738
250–499	252
500–999	110
1,000+	43
Total	46,348

Only 7.5% of the corporations registered in the Department of State of Puerto Rico—or about 6,000 out of 80,000—exceed $3M in revenue.^[104] Of these 6,000, a mere six compose more than 30% of all of Puerto Rico's corporate income tax collections; all six being multinationals.

Cost of living[edit]

The cost of living in Puerto Rico, specifically San Juan, is quite high compared to most major cities in the United States.

The median home value in Puerto Rico ranges from $100,000 USD to $214,000 USD, while the national median home value sits at $119,600.^[v]

Ease of doing business[edit]

Puerto Rico is considered the 40th economy out of 189 in rank of ease of doing business by the World Bank; surpassed only by Chile in Latin America.^[108] It ranks very poorly in construction permits but very well in getting credit and protecting investors.^[109]

Income[edit]

Puerto Ricans had median household income of $18,314 for 2009, which makes Puerto Rico's economy comparable to the independent nations of Latvia or Poland.^[110] By comparison, the poorest state of the Union, Mississippi, had median household income of $36,646 in 2009.^[110] Nevertheless, Puerto Rico's GDP per capita compares favorably to other independent Caribbean nations, and is one of the highest in North America. See List of North American countries by GDP per capita

Puerto Rico has a GDP per capita of $16,300 (2010 est.). Compared to the rest of the world they are ranked 73rd.^[11] Puerto Rico's GDP per capita has been declining in recent years ($18,100 (2008 est.), and $17,400 (2009 est.)). According to statistics from the Central Intelligence Agency (CIA), its GDP per capita is the 10th highest in the Caribbean, behind the Bahamas ($30,400), Aruba ($25,300) Barbados ($25,000), Trinidad and Tobago ($20,000), Antigua & Barbuda ($17,800) and British dependencies Cayman Islands ($43,800), British Virgin Islands ($42,300) and Turks & Caicos ($29,100).^[11]

In terms of personal income, federal transfer payments to Puerto Rico make up more than 20% of the island's personal income.^[111] By comparison, the poorest state, Mississippi, had a median level of $21,587, according to the U.S. Census Bureau's Current Population Survey, 2002 to 2004 Annual Social and Economic Supplements.^[112] Since 1952, the gap between Puerto Rico's per capita income and the national level has changed substantially – from one third the U.S. national average and roughly half that of the poorest state in 1952, to 10% less than the poorest state in 2007.

In 2010 the median income in Puerto Rico was $19,370, which is just over half that of the poorest state (Mississippi, $37,838) and 37% of the nationwide average ($51,144).^[113] According to the Bureau of Labor Statistics of the Department of Labor of the United States,^[114] the mean annual salary of residents of Puerto Rico is $27,190, the lowest among U.S. territories continuously surveyed periodically by this institution. Guam has the second lowest mean salary to $31,840, closely followed Mississippi, a state, with $34,770. This spread in mean wages could be explained by a minimum wage law for certain industries that are capped to 70% of the federal minimum wage of $7.25 per hour.^[115][116]

Workforce[edit]

Puerto Rico's most competitive advantage lies on its labor force: a highly competitive, educated, and skilled labor force that enjoys American citizenship. This allows U.S.-based companies to relocate some of its operations to the island for cheaper labor costs while still maintaining a labor force subject to the rights and benefits given by American citizenship and federal regulations. Educated workers tend to be bilingual as well while costing 30–35% less than a worker in the mainland.^[70][117]

Puerto Rico's labor force by sector^[118]

Sector	Number of persons (in thousands)	Percentage
Government	244.4	26%
Trade, Transportation, and Utilities	178.6	19%
Education & Health Services	123.3	13%
Professional & Business Services	118.0	13%
Leisure & Hospitability	80.0	9%
Manufacturing	76.0	8%
Finance	43.4	5%
Mining, Logging, and Construction	29.5	3%
Information	18.7	2%
Other Services	17.8	2%
Total	929.7	100.0%

Challenges[edit]

Costs of doing business[edit]

Map of Jones Act carrier routes for Puerto Rico.

One of the most significant contributors to the high cost of living in Puerto Rico is the Merchant Marine Act of 1920 (also known as the Jones Act) which prevents foreign-flagged ships from carrying cargo between two American ports (a practice known as cabotage).^{[w][x][y][z][aa]} Because of the Jones Act, foreign ships inbound with goods from Central and South America, Western Europe, and Africa cannot stop in Puerto Rico, offload Puerto Rico-bound goods, load mainland-bound Puerto Rico-manufactured goods, and continue to U.S. ports. Instead, they must proceed directly to U.S. ports, where distributors break bulk and send Puerto Rico-bound manufactured goods to Puerto Rico across the ocean by U.S.-flagged ships.^[ab]

Puerto Rican consumers ultimately bear the expense of transporting goods again across the Atlantic and Caribbean Sea on U.S.-flagged ships subject to the extremely high operating costs imposed by the Jones Act.^[ac] This also makes Puerto Rico less competitive with Caribbean ports as a shopping destination for tourists from home countries with much higher taxes (like mainland states) even though prices for non-American manufactured goods in theory should be cheaper since Puerto Rico is much closer to Central and South America, Western Europe, and Africa.

The local government of Puerto Rico has requested several times to the U.S. Congress to exclude Puerto Rico from the Jones Act restrictions without success.^[ad] The most recent measure has been taken by the 17th Legislative Assembly of Puerto Rico through R. Conc. del S. 21.^[122][123] These measures have always received support from all the major local political parties. In 2013 the Government Accountability Office published a report^[124] which concluded that "repealing or amending the Jones Act cabotage law might cut Puerto Rico shipping costs" and that "shippers believed that opening the trade to non-U.S.-flag competition could lower costs."^[z][aa] The report, however, concluded that the effects of modifying the application of the Jones Act for Puerto Rico are highly uncertain for both Puerto Rico and the United States, particularly for the U.S. shipping industry and the military preparedness of the United States.^[120]

The costs of doing business in Puerto Rico are further increased by complex labor laws that force employers to pay for several employee benefits from their own pockets.^{[125][126][127][128]} Puerto Rico also lacks at-will employment which puts significant restraints on employers when they want to dismiss an employee.

Residents of Puerto Rico are also subject to a highly complex tax system with many different exemptions and disparities between taxes.^[ae]

Inefficient government[edit]

The political class has proven to be highly stubborn when examining existent public policies.^[af][ag] This stubbornness ultimately forced Puerto Rico to incur in higher opportunity costs. For example, even though the island's geography features many rivers, the government has opted to leave the hydroelectric industry behind. Public policy has also opted not to pursue nuclear power either. Instead, even though Puerto Rico does not have any oil-based resources, it has opted to power its electric plants with fossil fuels: less than 3% of all energy is produced through renewable energy even though Puerto Rico enjoys more than 65% sunny hours per day in average and 19-knot (22 mph; 35 km/h) winds year round. This forces PREPA, the government-owned corporation and government monopoly that owns and manages all electric power distribution and transmission, to spend 58% of its operational expenses in fuel purchases alone.

In terms of food production, Puerto Rico imports 85% of its food even though most of the land is fertile with only a mere 6% being arable.^[54][55] This perplexing situation has been caused due to a shift in priorities towards industrialization, bureaucratization, mismanagement of land, lack of alternative methods, and a deficiency in the number of agricultural workforce.

Similarly, when looking at forestry, even though a study conducted more than two decades ago by the U.S. Forest Service concluded that local soil could sustain a lumber industry if the proper species were used, almost all wood used on the island is imported.^[61]

Higher education suffers the same fate: Puerto Rico spends almost $800M per year on its state university even though none of its programs and schools appear in any prestigious ranking whatsoever^{[according to whom?]}. In addition, the system graduates about 50,000 students per year even though the labor market generates only about 6,000 jobs per year of which 25% of them require a college education.^[ah] This effectively means that the Puerto Rican labor market has no demand for 97% of those who graduate with an undergraduate or graduate degree in Puerto Rico.

The same occurs in primary education and secondary education: Puerto Rico spends almost $4 billion per year in its public education system even though 40% of all the students that enter tenth grade in public schools in Puerto Rico drop out and never finish secondary education.^[132][133] In addition, ninety-five percent (95%) of public school students in Puerto Rico graduate at a sub-basic level while sixty percent (60%) do not even graduate.^[134] Furthermore, according to the Department of Education of Puerto Rico, thirty-nine percent (39%) of public school students perform at a basic level (average performance) in Spanish in the Puerto Rican Tests of Academic Achievement.^[135] Likewise, 36% perform at a basic level in Mathematics while 35% perform at a basic level in English and 43% at a basic level in Science in the relevant tests.^[135] Overall, 1,321 out of 1,466 public schools in Puerto Rico (about 90%) do not comply with the academic progress requirements established by the No Child Left Behind Act.^[136]

The local government has also proven to be highly inefficient in terms of management and planning; with some newspapers, such as El Vocerostating that the main problem is inefficiency rather than lack of funds.^[ai][aj] As an example, the Department of Treasury of Puerto Rico is incapable of collecting 44% of the Puerto Rico Sales and Use Tax (or about $900 million USD), did not match what taxpayers reported to the department with the income reported by the taxpayer's employer through Form W-2's, and did not collect payments owned to the department by taxpayers that submitted tax returns without their corresponding payments.^{[ak][139][140]} The Treasury department also tends to publish its comprehensive annual financial report (CAFR) late, sometimes 15 months after a fiscal year ends, while the government as a whole constantly fails to comply with its continuing disclosure obligations on a timely basis.^[141][al] Furthermore, the government's accounting, payroll and fiscal oversight information systems and processes also have deficiencies that significantly affect its ability to forecast expenditures.^[am]

Similarly, salaries for government employees tend to be quite disparate when compared to the private sector and other positions within the government itself. For example, a public teacher's base salary starts at $24,000 while a legislative advisor starts at $74,000. The government has also been unable to set up a system based on meritocracy, with many employees, particularly executives and administrators, simply lacking the competencies required to perform their jobs.^[an][ao]

There was a similar situation at the municipal level with 36 out of 78 municipalities experiencing a budget deficit, putting 46% of the municipalities in financial stress.^[145] Just like the central government, the municipalities would issue debt through the Puerto Rico Municipal Financing Agency to stabilize its finances rather than make adjustments. In total, the combined debt carried by the municipalities of Puerto Rico account for $3.8 billion USD or about 5.5% of Puerto Rico's outstanding debt.^[ap][aq]

Population decline[edit]

From 2000 to 2010, the population of Puerto Rico decreased, the first such decrease in census history for Puerto Rico; it went from 3,808,610 residents registered in 2000 to 3,725,789 in 2010 (a −2.2% decrease);^[148] it peaked at 3.91 million in 2005.^[149] A declining and aging population presents additional problems for any society as its labor force decreases and, consequently, so does its economic output.^[ar] Two years later, another estimate noted that the population of Puerto Rico decreased further to 3,667,084 residents from April 1, 2010 to July 1, 2012; a −1.6% decrease.^[150]

Emigration is also major part of Puerto Rico's declining population. Starting soon after World War II, poverty, cheap airfare, and promotion by the local government caused waves of Puerto Ricans to move to the United States. This trend continued even as Puerto Rico's economy improved and its birth rate declined. In recent years, the population has declined markedly, falling nearly 1% in 2012 and an additional 1% (36,000 people) in 2013 due to a falling birthrate and emigration.^[151]

The US Census Bureau's estimate for July 1, 2016 was 3,411,307 people, down substantially from the 2010 data which had indicated 3,725,789 people.^[152] As fewer people reside in Puerto Rico, the government collects less revenue from its residents. As revenues were declining in the past, the government opted to issue more outstanding debt (such as bonds) to maintain its operations rather than making adjustments. Hence, it's clear that the declining - and aging - population continues to present problems for the Commonwealth.

Suzerainty to the United States[edit]

Puerto Rico is subject to the Commerce and Territorial Clause of the Constitution of the United States and, therefore, is restricted on how it can engage with other nations, sharing most of the opportunities and limitations that state governments have, albeit not being one. Puerto Rico is also subject to the different treaties and trade agreements ratified by the United States, as well as all other laws enacted at the federal level.

Unemployment[edit]

This section needs expansion. You can help by adding to it. (December 2015)

Unemployment is a significant issue in Puerto Rico with the unemployment rate being as high as 11.7% in 2006. By November 2009, it stood at 12% and had increased to 15.7% by October 2010.^[153] Currently the unemployment rate is at 13.7%^[154]
The U.S. state with the highest unemployment in October 2007 was Michigan, at 7.7%,^[155]
and the U.S. average was 4.4%.^[156]

In mid January 2017, unemployment remained in the double digits and the poverty rate was at 45 percent. By that time, the Commonwealth's debt had increased to
$70 billion or $12,000 per capita.^[24][23] The debt had been increasing during a decade long recession.^[25] It is essential for Puerto Rico to reach restructuring deals to avoid a bankruptcy-like process under PROMESA.^[26]

• 
  

  

  
  

  
  

  Puerto Rico's labor force from 2005 to 2014 evidences a decline.^[157]

  
  

  
  


• 
  

  

  
  

  
  

  Puerto Rico's unemployment rate (seasonally adjusted) is significantly higher than the U.S. national average.^[157][158]

  
  

  
  


• 
  

  

  
  

  
  

  Percent population living below poverty level in Puerto Rico by census tract in 2015.
  

  
  

  
  

Facts & figures[edit]

• Debt - External: $70 billion (January 23, 2017 2010 est.)^[159]


• GDP
  


• Inflation Rate (consumer prices): 2.9% (2011 est.)^[11]


• Industrial production growth rate: NA%


• Median household income (2016 est.):^[160]


• Persons living in poverty (2016 est.):^[160]


• Budget:
  
  • revenues: $8.1 billion Central Government, $25 Billion with Public Corporations
  
  
  • expenditures: $9.6 billion Central Government


• Electricity
  
  • production: 23,720 GWh
  
  
  • consumption: 22,600 GWh
  
  
  • exports: 0 kWh
  
  
  • imports: 0 kWh (2007 est.)


• Electricity – production by source:
  
  • fossil fuel: 98.06%
  
  
  • hydro: 1.96%
  
  
  • nuclear: 0%
  
  
  • other: 0% (1998)


• Agriculture – products: sugarcane, coffee, pineapples, plantains, bananas; livestock products, chickens ^[11]


• Exports – commodities: chemicals, electronics, apparel, canned tuna, rum, beverage concentrates, medical equipment ^[11]


• Exports: $64.88 billion (2011 est.) ^[11]


• Imports – commodities: chemicals, machinery and equipment, clothing, food, fish, petroleum products^[11]


• Imports: $44.67 billion (2011 est.) ^[11]


• Tax: 9.0%


• Labor Force: 1.286 million (March 2012)^[11]

See also[edit]

1. ^ González (2014; in Spanish) "Según S&P, desde hoy la clasificación de los GOs será BB+. La perspectiva de los bonos es estable."^[15]
   


2. ^ pr.gov (in Spanish) "La manufactura es el sector principal de la economía de Puerto Rico."^[19]
   


3. ^ pr.gov (in Spanish) "Algunas de las industrias más destacadas dentro del sector de la manufactura son: las farmacéuticas, los textiles, los petroquímicos, las computadoras, la electrónica y las compañías dedicadas a la manufactura de instrumentos médicos y científicos, entre otros."^[19]
   


4. ^ Quintero (2013; in Spanish) "Los indicadores de una economía débil son muchos, y la economía en Puerto Rico está sumamente debilitada, según lo evidencian la tasa de desempleo (13.5%), los altos niveles de pobreza (41.7%), los altos niveles de quiebra y la pérdida poblacional."^[20]
   


5. ^ Walsh (2013) "In each of the last six years, Puerto Rico sold hundreds of millions of dollars of new bonds just to meet payments on its older, outstanding bonds — a red flag. It also sold $2.5 billion worth of bonds to raise cash for its troubled pension system — a risky practice — and it sold still more long-term bonds to cover its yearly budget deficits."^[48]
   


6. ^ ^{a b} NotiCel (2013; in Spanish) "Actualmente, el costo por kilovatio hora en Puerto Rico es de 26 centavos, frente a EE.UU. que es de 11 a 12 centavos. "^[58]
   


7. ^ Kaske (2014) "High energy costs take money out of consumers’ pockets and make it difficult for businesses to expand and invest," Ingrid Vila-Biaggi, chief of staff for Governor Alejandro Garcia Padilla, wrote in an e-mail. "Energy reform will enable us to stabilize Prepa’s finances, reduce costs for consumers and businesses and become a model for energy policy in the region."^[60]
   


8. ^ Kaske (2014) "[...] 20 percent [of Bacardi's] expenses [come] from electricity [...]"^[60]
   


9. ^ Kaske (2014) "For Wendco of Puerto Rico Inc., which owns 100 franchise restaurants on the island, such as Wendy’s, Applebee’s and LongHorn Steakhouse, keeping the lights off is one strategy. When employees arrive in the morning to open the eateries, they keep some areas dark and without air conditioning until they’re in use [...]"^[60]
   


10. ^ JP (2013; in Spanish) "Bienes Raíces y Renta: 14,867.6; PRODUCTO INTERNO BRUTO: 100,195.9"^[73]
    


11. ^ JP (2013; in Spanish) Bienes Raíces y Renta, Compensación a empleados: 574.2; INGRESO NACIONAL NETO, Compensación a empleados: 30,102.4"^[73]
    


12. ^ JP (2013; in Spanish) "Finanzas, seguros y bienes raíces: 39; TOTAL: 1,047"^[73]
    


13. ^ Caribbean Business (2013) "An internal agency memo from a decade ago said: 'Under the U.S. Constitution, the federal government has the sole responsibility for the conduct of U.S. foreign relations, and this includes the foreign relations that relate to U.S. territories.'"^[80]
    


14. ^ Caribbean Business (2013) "The U.S. State Department has previously given the green-light to Puerto Rico’s active participation in limited international forums."^[80]
    


15. ^ ECLAC defines an 'associate member' as a non-independent territory.
    


16. ^ Bosworth (2011) "Puerto Rico doesn't have a
    comparative advantage, it's just taxes."^[88]
    


17. ^ ICEX (2014; in Spanish) "En el caso de Lufthansa, el mayor costo para el gobierno es el de los incentivos ($46.4 millones)", puntualizó la economista.^[89]
    


18. ^ ICEX (2014; in Spanish) "Uno de los aspectos que causa más confusión en el acuerdo con Lufthansa es la inversión que hará el gobierno en infraestructura, $44.2 millones, para la cual la Autoridad de los Puertos realizó una emisión de bonos de $41.3 millones."^[89]
    


19. ^ ICEX (2014; in Spanish) "Adicional a la infraestructura, Lufthansa recibirá incentivos para empleos y adiestramiento, equivalentes a $3,000 y $6,000, respectivamente, por cada contratación. En total, este beneficio asciende a $2.2 millones."^[89]
    


20. ^ MRGI (2008) "Many female migrants leave their families behind due to the risk of illegal travel and the high cost of living in Puerto Rico."^[105]
    


21. ^ Rivera. "Housing prices in Puerto Rico are comparable to Miami or Los Angeles, but property taxes are considerably lower than most places in the US."^[106]
    


22. ^ FRBNY (2011) "...home values vary considerably across municipios: for the metro area overall, the median value of owner-occupied homes was estimated at $126,000 (based on data for 2007-09), but these medians ranged from $214,000 in Guaynabo to around $100,000 in some of the outlying municipios. The median value in the San Juan municipio was estimated at $170,000."^[107]
    


23. ^ Gutierrez. "Mr. Chairman, we are here to express our support for any effort that would unburden the economy of the Commonwealth of Puerto Rico from the unfair and unreasonable restrictions that stem from dispositions of the Merchant Marine Acts of 1920 and 1936 on trade conducted between the Commonwealth and the United States mainland."^[119]
    


24. ^ Gutierrez. "Being treated as an extension of the United States coastline by the protectionist merchant marine statutes has imposed a heavy and unfair cost on United States citizens in Puerto Rico."^[119]
    


25. ^ Gutierrez. "The Merchant Marine Acts inflict costs to the Puerto Rican economy."^[119]
    


26. ^ ^{a b} JOC (2013) "Repealing or amending the Jones Act cabotage law might cut Puerto Rico shipping costs"^[120]
    


27. ^ ^{a b} JOC (2013) "The GAO report said its interviews with shippers indicated they [...] believed that opening the trade to non-U.S.-flag competition could lower costs."^[120]
    


28. ^ Gutierrez. "The "cabotage" laws impose significant restrictions on commerce between Puerto Rico and the U. S. mainland by requiring that merchandise and produce shipped by water between U.S. ports be shipped only on U.S.-built, U.S.- manned, U.S.-flagged, and U.S.-citizen owned vessels."^[119]
    


29. ^ Gutierrez. "Because such restrictions boost shipping costs, American consumers pay the price."^[119]
    


30. ^ Santiago (2021) "Local detractors of the Jones Act [...] for many years have unsuccessfully tried to have Puerto Rico excluded from the law's provisions[...]"^[121]
    


31. ^ Alvarado León (2014; in Spanish) "Nuestras estructuras de consumo e ingresos son demasiado complejas, particularmente por la existencia de una plétora de provisiones (créditos, deducciones, exenciones, etc.) que no están sujetas a un análisis de costo-beneficio."^[129]
    


32. ^ Sotomayor (2015) "If Puerto Rico’s ills were to be summarized concisely, the island is paying the price of applying rich-country policies on what is (to this day) an essentially poor society."^[130]
    


33. ^ Clark (2015) "Puerto Rico’s bond default on Monday – along with statements that preceded it – cast doubt on the ability of its leaders to fully understand and manage the island’s unfolding financial crisis."^[131]
    


34. ^ Calderón (2013; in Spanish) "En 2012, se graduaron cerca de 50,000 estudiantes de nivel subgraduado y graduado y se proyectaba que el mercado laboral generara en promedio cerca de 6,000* empleos por año, de los cuales sólo el 25% requiere esos niveles de educación."^[84]
    


35. ^ Vera Rosa (2013; in Spanish) "Aunque Puerto Rico mueve entre el sector público y privado $15 billones en el área de salud, las deficiencias en el sistema todavía no alcanzan un nivel de eficiencia óptimo."^[137]
    


36. ^ Vera Rosado (2013; in Spanish) "Para mejorar la calidad de servicio, que se impacta principalmente por deficiencias administrativas y no por falta de dinero[...]"^[137]
    


37. ^ Rivera Sánchez (2014; in Spanish) "En 2012 [...] la tasa de captación en el segmento de ventas al detal fue de 52% con una tasa de evasión de 48%. En el resto de los renglones, la captación fue de 56% con una evasión de 44%."^[138]
    


38. ^ GDB (2014) "On several occasions the Commonwealth has failed to comply with its continuing disclosure obligations on a timely basis. For example, the Commonwealth has failed to file the Commonwealth’s Annual Financial Report before the 305-day deadline in nine of the past twelve years, including the two most recent fiscal years (2012 and 2013)."^[142]
    


39. ^ GDB (2014) "[The government's] accounting, payroll and fiscal oversight information systems and processes have deficiencies that significantly affect its ability to forecast expenditures."^[143]
    


40. ^ Acevedo Denis (2013; in Spanish) "Para el profesor de la Escuela Graduada de Administración Pública de la Universidad de Puerto Rico, Rafael Torrech San Inocencio, más que una cuestión de que funcionarios del Gobierno devenguen altos salarios, es si tienen o no las competencias para los cargos que ocupan."^[144]
    


41. ^ Acevedo Denis (2013; in Spanish) "Hay funcionarios bien pagados, funcionarios excesivamente pagados y funcionarios que merecen mejor paga. El problema es cómo se parean las remuneraciones con las competencias profesionales."^[144]
    


42. ^ WAPA-TV (2014; in Spanish) "El informe sobre la medida señala que al presente los municipios arrastran una deuda agregada de aproximadamente $590 millones [...]"^[146]
    


43. ^ PRGDB "Financial Information and Operating Data Report to October 18, 2013" p. 61^[147]
    


44. ^ GDB (2014) "Changes in population have had, and may continue to have, an impact on economic growth and on the growth of tax revenues."^[143]
    

References[edit]

1. ^ ^{a b c} Government Development Bank of Puerto Rico. "Puerto Rico Factsheet-2010" (PDF). Retrieved 25 September 2012.
   


2. ^ "CIA World Fact Book Puerto Rico". CIA. Retrieved August 3, 2018.
   


3. ^ "GDP growth (annual %) | Data | Graph". Data.worldbank.org. Retrieved 11 September 2015.
   


4. ^ "GDP per capita, PPP (current international $)", World Development Indicators database, World Bank. Database updated on 14 April 2015. Accessed on 11 September 2015.
   


5. ^ "??XYZ" (PDF). Estadisticas.gobierno.pr. Retrieved 2015-03-01.
   


6. ^ "Household Income for States: 2009 and 2010" (PDF). Retrieved 25 September 2012.
   


7. ^ "Puerto Rico Economy at a Glance". United States Department of Labor. Retrieved 17 November 2018.
   


8. ^ "Bureau of Labor Statistics Data". Data.bls.gov. Retrieved 2018-11-19.
   


9. ^ "Puerto Rico - May 2012 OES State Occupational Employment and Wage Estimates". Bls.gov. 2013-03-29. Retrieved 2013-09-07.
   


10. ^ "Ease of Doing Business in Puerto Rico US". Doingbusiness.org. Retrieved 24 November 2017.
    


11. ^ ^{a b c d e f g h i j k l m n o p} Central Intelligence Agency, CIA. (2012, December 4). [Puerto Rico's economy].
         Retrieved December 7, 2012, from "Archived copy". Archived from the original on 2016-05-30. Retrieved 2016-08-08.CS1 maint: Archived copy as title (link)
    the-world-factbook/geos/rq.html
    


12. ^ Diaz Marrero, Alejandro (2016). "Puerto Rico External Trade Statistics 2016" (PDF). Junta de Planificación de Puerto Rico. Archived from the original (PDF) on November 18, 2018. Retrieved November 18, 2018.
    


13. ^ "Inicia la transición del gobierno". Retrieved 16 November 2012.
    


14. ^ "Tabla 27 - Rentas Periodicas Netas del Gobierno de Puerto Rice : Anos Fiscales" (PDF). Gdbpr.com. Retrieved 2013-09-07.
    


15. ^ González, Joanisabel (February 4, 2014). "Standard & Poor's degrada a chatarra el crédito de Puerto Rico". El Nuevo Día (in Spanish). Retrieved February 4, 2014.
    


16. ^ "Moody's downgrades Puerto Rico GO and related bonds to Ba2, notched bonds to Ba3 and COFINA bonds to Baa1, Baa2; outlook negative" (PDF). Moody's. February 7, 2014. Retrieved February 7, 2014.
    


17. ^ World Bank Indicators, World Bank. "World Bank Indicators 2012: Puerto Rico". Retrieved 5 Feb 2012.
    


18. ^ Schwab, Klaus (2013). "The Global Competitiveness Report 2013–2014" (PDF). World Economic Forum. Retrieved September 7, 2013.
    


19. ^ ^{a b} "Manufactura" (in Spanish). Regierung von Puerto Rico. Archived from the original on 2013-10-02. Retrieved 7 September 2013.
    


20. ^ Quintero, Laura (September 14, 2013). "Las estadísticas hablan: Puerto Rico camino a ser el "Detroit del Caribe"". NotiCel (in Spanish). Retrieved January 22, 2014.
    


21. ^ Government Development Bank of Puerto Rico. "Statistical Appendix of the Economic Report for the Governor and Legislative Assembly, May 2011" (PDF) (in Spanish). Retrieved 5 Feb 2012.
    


22. ^ World Economic Forum (2014). "Global Competitiveness Index". Retrieved 3 September 2014.
    


23. ^ ^{a b c d e} Baribeau, Simone (January 23, 2017). "United States Virgin Islands Risks Capsizing Under Weight Of Debt". Forbes. Forbes. Retrieved February 15, 2017.
    


24. ^ ^{a b c d} Nick Brown, Reuters (January 18, 2017). "Puerto Rico oversight board favors more time for restructuring talks". Fiscal Times. The Fiscal Times. Retrieved February 16, 2017.
    


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