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Economy of Puerto Rico

Puerto Rico is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Puerto Rico is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Puerto Rico exports around $69.75 billion and imports roughly $47.32 billion. 10.3% of population in the country are unemployed. The total number of unemployed people in Puerto Rico is 376,878. In Puerto Rico, 41.4% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Puerto Rico is very high when compared with other nations. This situation is indicative of a variety of alarming economic and political factors. It is not advisable to make any investments in countries with this level of poverty. The Gini Index of the country is 53.7. Puerto Rico is experiencing inequality. The gap between the richest and poorest citizens in this country is significant and obvious, resulting in a drastically different standard of living for rich and poor citizens. The strength of legal rights index for Puerto Rico is 10. Overall, it is considered to be rather strong - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders quite well; credit information is abundant and easily accessible.

Currency

The currency of Puerto Rico is United States dollar. The United States dollar is one of the most significant currencies in the world, and is used in several territories besides The United States including Puerto Rico, Guam, and The US Virgin Islands. The United States dollar is a stable currency that can be relied upon for investment opportunities. The plural form of the word United States dollar is dollars. The symbol used for this currency is $, and it is abbreviated as USD. The United States dollar is divided into Cent; there are 100 in one dollar.

Credit rating

The depth of credit information index for Puerto Rico is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Puerto Rico has a credit rating score of D, and the prospects of this rating are negative. According to the Moody's credit-rating agency, Puerto Rico has a credit rating score of D, and the prospects of this rating are negative.

Central bank

In Puerto Rico, the institution that manages the state's currency, money supply, and interest rates is called Federal Reserve Bank.

Public debt

The government debt of Puerto Rico has not been calculated yet.

Tax information

The corporate tax in Puerto Rico is set at 20%. Personal income tax ranges from 16% to 33.34%, depending on your specific situation and income level. VAT in Puerto Rico is 11.5%, and it is known as Sales & Use Tax.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Puerto Rico is $127 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Puerto Rico was last recorded at $0 million. PPP in Puerto Rico is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Puerto Rico is 105,149 billion. Based on this statistic, Puerto Rico is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Puerto Rico was last recorded at $29 million. The average citizen in Puerto Rico has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Puerto Rico averaged -5.8% in 2014. According to this percentage, Puerto Rico is currently experiencing significant decline. Countries that are experiencing significant decline could be experiencing dramatic decreases in personal consumption, employment rate, and personal income. A significant decline in GDP should warn investors that this location poses a high level of risk and should not be considered a safe location for investment. To read more about financial information click on finances of Puerto Rico.

Industry

Major industries in the country are pharmaceuticals, electronics, apparel, food products, tourism. The total labor force of Puerto Rico is 1,089,484 people, wherein 10.3% of population in the country are unemployed. The total number of unemployed people in Puerto Rico is 376,878. The Industrial Production growth rate of Puerto Rico is 0.5%.To read more about industrial information within Puerto Rico click on industry of Puerto Rico.

Agriculture

There are 327 km2 of arable land in Puerto Rico, and it comprises 3% of the country's total territory. There are 823 km2 of cultivated land in Puerto Rico. The country's major agricultural crops and products are sugarcane, coffee, pineapples, plantains, bananas, livestock products, chickens.To read more about agriculture click on agriculture of Puerto Rico.