A beach from above in Puerto Rico

Puerto Rico Economy

Puerto Rico's economy in numbers:

Nominal GDP of USD 118 billion in 2023.

Nominal GDP of USD 113 billion in 2022.

GDP per capita of USD 34,877 compared to the global average of USD 10,589.

GDP per capita of USD 36,367 compared to the global average of USD 10,589.

Average real GDP growth of 0.8% over the last decade.

Average real GDP growth of 0.9% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2020, services accounted for 48% of overall GDP, manufacturing 48%, other industrial activity 3%, and agriculture 1%. Looking at GDP by expenditure, private consumption accounted for 63% of GDP in 2020, government consumption 8%, fixed investment 12%, and net exports 17%.

GDP by economic sector
GDP by type of expenditure

Economic growth:

The economy recorded an average annual decrease of 0.9% in the decade to 2022. To read more about GDP growth in Puerto Rico, go to our dedicated page.

Unemployment:

The unemployment rate averaged 10.7% in the decade to 2022. For more information on Puerto Rico's unemployment click here.

Inflation:

Inflation averaged 1.3% in the decade to 2023. Go to our Puerto Rico inflation page for extra insight.
Economic activity contracted 0.2% on average year on year in H2 FY 2024 (January–June 2024), contrasting the 3.5% expansion in H1; weaker growth in employment and persistent inflation likely weighed on private consumption. That said, the tourism sector should have provided support. Turning to FY 2025, the economy likely remained in the doldrums as economic activity fell at a steeper pace in July–August than in H2 FY 2024. Moreover, electricity generation swung into contraction in July–September. In politics, Puerto Rico is headed for gubernatorial elections on 5 November with Jennifer González-Colón of the incumbent New Progressive Party currently leading the polls, closely trailed by candidates for the Puerto Rican Independence Party and the Popular Democratic Party. A González-Colón victory would bode well for policy continuity and could strengthen momentum for the country’s statehood.
Projections out to 2034.

16 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 6 expert analysts.

Want to get insight on the economic outlook for Puerto Rico in the coming years? FocusEconomics collects projections out to 2034 on 16 economic indicators for Puerto Rico from a panel of 6 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Puerto Rico economy. To download a sample report on the Puerto Rico's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

Puerto Rico Economic Data

2019 2020 2021 2022 2023
Population (million) 3.3 3.3 3.3 3.2 3.2
GDP (USD bn) 105 103 106 114 118
GDP per capita (USD) 31,972 31,483 32,714 35,041 36,367
GNP (USD bn) 70.8 70.4 73.4 78.5 81.6
GNP per capita (USD) 21,522 21,477 22,549 24,214 25,154
Economic Growth (GDP, ann. var. %) 1.7 -4.2 0.4 3.6 0.6
Private Consumption (ann. var. %) 4.4 -5.0 22.2 6.6 3.2
Government Consumption (ann. var. %) 6.7 -1.1 3.0 -0.4 0.3
Fixed Investment (ann. var. %) 1.6 -34.4 19.7 5.7 2.8
Exports (G&S, ann. var. %) -12.2 -2.2 -7.2 6.4 12.7
Imports (G&S, ann. var. %) -4.3 -16.5 18.4 10.3 5.6
Unemployment (% of active population, aop) 8.3 8.9 7.9 6.0 5.9
Inflation (CPI, ann. var. %, eop) 0.7 -1.7 2.7 7.2 2.3
Inflation (CPI, ann. var. %, aop) 0.5 0.0 0.2 4.7 5.4
Current Account Balance (USD bn) -4.9 14.3 7.0 0.3 0.1
Current Account Balance (% of GDP) -4.6 13.9 6.6 0.3 0.1
Merchandise Trade Balance (USD bn) 14.3 17.7 12.9 7.6 7.2
Merchandise Exports (USD bn) 63.7 62.2 57.9 59.7 63.6
Merchandise Imports (USD bn) 49.4 44.5 45.1 52.1 56.4
Merchandise Exports (ann. var. %) 5.2 -2.3 -7.0 3.1 6.5
Merchandise Imports (ann. var. %) 6.3 -9.9 1.2 15.8 8.1

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