Puerto Rico progressed from an agricultural economy before the 1940’s
to an industrial economy through the 1950’s to 1970’s. In the 1980’s
and 1990’s, industry has remained fairly strong, with finances and
tourism contributing a good share.
Evaluations of Puerto Rico’s economy depend heavily on the bases used
for comparison. In comparison to the other islands that comprise the
Greater Antilles, Puerto Rico’s economy is certainly the best
developed one of all.
On the other hand, in comparison to any state of the United States of
America, Puerto Rico is still underdeveloped.
Puerto Rico’s economy is said to be artificial. There are very few
natural resources of economic value that are being utilized for that
purpose. The economy relies heavily on Federal Aid from the United
States Government. It also relies heavily upon the industrialization
program and the tax incentives that make the island attractive for
industry. Tourism is also an important part of the economy.
The annual report for 1992 of the Government Development Bank for
Puerto Rico (telephone (787)729-6000) lists the following highlights
of Puerto Rico’s economy:
Ranks among the top ten purchaser of U. S. products, with total purchases in excess of $11 billion in 1991.
Puerto Rico’s $21 billion in exports in 1991 was exceeded by only four States. In pharmaceutical exports, it outranked both Germany and the United States.
The port of San Juan is the world’s leading cruise ship home port.
For the second year, Puerto Rico ranked as the safest place in the world to invest for its financial, economic and political stability, according to the prestigious Political Risk Services, Inc.
Puerto Ricans’ per capita income of $6,038 in 1991 is higher and more equitably distributed than anywhere else in Latin America.
72 percent of Puerto Ricans own their homes, a higher percentage than the United States, Japan or France.
Puerto Rico’s 100 percent digital system ranks among the best and most modern. The U.S.A. average is only 42.5 percent.
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