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The economy of Puerto Rico is classified as a high-income economy by the World Bank and as the most competitive economy in Latin America by the World Economic Forum. [14] [15] The main drivers of Puerto Rico's economy are manufacturing, which primarily includes pharmaceuticals, textiles, petrochemicals, and electronics; followed by the service industry, notably finance, insurance, real estate ...
The Puerto Rico Trade and Export Company —Spanish: Compañía de Comercio y Exportación de Puerto Rico (CCE)— is the government-owned corporation of Puerto Rico that establishes the island's public policy for the development of its trade industry. [1] [2]
The Puerto Rico Department of Economic Development and Commerce (Spanish: Departamento de Desarrollo Económico y Comercio de Puerto Rico) is the executive department of the government of Puerto Rico responsible for the economic development in the U.S. Commonwealth of Puerto Rico and all its commerce related matters.
In 1920, after the enactment of the Merchant Marine Act of 1920 (also known as the Jones Act), Puerto Rico became restricted on which merchant marine it can use to import and export products. This is because the Jones Act prevents foreign-flagged ships from carrying cargo between two American ports (a practice known as cabotage ).
In 2012, there were 13,159 farms in Puerto Rico. [9] While not a state, Puerto Rico is a member of the Southern United States Trade Association, a non-profit organization that assists the agriculture industry in developing its exports. [10] In early 2020, farm owners in Ponce reported on the continuing challenge of finding laborers. [11]
By then Puerto Rico's economy was highly dependent on an export manufacturing industry, which in turn relied on substantial federal and commonwealth government tax subsidies. Political and business leaders alike agreed that, in order to secure Puerto Rico's economic future, the island had to diversify its economy and improve its attractiveness ...
The pharmaceutical industry in Puerto Rico encompasses more than half of all manufacturing done in Puerto Rico.As the island's most prominent industry, pharmaceutics generates more than 18,000 jobs, pays more than US$3 billion in taxes, comprises about half of total exports, and has generated more than 25% of the island's GDP for the past four decades. [1]
Puerto Rico's dependency on oil for transportation and electricity generation, as well as its dependency on food imports and raw materials, makes Puerto Rico volatile and highly reactive to changes in the world economy and climate.