Puerto Rico Economy

Puerto Rico is the economic success story of Latin America, thanks to Operation Bootstrap. Within 60 years, Puerto Rico transformed from one of the poorest islands in the Caribbean, with a single-crop agricultural economy, to one of the most prosperous, with a diversified industrial economy. The US is by far the island’s largest trading partner and major exports include apparel, electronics, rum, and pharmaceuticals—Puerto Rico produces 50% of US pharmaceuticals. Today, the $74.9 billion GDP breaks down as 54% services, 45% industry, and 1% agriculture. Increasing tourism has also played an important role in Puerto Rico’s economic success.

But life on the island isn’t all peachy. With a per capita GDP of $19,100, Puerto Rico remains much poorer than even the poorest US state. Unemployment hovered around 10% in 2007, over twice as high as the mainland. So while Puerto Ricans certainly have nothing to complain about in comparison to some countries in Latin America, it’s not easy being the underdeveloped cousin of the US.

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