Puerto Rico Economic Outlook
October 11, 2016At its first meeting on 30 September, the newly appointed bi-partisan financial oversight board asked Governor Alejandro García Padilla to submit a draft plan that addresses Puerto Rico’s intricate debt crisis by 14 October. However, his term ends in November, so it will fall to his successor to work with the authorities to finalize the plan. In addition, the board elected José Carrión III as its chairman, a move seen by analysts as favorable to current bondholders. The island’s electricity utility—which has already come under fire in September following a nearly three-day long blackout that affected almost all homes and businesses—will also face a deadline to submit a restructuring plan, given its USD 9 billion in outstanding debt and inability to access the capital markets.
Puerto Rico Economy Data
|GNP per capita (USD)||17,827||18,646||19,011||19,314||-|
|GNP (USD bn)||65.7||68.1||68.8||69.2||-|
|Economic Growth (GNP, annual variation in %)||-1.7||0.5||-0.2||-0.9||-|
|Fiscal Balance (% of GDP)||-||-||-||-||-|
|Public Debt (% of GDP)||58.7||63.8||63.4||64.9||-|
|Inflation Rate (CPI, annual variation in %, eop)||3.3||0.9||0.4||1.5||-1.3|
|Inflation Rate (CPI, annual variation in %)||1.8||2.6||0.9||0.9||-0.3|
|Current Account (% of GDP)||5.6||3.5||4.8||4.9||-|
|Current Account Balance (USD bn)||5.6||3.6||4.9||5.1||-|
|Trade Balance (USD billion)||20.2||12.3||17.4||20.0||26.2|
|Exports (USD billion)||64.9||58.9||62.4||62.5||69.4|
|Imports (USD billion)||44.7||46.6||45.0||42.5||43.2|
|Exports (annual variation in %)||5.2||-9.2||5.9||0.1||11.1|
|Imports (annual variation in %)||9.5||4.3||-3.3||-5.7||1.8|
5 years of Puerto Rico economic forecasts for more than 30 economic indicators.
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Puerto Rico Facts
Puerto Rico Economic Growth
October 11, 2016Puerto Rico’s long-standing recession is far from abating and a likely fiscal overhaul and increased emigration to the U.S. are weighing on the outlook. For FY 2017, our panelists expect GNP to contract 1.5%, which is unchanged from last month’s forecast. For FY 2018, the panel expects GNP to fall 0.6%.