Fiscal Balance in Puerto Rico
Puerto Rico - Fiscal BalanceAvailable data for Q3 FY 2022 (January–March) painted a mixed picture. The manufacturing PMI logged an all-time high in March amid a significant improvement in new orders and output, while the unemployment rate fell to an all-time low in the same month. That said, the repercussions from the war in Ukraine provided a counterforce to the record-setting improvements. Private spending was likely capped as high commodity prices drove inflation to a 13-year high in March. Similarly, year-on-year export growth tumbled in March following February’s two-year high. Turning to the current quarter, price pressures have hit levels not seen in decades, boding ill for household consumption going forward. Lastly, the House of Representatives recently approved the government budget for FY 2023 totaling USD 12.6 million, which will now need to be approved by the Senate in the following weeks.
Puerto Rico - Fiscal Balance Data
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