Fiscal Balance in Puerto Rico
Puerto Rico - Fiscal BalanceThe economy likely remained downbeat at the outset of the new fiscal year—which began in July—after economic activity started to contract in March due to the outbreak of the pandemic and regular earthquakes. Activity shrank again in August, albeit at the softest pace in four months, pointing to a mild improvement in conditions. Moreover, employment levels rose slightly in September, which should have supported household spending in the month. However, total bankruptcies increased notably in July–September compared to the previous three months. In politics, Pedro Pierluisi of the ruling center-right PNP was elected governor in the 3 November elections. The result, coupled with Joe Biden’s win in the U.S., bodes well for talks on Puerto Rico’s aspirations for statehood status, although it remains an unlikely outcome. Moreover, the results should also ease negotiations with the Financial Oversight Board regarding fiscal adjustments.
Puerto Rico - Fiscal Balance Data
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