Fiscal Balance in Puerto Rico
Puerto Rico - Fiscal BalanceThe economy almost certainly exited a six-year recession in FY 2019, which ended in June, as economic activity increased in annual terms over the first 11 months of the fiscal year, although decreased in June. The unemployment rate in FY 2019 averaged notably below the rate recorded in FY 2018. Moreover, on the external front, merchandise exports rebounded in FY 2019, after contracting significantly in FY 2018. In politics, Ricardo Rosselló resigned as governor on 2 August after the revelation of offensive messages sent by him and his advisors sparked one of the largest protests in Puerto Rico’s history. Pedro Pierluisi, Rosselló’s initial replacement, was removed by the Supreme Court on constitutional grounds after just five days, however. Wanda Vázquez, who served as justice secretary under Rosselló, immediately replaced Pierluisi. This instability, coupled with the grazing by Hurricane Dorian of Puerto Rico in late August, weighed on economic activity in early FY 2020.
Puerto Rico - Fiscal Balance Data
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