Panorama econòmic

Economic indicators

For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.

Puerto Rico's GDP grew by an estimated 4.8% in 2021, mainly driven by investments in the defence and healthcare industries. Looking ahead, according to he IMF, Puerto Rico's GDP is expected to have a growth of 0.4% in 2023 and a negative growth of 1.6% in 2024, mainly due to the bankruptcy of the central government.

The Puerto Rican economy has been suffering a recession for over a decade, which has led to high levels of debt. In 2022, however, public debt significantly decreased to 16% of GDP, a rate that is expected to continue declining, reaching 14.8% of GDP in 2023 and 14.2% in 2024. Inflation increased to 4.4% in 2022, but it is expected to decrease to 3.5% in 2023 and 2.4% in 2024. The island has been grappling with the largest municipal bankruptcy in U.S. history (USD 71.5 billion in bonds and USD 50 billion in pension bonds) since 2017, when the economy was devastated by Hurricane Maria. There was a bounce-back in 2019, fuelled by disaster relief funding, which was expected to continue as more federal reconstruction funding rebuilt the island’s infrastructure. However, the pandemic let to a redistribution of funding. Although both the sanitary and fiscal measures implemented by the government in light of the pandemic have been effective, Puerto Rico was already facing significant economic issues when the pandemic hit, so the impact of COVID-19 compounded on a preexisting crisis. Still, despite a complicated situation, the government seeks to increase foreign investment through public-private partnerships and avoid the downgrading of its credit rating, so as not to lose access to financing.

The unemployment rate decreased to an estimated 6% in 2022, and it is expected to increase to 7.9% in 2023 and 8.8% in 2024. Furthermore, many Puerto Ricans have informal jobs that do not qualify them for unemployment benefits and, due to the pandemic, a large percentage of informal workers lost their jobs, which drove them into poverty. Additionally, the overall lack of opportunities in the island has resulted in significant migration outflows, as an increasing number of Puerto Ricans continue to emigrate to the United States. With the destruction of nearly half a million homes after hurricane Maria and increased unemployment brought on by the pandemic, nearly half of the population still lives below the poverty line. The island has also been dealing with a wave of violence and crime, primarily linked to gang activity and drug trafficking. Furthermore, in January 2021, the government declared a state of emergency due to gender-based violence, after a wave of killings targeting women and transgender people.

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