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• GDP: US$75.8 billion (2006).
• Main exports: Chemicals, electronics, tinned tuna, rum and medical equipment.
• Main imports: Clothing, petroleum and food.
• Main trade partners: USA, Ireland, The Netherlands, Japan and the Dominican Republic.
• Main exports: Chemicals, electronics, tinned tuna, rum and medical equipment.
• Main imports: Clothing, petroleum and food.
• Main trade partners: USA, Ireland, The Netherlands, Japan and the Dominican Republic.
Economy
Puerto Rico has few natural resources, although some nickel and copper have been located. Manufacturing has overtaken agriculture as the main source of income following intensive industrialisation.
The main products are pharmaceuticals, electrical and electronic equipment, processed food, textiles, clothing, rum, petrochemicals and refined oil. There is a foreign free-trade zone at Mayagüez. In the agricultural sector, dairy and livestock produce is now more important than sugar cane, the island's main crop. Fresh fruit and vegetables are grown for export.
Tourism is the main service industry and has undergone steady growth. Another major source of revenue used to come from a US naval base on the island of Vieques. Despite injecting an estimated US$300 million annually into the economy, it was widely unpopular with islanders; after sustained pressure, the closure of the base was announced in 2003.
Puerto Rico has observer status at the Caribbean trading bloc, CARICOM. The USA and its corporations dominate the domestic economy and trade patterns, although Puerto Rico has important trading links of its own with Japan, the Dominican Republic and Venezuela.
Inflation sits around 6.5% (2003), unemployment at around 12% (2002) and growth in 2006 was just 0.5%.
The main products are pharmaceuticals, electrical and electronic equipment, processed food, textiles, clothing, rum, petrochemicals and refined oil. There is a foreign free-trade zone at Mayagüez. In the agricultural sector, dairy and livestock produce is now more important than sugar cane, the island's main crop. Fresh fruit and vegetables are grown for export.
Tourism is the main service industry and has undergone steady growth. Another major source of revenue used to come from a US naval base on the island of Vieques. Despite injecting an estimated US$300 million annually into the economy, it was widely unpopular with islanders; after sustained pressure, the closure of the base was announced in 2003.
Puerto Rico has observer status at the Caribbean trading bloc, CARICOM. The USA and its corporations dominate the domestic economy and trade patterns, although Puerto Rico has important trading links of its own with Japan, the Dominican Republic and Venezuela.
Inflation sits around 6.5% (2003), unemployment at around 12% (2002) and growth in 2006 was just 0.5%.
Business Etiquette
A knowledge of Spanish (the official language) is very useful, although English is widely spoken; most people in the tourist industry and the greater metropolitan areas are bilingual. Lightweight suits are advised for business meetings.
Office hours: Mon-Fri 0900-1800.
Government office hours: Mon-Fri 0830-1630.
Office hours: Mon-Fri 0900-1800.
Government office hours: Mon-Fri 0830-1630.
Business Contacts
Chamber of Commerce of Puerto Rico
PO Box 9024033, San Juan, Puerto Rico
Tel: 721 6060 or 6182.
Website: www.camarapr.org
PO Box 9024033, San Juan, Puerto Rico
Tel: 721 6060 or 6182.
Website: www.camarapr.org