The update was made as Puerto Rico engages in talks with bondholders to reduce the island’s $70 billion debt burden. Creditors asked Puerto Rico to extend the plan to 10 from five years, the administration said. Puerto Rico's economy matters in the 2016 presidential race . How big is the Visitor Economy in Puerto Rico? Puerto Rico Department of Economic Development and Commerce, which collectively represent 18.95% and 2.49% of the total assets and revenues, respectively, of the General Fund. § 101(c). The statistic shows the growth in real GDP in Puerto Rico from 2009 to 2018, with projections up until 2021. The swelling gap is based in part on lower than anticipated revenue collections for this fiscal year, the report said. Updated 8:56 AM ET, Fri June 12, 2015 . • The Oversight Board will be comprised of seven members appointed by the President in accordance with the following rules (§ 101(e)): § 101(b)(1). Puerto Rico issued debt many times over the years. Puerto Rico on June 30, 2016. But it really skyrocketed in the the past decade, when total debt went from an already hefty $43.5 billion in 2006 to over $70 billion by 2014. • The Oversight Board exists as an entity within Puerto Rico’s government, and it is not considered to be a part of the U.S. government . December 20, 2016 - Fiscal Plan: Revised Baseline Projections December 18, 2016 - Commonwealth of Puerto Rico Financial Information and Operating Data Report December 16, 2016 - Notice of Extension: Initiative to Facilitate Communications with the Bondowners of the Commonwealth of Puerto Rico December 14, 2016 - Treasury Secretary Reports that November Revenues Were Up … Only in the optimistic scenario does the economy return to the GNP level in fiscal 2006, the last pre-recessionary year. According the WTCC the direct contribution of tourism in Puerto Rico in 2017 was $2.5 billion, while the estimate for the total contribution (including in directed and induced) was $7 billion, equivalent to 7% of GDP. The CIA has summarized Puerto Rico’s economy. Puerto Rico's economic malaise has roots in an industrialization movement dating to the late 1940s, as the island tried to emerge from its colonial past and achieve greater economic freedom. Economic Census - Puerto Rico data are not comparable to U.S. Economic Census data Value Flags - Either no or too few sample observations were available to compute an estimate, or a ratio of medians cannot be calculated because one or both of the median estimates falls in the lowest or upper interval of an open ended distribution. By Gretchen Sierra-Zorita. the economy away from the spiral of economic contraction, emigration and job loss. country comparison to the world: 97 Fiscal year: 1 July - 30 June Inflation rate (consumer prices): 1.8% (2017 est.) January 19, 2016 6:42 am. Chat with us in Facebook Messenger. 8) Even with economic reforms in place, the growth path for Puerto Rico’s economy is likely to take longer than 2030 to achieve full recovery. The local government summarized the debt problem in of an analysis of the situation secured by Bloomberg: Puerto Rico's merchandise trade surplus is exceptionally strong, with exports nearly 50% greater than imports, and its current account surplus about 10% of GDP. ... 50.1% of GDP (2016 est.) – Puerto Rico Maritime Shipping Authority, Special Communities Perpetual Trust special revenue and -0.3% (2016 est.) Matters in the optimistic scenario does the economy away from the spiral of economic contraction, emigration and job.! 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