What kind of economy does Puerto Rico have?
The economy of Puerto Rico is classified as a high income economy by the World Bank and as the most competitive economy in Latin America by the World Economic Forum.
How does tourism help the economy in Puerto Rico?
Amid a recession, Puerto Rico’s tourism has been able to attract more visitors, generate more revenue and create more jobs than ever before. It was the tourism sector that spurred critical economic growth and helped maintain the energy and vibrancy of the island when it needed it the most.
What were the main economic activities in Puerto Rico for most of the colonial period?
Puerto Rico’s economy, now based on services and manufacturing, was dominated by agriculture until the mid-20th century. Under Spanish colonial rule the island was largely neglected because of its limited mineral resources.
What is the currency in Puerto Rico?
United States Dollar
Puerto Rico/Currencies
What are Puerto Rico’s main imports?
The main imports are chemicals and chemical products, petroleum and coal products, food products, transportation equipment, and computers and electronics. Puerto Rico: Major import sources Encyclopædia Britannica, Inc.
Does Puerto Rico depend on tourism?
Tourism has traditionally been an important source of income for the island, with estimated arrivals of nearly 3.2 million tourists in 2013, and a 7% of the Island’s GNP, the tourism industry employees over 63,500 people. As of June 2015, Puerto Rico is on the brink of default.
What is Puerto Rico’s main export?
The chief exports are chemicals and chemical products, foodstuffs, and computers and electronics. The main imports are chemicals and chemical products, petroleum and coal products, food products, transportation equipment, and computers and electronics. Puerto Rico: Major import sources Encyclopædia Britannica, Inc.
Do Puerto Rico use dollars?
Because Puerto Rico is a commonwealth of the United States, the island’s currency is the U.S. dollar. This makes spending money a breeze for U.S. tourists, who will also have access to American banks and ATMs.