Creditors asked Puerto Rico to extend the plan to 10 from five years, the administration said. 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. 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. § 101(b)(1). The CIA has summarized Puerto Rico’s economy. § 101(c). country comparison to the world: 97 Fiscal year: 1 July - 30 June Inflation rate (consumer prices): 1.8% (2017 est.) ... 50.1% of GDP (2016 est.) 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. Chat with us in Facebook Messenger. The update was made as Puerto Rico engages in talks with bondholders to reduce the island’s $70 billion debt burden. Puerto Rico on June 30, 2016. Only in the optimistic scenario does the economy return to the GNP level in fiscal 2006, the last pre-recessionary year. Updated 8:56 AM ET, Fri June 12, 2015 . 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. • 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 . • The Oversight Board will be comprised of seven members appointed by the President in accordance with the following rules (§ 101(e)): -0.3% (2016 est.) Puerto Rico issued debt many times over the years. 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. – Puerto Rico Maritime Shipping Authority, Special Communities Perpetual Trust special revenue and By Gretchen Sierra-Zorita. Puerto Rico's economy matters in the 2016 presidential race . January 19, 2016 6:42 am. the economy away from the spiral of economic contraction, emigration and job loss. The swelling gap is based in part on lower than anticipated revenue collections for this fiscal year, the report said. How big is the Visitor Economy in Puerto Rico? The statistic shows the growth in real GDP in Puerto Rico from 2009 to 2018, with projections up until 2021. 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. 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