Skip Navigation
Learn About Puerto Rico / Economy

Puerto Rico Economy by the Numbers

Economic Output

Economic output measures the total value of goods and services produced in Puerto Rico and is one of the clearest indicators of the island's overall economic performance. Gross Domestic Product (GDP), economic growth, and production by industry help illustrate how Puerto Rico's economy has evolved over time. While manufacturing remains the largest contributor, sectors such as tourism, financial services, technology, and professional services also play important roles in supporting the island's economy.

Gross National Income (GNI per capita) (formerly GNP per capita): $70.8 billion (2019)
per capita: $22,160 (2019)

Puerto Rico is classified as a high income country, high income countries are defined by the World Bank as countries with a Gross National Income (GNI) per capita of $11,116 or more.

Interesting Fact
The Gross Domestic Product, or GDP, measures the amount of goods and services (economic activity), measured at market prices, and produced within the country during a particular time period (usually a year). The Gross National Income, or GNI (formerly Gross National Product, or GNP), is the amount of goods and services produced by residents of a country, regardless of where that production takes place. In other words, the GDP is the value of the goods and services produced within the country, while the GNI is the value of goods and services produced by citizens of a country. For example, when an American company generates profits from a production in Mexico, these profits would be counted towards the U.S. GNI, not towards the Mexican GNI. Yet, these same profits will be counted as part of Mexican GDP, not the U.S. GDP, because the production takes place within geographic boundaries of Mexico.

Gross Domestic Product (GDP) - purchasing power parity
$137.828 billion (2023 est.)
$137.056 billion (2022 est.)
$132.334 billion (2021 est.)

GDP (official exchange rate):
$117.902 billion (2023 est.)
$104.2 billion (2017 est.)

GDP - real growth rate:
0.56% (2023 est.)
3.57% (2022 est.)
0.39% (2021 est.)

GDP - per capita (purchasing power parity):
$43,000 (2023 est.)
$42,600 (2022 est.)
$40,600 (2021 est.)

GDP per Capita Country Comparison

Country 2000 2008 2009 2010
Puerto Rico 10,000 18,100 17,400 16,300
United States 36,200 48,300 46,700 47,400
Jamaica 3,700 8,800 8,500 8,400
Cuba 1,700 9,700 9,800 9,900

Puerto Rican workers are covered by the U.S. Federal Fair Labor Standards Act (FLSA) are subject only to the Federal minimum wage ($7.25) and all applicable regulations. Workers not covered by the FLSA will be subject to a minimum wage that is at least 70 percent of the Federal minimum wage or the applicable mandatory decree rate, whichever is higher. Labor costs are below the mainland average, but are higher than in other areas of the Caribbean Basin.

Gross Domestic Product: real growth rate - 0.21% (2021 est.)

GDP - composition, by end use:
household consumption: 80% (2023 est.)
government consumption: 7.1% (2023 est.)
investment in fixed capital: 13.7% (2023 est.)
investment in inventories: 0.5% (2023 est.)
exports of goods and services: 53.9% (2023 est.)
imports of goods and services: -47.8% (2023 est.)

GDP - composition by sector:
agriculture: 0.7% (2023 est.)
industry: 49.1% (2023 est.)
services: 50.6% (2023 est.)
Old San Juan
Old San Juan reflects both Puerto Rico's historic heritage and its modern service-based economy, where tourism, retail, restaurants, and hospitality contribute significantly to local employment.

Workforce by the Numbers

A skilled, bilingual workforce ready for the global economy.

85%

Literacy Rate
High educational attainment with strong university system

Bilingual

Spanish & English
Most professionals fluent in both languages

1.2M

Labor Force
Active and skilled workforce across sectors

Growing

Tech Sector
Expanding technology and innovation workforce

Labor Force:
1.154 million (2023 est.)
1.136 million (2021 est.)
1.1 million of persons 16 years and over (2020)
1.081 million (November 2018 est.)

Labor force - by occupation:

Services: 35.2%, Trade: 23.4%
Government: 17.2%, Manufacturing: 10.2%,
Construction: 4.7%,
Transportation and other public utilities: 4.1%
Finance, insurance and real estate: 3.6%,
Agriculture: 1.6% (2019)

Top Growing Occupations:

Construction Growth: 15% (1997 est.)
Construction is currently one of the most dynamic activities in Puerto Rico's economy. Since the mid-1980s, the construction industry has grown faster than most other economic sectors, helping to sustain the overall growth of the economy.

Organized Labor:
Puerto Rico has dozens of labor unions representing workers across the public and private sectors. Today there are more than 40 active labor unions on the island, representing workers in education, utilities, government services, and manufacturing.

Unemployment Rate:
5.96% (2023 est.)
6% (2022 est.)
7.9% (2021 est.)

Youth unemployment rate (ages 15-24)
total: 13.7% (2023 est.)
male: 14.9% (2023 est.)
female: 10.5% (2023 est.)

Minimum Wage:
Puerto Rico follows the U.S. federal minimum wage, which increased locally to $10.50 per hour in July 2024. A scheduled increase will raise it to $11.00 per hour in July 2025.

Average Hourly Wage:
Average hourly wages vary by sector but generally range from $13–$17 per hour, still below the U.S. mainland average.

Tipped Minimum Wage:
Workers who receive tips may earn a base wage as low as $2.13 per hour, provided tips raise their earnings to at least the standard minimum wage.

Population Below Poverty Level:

Puerto Rico continues to have one of the highest poverty rates under U.S. jurisdiction.

Approximately 37.3% of residents live below the poverty line (2024 estimates).

For comparison, the U.S. national poverty rate is around 11–12%, meaning Puerto Rico's rate remains significantly higher than any U.S. state.

According to the US Census Bureau - that's nearly double the poverty rate in Mississippi, the most impoverished of the fifty states.

Interesting Fact
What is the poverty income level?

The U.S. Department of Health and Human Services and U.S. Census Bureau both record poverty statistics for the United States, but they each have their own calculations for the poverty income level.

The poverty guidelines are not defined for Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, the Republic of the Marshall Islands, the Federated States of Micronesia, the Commonwealth of the Northern Mariana Islands and Palau.

Puerto Rico uses its own poverty level which is significantly lower than the FPL - roughly equal to half of it.

In February of each year the U.S. Department of Health and Human Services (HHS) issues the Federal Poverty Guidelines in the Federal Register. These poverty guidelines are one version of the federal poverty measure.

The poverty level as defined by the HHS in 2017 was $20,420 a year for a family of three, or $24,600 for a family of four.

Another version by the Census Bureau, calculates the poverty thresholds using the federal Social Security Administration's official poverty definition, who coincidentally works with the HHS in the administration of certain programs.

The poverty level as defined by the Census Bureau in 2017 was $29,360 a year for a family of five.


Income & Cost of Living

Puerto Rico's cost of living varies depending on where you live and your lifestyle. While housing and some everyday expenses can be lower than in many parts of the mainland United States, income levels are also generally lower. These key indicators provide a snapshot of residents' purchasing power and overall quality of life.

Median Household Income

The median household income provides an overview of what a typical Puerto Rican household earns each year. It is commonly used to compare income levels with the U.S. mainland and other regions.

Current estimate: Approximately $28,000–$30,000 annually

Poverty Rate

Puerto Rico's poverty rate remains higher than that of the U.S. mainland, reflecting long-term economic challenges. Federal assistance programs and ongoing economic development initiatives continue to play an important role in supporting many families.

Current estimate: Approximately 40% of residents

Minimum Wage

Puerto Rico follows the U.S. federal minimum wage, although actual wages vary widely by industry, education, and experience. Higher-paying sectors include pharmaceuticals, healthcare, engineering, technology, and finance.

Current minimum wage: U.S. Federal Minimum Wage (subject to change)

Homeownership

Homeownership remains an important part of Puerto Rican culture. Many families own their homes, and property prices are often more affordable than in comparable U.S. metropolitan areas, although values vary significantly by location.

Homeownership rate: Approximately 67–70%

Why these statistics matter

Income, wages, housing, and poverty rates help paint a broader picture of Puerto Rico's economy. Together, these indicators illustrate both the opportunities and challenges facing residents while providing valuable context for anyone considering living, working, investing, or doing business on the island.


Education & Workforce Development

Education & Training:

Universities Vocational Training

Household Economics

Households and Families

Median Household Income: $19,775 (2017)
Total Households: 1,261,325 (2016)
Average population per family: 2.81 (2013-2017)
Average population per household: 2.98 (2000)

Inflation Rate (consumer prices):

-1.60% (August of 2020)
1.8% (2017 est.)
-0.3% (2016 est.)

Commercial bank prime lending rate:

4% (31 December 2016 est.)
3.3% (31 December 2015 est.)

Food Inflation -1.10% (July of 2016)


Understanding Puerto Rico's Economy

Economic statistics tell the story behind Puerto Rico's economy, revealing how the island has evolved from an agriculture-based economy into one driven by advanced manufacturing, tourism, services, and innovation. While numbers provide valuable context, they represent the people, businesses, and communities that continue to shape Puerto Rico's future.



Did You Know?

Contrary to popular belief the Puerto Rican flag is not based on the American Flag, but the Cuban flag. Puerto Rico adopted the same flag design, which was unveiled in 1895. In 1952, the blue field was changed from a light blue to a darker blue, like the American flag.