BEA says Puerto Rico’s GDP grew 4% in 2021
By The Star Staff
Puerto Rico’s gross domestic product (GDP) grew 4% in 2021, according to new estimates from the Bureau of Economic Analysis (BEA).
The information was provided by Economic Development and Commerce (DDEC) Secretary Manuel Cidre Miranda, who expressed optimism with the estimates. The Puerto Rico Planning Board had already indicated that the economy is on positive ground and that, although it is working to maintain that growth in the long term, the trend is very positive.
“The BEA has just published these results that confirm that Puerto Rico has been experiencing a gradual improvement in the economy, thanks to the efforts made by the administration of Governor Pedro Pierluisi and government agencies, together with the private sector, to maintain consumption, achieve more investment and increase tourism, among other aspects such as a prepared labor force and better employment opportunities,” Cidre Miranda said.
The BEA has a collaborative agreement with the DDEC, the Treasury Department and the Planning Board to share economic data that it uses for the estimates. The agreement is central to improving the accuracy of the projections and serves as the basis for the publications. The estimates also recognize a notable improvement in the quality of information that Puerto Rico has provided in recent years, including more up-to-date audited statements and more robust databases.
The BEA confirmed meanwhile that the main reason for growth was an increase in personal consumption, where Puerto Rico was the fourth jurisdiction in the United States to see this growth.
The estimates also indicate that there was a drop in exports from the island pharmaceutical industry. The decrease is part of what the industry experienced post-pandemic, where challenges in global distribution chains caused a reduction in export activity.