Economic activity, exports and imports drop
By The Star Staff
Puerto Rico hotel registrations, gasoline consumption and payroll employment went down in the third quarter of fiscal year (FY) 2020 when compared to the same period in FY 2019, says the new macroeconomic indicators report from the island’s Fiscal Agency and Financial Advisory Authority (AAFAF by its Spanish initials).
The report, published by AAFAF on Tuesday, includes information on different types of macroeconomic indicators that are divided into 10 separate categories such as economic activity, employment and wages, exports and emigration, business growth, manufacturing, tourism, housing and real estate, poverty and state and federal programs, human capital, and macroeconomic growth factors.
The report found that the coincident economic activity index declined by 7.4% over the one-year period covered in the document.
Exports decreased 12.0% and imports fell 10.2% between the third quarter of FY 2019 and the third quarter of FY 2020, the report indicated.
The document showed hotel registrations fell 61.6% and payroll employment went down by 8.0% between the third quarter of FY 2019 and the third quarter of FY 2020. Income tax from corporations fell 39.8%, while the unemployment rate increased to 8.3% during the same period
The document contains some positive numbers as well. For instance, the number of foreclosures decreased by 86.1% between the third quarter of FY 2019 and the third quarter of FY 2020.
There was also 77.7% increase in the net balance of regional air cargo, and a 31.5% increase in sales and use tax collections for the same period.
As island residents have been on lockdown due to the coronavirus pandemic, gasoline consumption fell 15.6%.