Most island businesses have reached pre-COVID sales levels
By The Star Staff
A majority of Puerto Rico businesses say they have recovered a level of sales similar to what they had before the start of the COVID-19 pandemic, according to a study by economic research firm Estudios Técnicos.
As of this month, 62.1% of the companies surveyed for the Business Confidence Index (BCI) study said they had a sales volume equal to before the outbreak of the COVID-19 virus.
Meanwhile, the remaining companies that have not yet reached that level expect to do so within one to two years.
Because of inflation, 89.7% of businesses said they have had to increase prices of their products, according to the report.
The perception among business owners that Puerto Rico’s economy is in recession has dropped to 48.4% this month, down from 60.5% in February.
For the next 12 months, 17% of business owners said the economic situation will be better, 53% said it will be the same and 29% said it will be worse, according to the survey.