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Latino Daily News

Sunday June 1, 2014

Puerto Rico’s Economy Contracts 3.3 Percent in 10 Months

Puerto Rico’s Economy Contracts 3.3 Percent in 10 Months

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Puerto Rico’s economy has contracted 3.3 percent during the first 10 months of the current fiscal year, compared to the same period in the previous fiscal year, the Government Development Bank said in a report.

The economic activity index, a gauge used by the island’s government to measure trends in the economy, fell 1.3 percent in April, compared to the same month in 2013.

The index takes into account non-agricultural employment, electricity generation, gasoline consumption and cement sales.

Non-agricultural employment fell 1.5 percent, electricity generation dropped 3.1 percent, gasoline consumption fell 2.1 percent and cement sales plunged 14.6 percent during the first 10 months of the fiscal year, compared to the same period in the prior fiscal year.

The Government Development Bank issued the report late Friday, revising the March figure from the contraction of 0.80 percent initially reported to a pullback of 1 percent.

The economic trend turned negative in April after appearing to show a slight recovery since December.

Economic activity, however, has contracted every month since January 2013 following nearly a year of improvement.

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