The Economy of Puerto Rico is one of the most dynamic in the Caribbean region. A diverse industrial sector has surpassed agriculture as the primary locus of economic activity and income. Encouraged by duty-free access to the US and by tax incentives, US firms have invested heavily in Puerto Rico since the 1950s. US minimum wage laws apply. Sugar production has lost out to dairy production and other livestock products as the main source of income in the agricultural sector. Tourism has traditionally been an important source of income for the island, with estimated arrivals of nearly 5 million tourists in 1999. ISO 4217 Code USD User(s) the United States, the British Virgin Islands, East Timor, Ecuador, El Salvador, the Marshall Islands, Micronesia, Palau, Panama, Turks and Caicos Islands, and the insular areas of the United States Inflation 3. ... July 1 is the 182nd day of the year (183rd in leap years) in the Gregorian Calendar, with 183 days remaining. ... June 30 is the 181st day of the year (182nd in leap years) in the Gregorian Calendar, with 184 days remaining. ... The Caribbean Community and Common Market or CARICOM was established by the Treaty of Chaguaramas[1] which came into effect on August 1, 1973. ... Map of countries showing percentage of population who have an income below the national poverty line The poverty line is the level of income below which one cannot afford to purchase all the resources one requires to live. ... An 1837 political cartoon about unemployment in the United States. ... Pharmacology (in Greek: pharmacon is drug, and logos is science) is the study of how chemical substances interfere with living systems. ... The field of electronics comprises the study and use of systems that operate by controlling the flow of electrons (or other charge carriers) in devices such as thermionic valves (vacuum tubes) and semiconductors. ... Men and women wearing suits, an example of one of the many modern forms of clothing (from the 1937 Chicago Woolen Mills catalog) Clothing is defined, in its broadest sense, as coverings for the torso and limbs as well as coverings for the hands (gloves), feet (socks, shoes, sandals, boots... A salad of vegetables and cheese with bread at the side. ... Tourists at Oahu island, Hawaii Tourism is the act of travel for predominantly recreational or leisure purposes, and also refers to the provision of services in support of this act. ... Motto: (Out Of Many, One) (traditional) In God We Trust (1956 to date) Anthem: The Star-Spangled Banner Capital Washington D.C. Largest city New York City None at federal level (English de facto) Government Federal constitutional republic  - President George Walker Bush (R)  - Vice President Dick Cheney (R) Independence from... West Indian redirects here. ... Tourists at Oahu island, Hawaii Tourism is the act of travel for predominantly recreational or leisure purposes, and also refers to the provision of services in support of this act. ...

History

Spanish Colonialism

In the early 16th Century, Juan Ponce de León and the Conquistadores were led by the Taínos to areas enriched with gold. This discovery encouraged the Spanish Crown to create a gold mining industry and attracted many settlers to the island who wanted to strike it rich. In 1521, concerned about threats from European enemies, Spain began constructing massive defenses around the city of San Juan. The strengthening of El Morro Castle, San Cristóbal, and San Gerónimo forts as well as the city walls were the stronghold elements of these successful defenses. The Spanish Crown allowed the enslavement of the native Taínos for the construction of these fortifications and for the further development of the gold mining industry. Gold mining became the first modern economy of Puerto Rico. Many Taínos died as a consequence of the harsh treatment that they were subject to. This eventually led to the importation of African slaves as a new source of manpower. The black slaves were forced to work the mines whose gold was sent to Spain. Juan Ponce de León Juan Ponce de León (c. ... Conquistador (meaning Conqueror in the Spanish language) is the term used to refer to the soldiers, explorers, and adventurers who brought much of the Americas under Spanish rule between the 15th and 17th centuries. ... The reconstruction of Taino village, Cuba The Taíno are pre-Colombian indigenous inhabitants of the Bahamas, Greater Antilles, and some of the Lesser Antilles. ... General Name, Symbol, Number gold, Au, 79 Chemical series transition metals Group, Period, Block 11, 6, d Appearance metallic yellow Atomic mass 196. ... This article or section does not cite its references or sources. ... Aerial view of El Morro. ... The Castillo de San Cristóbal is a Spanish fort in San Juan, Puerto Rico. ... Fort San Jeronimo picture taken from Caribe Hilton Hotel. ... Unlike other immigrations, the majority of the African immigration to Puerto Rico was a result of the slave trade. ...

When the Spaniards found gold in Puerto Rico, they established farms for cattle, grain, fruits, and vegetables to supply mining camps. These farms later grew into plantations for cash crops of ginger, sugarcane, tobacco, and coffee. The settlers who were farmers, began what was to become the agricultural economy of the island. Ginger cultivation was to become the main agricultural product, helping to establish a thriving economy until 1570 when the gold mines were declared depleted and no longer produced the precious metal. After gold mining came to an end in the island, The Spanish Crown basically ignored Puerto Rico by changing the routes of the west to the north. The island became mainly a garrison for the ships that would pass on their way to or from the other and richer colonies. Therefore, the commercial trade between Puerto Rico and Spain was greatly affected and since commercial trade with other countries was prohibited the islands economy became precarious. During this period the merchants in the island resorted to contraband, trading with ships from England, Netherlands or whomever would trade for the main produce of the island, which at that time was ginger. As much as 10 or 11 years would pass before Spain would renew it commercial links with Puerto Rico Binomial name Zingiber officinale Roscoe Ginger is used extensively as a spice in cuisines throughout the world. ... Species Saccharum arundinaceum Saccharum bengalense Saccharum edule Saccharum officinarum Saccharum procerum Saccharum ravennae Saccharum robustum Saccharum sinense Saccharum spontaneum Sugarcane or Sugar cane (Saccharum) is a genus of 6 to 37 species (depending on taxonomic interpretation) of tall grasses (family Poaceae, tribe Andropogoneae), native to warm temperate to tropical regions... Species Nicotiana acuminata Nicotiana alata Nicotiana attenuata Nicotiana benthamiana Nicotiana clevelandii Nicotiana excelsior Nicotiana forgetiana Nicotiana glauca Nicotiana glutinosa Nicotiana langsdorffii Nicotiana longiflora Nicotiana obtusifolia Nicotiana paniculata Nicotiana plumbagifolia Nicotiana quadrivalvis Nicotiana repanda Nicotiana rustica Nicotianasuaveolens Nicotiana sylvestris Nicotiana tabacum Nicotiana tomentosa Ref: ITIS 30562 as of August 26, 2005... A cup of coffee Coffee is one of the most widely consumed beverages in the world. ... Motto: (French for God and my right) Anthem: God Save the King/Queen Capital London (de facto) Largest city London Official language(s) English (de facto) Unification    - by Athelstan AD 927  Area    - Total 130,395 km² (1st in UK)   50,346 sq mi  Population    - 2006 est. ...

In 1493, Christopher Columbus, on his second voyage, introduced the ancestors of the Pure Puerto Rican Paso Finos to the New World. During this and subsequent trips by Columbus and other conquistadors, Andalusians, Barbs and Spanish Jennets were brought into what is now Puerto Rico. Spanish land owners in Puerto Rico used the Paso Fino in the plantations because of their endurance and the comfortable ride they provided. Breeding and exporting of the Paso Fino horses became an important source of income for the struggling economy of Puerto Rico. Christopher Columbus (Genoa?, Italy, 1451? – Valladolid, Spain, May 20, 1506) was a navigator and maritime explorer credited as the discoverer of the Americas. ... The Paso Fino is a beautiful, naturally-gaited horse with a history dating back many centuries to Spain. ... Carte dAmérique, Guillaume Delisle, c. ... The definition of jennet varies depending on location and on the antiquity of the usage. ...

From the 16th to the 19th century Puerto Rico was characterized primarily by underpopulation, poverty and neglect by Spain. Spanish law was changed to allow unrestricted trade with the neighbors and the Spanish Crown approved the Royal Decree of Graces of 1815, which promised free land for the Spanish citizens who were willing to establish themselves in Puerto Rico and develop its lands. Puerto Rico had basically remained economically undeveloped until 1830, when the immigrants from the Spanish provinces of Catalonia, Mallorca and the Canary Islands began to arrive and gradually develop the sugarcane, coffee, and tobacco plantations. The Royal Decree of Graces of 1815 is a legal order approved by the Spanish Crown in the early half of the 19th Century to encourage Spaniards and later Europeans of non-Spanish origin to settle and populate the colonies of Cuba and Puerto Rico. ... Anthem: Els Segadors Capital Barcelona Official language(s) Spanish, Catalan, and Aranese Area  â€“ Total  â€“ % of Spain Ranked 6th  32,114 km²  6. ... Location Location of Mallorca in Balearic Islands Coordinates : 39° 30’N , 3°0E Time Zone : CET (UTC+1) - summer: CEST (UTC+2) General information Native name Mallorca (Catalan) Spanish name Mallorca Postal code 07001-07691 Area code 34 (Spain) + 971 (Illes Balears) Website http://www. ... The Canaries is the nickname of Norwich City FC. Capital Las Palmas de Gran Canaria and Santa Cruz de Tenerife Official language(s) Spanish Area  â€“ Total  â€“ % of Spain Ranked 13th  7,447 km²  1. ... A cup of coffee Coffee is one of the most widely consumed beverages in the world. ...

The French who fled St. Dominique (what is now Haiti) from the slave uprisings and settled in the island bought with them the knowledge and expertise to develop the islands sugar industry. This led the way to the development of the Puerto Rican Rum industries which would have a positive impact on the island. Rum producing has long been an important part of Puerto Ricos economy. ...

Even though sugar became the backbone of Puerto Rico's economy, coffee was close behind. Out of the three main groups which immigrated from Spain, the Mallorcans were the ones who helped develop the islands early coffee industry. Many established coffee plantations in towns such as Lares however, they employed what was to become known as circular migration. For the Mallorcan immigrants the coffee economy of Puerto Rico was a mechanism for capital accumulation and instead of investing their profits in the economy of Puerto Rico, they sent their earnings to their families in Spain. Flag Nickname: Cuidad del Grito, Los Patriotas Gentilic: Lareños Location Location of Lares, Puerto Rico within Puerto Rico Government Founded April 26, 1827 Mayor Hon. ...

Early Yauco Coffee Plantation (Pre-1920)

By 1850, Spain had lost all but two of its colonies in the New World, Puerto Rico and Cuba. The Spanish Crown modified the Decree of 1815 to include those European of non-Spanish origin to settle and develop the lands of both islands. Waves of Corsicans, French, Irish and Germans immigrated to Puerto Rico and contributed to the creation of a triving agricultural economy. Of this group the Corsicans converted the islands coffee industry into one of the best in the world. Unlike the Mallorcans, the Corsicans settled with their families in the island and invested their profits in Puerto Rico's economy. The German immigrants established many importing and exporting firms in San Juan the islands capital. Image File history File links Yauco_Coffee_Plantation. ... Image File history File links Yauco_Coffee_Plantation. ... In the 19th century hundreds of Corsican families left their homeland, the island of Corsica in the Mediterranean Sea, and emigrated to the Caribbean island of Puerto Rico. ... This article or section does not cite its references or sources. ...

Despite the fact that the economy of the island had greatly improved, the vast majority of the islanders lived in poverty. The Spanish Crown needed funds to subsidize its troops in an effort to regain control of the Dominican Republic and therefore, increased the tariffs and taxes on most import and export goods. As a consequence Puerto Rico once more began to suffer a severe economic crisis.

United States control

Sugar cane plantation

The economy of the island became dependent on that of the United States after the Spanish-American War of 1898. Companies from the United States took over the operations of the main agricultural entities of the island. An example of this is the American Tobacco Co. which took control of the tobacco industry of the island. On August 8, 1899, Hurricane San Ciriaco, with winds of over 100 miles per hour, struck Puerto Rico and on August 22 another hurricane followed. These events practically destroyed the island's agricultural industry, causing the mass immigration of Puerto Rican laborers to other parts of the world and a sudden economic crisis. Another event which further deteriorated Puerto Rico's economy was the Great Depression of the 1930's. Image File history File linksMetadata Sugar_cane_plantation. ... Image File history File linksMetadata Sugar_cane_plantation. ... Combatants United States Republic of Cuba First Philippine Republic Spanish Empire Commanders Nelson A. Miles William R. Shafter George Dewey Máximo Gómez Emilio Aguinaldo Patricio Montojo Pascual Cervera Casualties 3,289 U.S. dead (only 332 from combat); considerably higher although undetermined Cuban and Filipino casualties Unknown[1... August 8 is the 220th day of the year in the Gregorian Calendar (221st in leap years), with 145 days remaining. ... 1899 (MDCCCXCIX) was a common year starting on Sunday (see link for calendar). ... Hurricane San Ciriaco was an Atlantic tropical cyclone which crossed Puerto Rico over the two day period August 8 to August 9, 1899, in an east-southeast to west-northwest direction. ... August 22 is the 234th day of the year in the Gregorian calendar (235th in leap years), with 131 days remaining. ... The Great Depression was an economic downturn which started in 1929 and lasted through most of the 1930s. ...

In 1945, U.S. President Franklin D. Roosevelt launched the Puerto Rican Reconstruction Administration, which provided agricultural development, public works, and electrification of the island. FDR redirects here. ...

In the late 1940's a series of projects called Operation Bootstrap encouraged, using tax exemptions, the establishment of factories. Thus manufacturing replaced agriculture as the main industry. Operation Bootstrap (Operación Manos a la Obra) is the name given to the ambitious projects which industrialized Puerto Rico in the mid-20th century. ...

The economic conditions in Puerto Rico have improved dramatically since the Great Depression due to external investment in capital-intensive industry such as petrochemicals, pharmaceuticals, and technology. Once the beneficiary of special tax treatment from the U.S. government, today local industries must compete with those in more economically depressed parts of the world where wages are not subject to U.S. minimum wage legislation. In recent years, some U.S. and foreign owned factories have moved to lower wage countries in Latin America and Asia. Puerto Rico is subject to U.S. trade laws and restrictions. Petrochemicals are chemical products made from raw materials of petroleum (hydrocarbon) origin. ... Pharmacology (in Greek: pharmacon is drug, and logos is science) is the study of how chemical substances interfere with living systems. ... By the mid 20th century humans had achieved a level of thinking mastery sufficient to leave the surface of the planet for the first time and explore space. ... Latin America consists of the countries of South America and some of North America (including Central America and some the islands of the Caribbean) whose inhabitants mostly speak Romance languages, although Native American languages are also spoken. ... World map showing the location of Asia. ...

Current Economic Overview

Tourism is an important component of the Puerto Rican economy supplying an approximate $1.8 billion. In 1999 an estimated 5 million tourists visited the island, most from the United States. Nearly a third of these are cruise ship passengers. An increase in hotel registrations, which has been observed since 1998, and the construction of new hotels and the Puerto Rico Convention Center are indicators of the current strength of the tourism industry. Pacific Sky sails under Sydney Harbour Bridge A cruise ship is a passenger ship used for pleasure voyages, where the voyage itself and the ships amenities are considered an essential part of the experience. ... The Puerto Rico Convention Center (PRCC) —or Centro de Convenciones de Puerto Rico in Spanish— is a convention center in San Juan, Puerto Rico owned by the government of Puerto Rico and managed by SMG. It is the largest convention center in the Caribbean and the most technologically advanced throughout...

The following are significant public and private projects (finished, planned or under construction) which are aimed at increasing the tourism industry in Puerto Rico:

• The Puerto Rico Convention Center (finished)
• The Puerto Rico Convention Center District (under construction)
• The Pan American Port Terminal in Isla Grande for cruise ships and liners (finished)
• The Coliseum of Puerto Rico Jose Miguel Agrelot (finished)
• The Condado Trio Renovation Project (Condado Vanderbilt and La Concha hotels) (under construction)
• Luis Muñoz Marín International Airport expansion and renovation project (under construction)
• Fairmont Coco Beach Resort (planned)
• San Miguel Four Seasons Resort (planned)
• JW Marriot Resort (planned)
• Numerous other hotel projects underway (including new hotels and expansions) adding hundreds of rooms to the industry

Puerto Ricans had a per capita GDP estimate of $17,700 for 2004 ^[1] , which demonstrates a growth over the $14,412 level measured in the 2002 Current Population Survey by the Puerto Rican Legal Defense and Education Fund ^[2]. In that survey, Puerto Ricans have a 48.2% poverty rate. By comparison, the poorest State of the Union, Mississippi, had a median level of $21,587, according to the U.S. Census Bureau’s Current Population Survey, 2002 to 2004 Annual Social and Economic Supplements ^[3]. Since 1952, the gap between Puerto Rico's per capita income and US national levels has essentially remained unchanged---one third the US national average and roughly half that of the poorest state. The Puerto Rico Convention Center (PRCC) —or Centro de Convenciones de Puerto Rico in Spanish— is a convention center in San Juan, Puerto Rico owned by the government of Puerto Rico and managed by SMG. It is the largest convention center in the Caribbean and the most technologically advanced throughout... The Puerto Rico Convention Center (PRCC) —or Centro de Convenciones de Puerto Rico in Spanish— is a convention center in San Juan, Puerto Rico owned by the government of Puerto Rico and managed by SMG. It is the largest convention center in the Caribbean and the most technologically advanced throughout... The José Miguel Agrelot Coliseum, officially named Coliseo de Puerto Rico José Miguel Agrelot (and nicknamed El Choliseo, in honor of Agrelots best known character, Don Cholito), is the biggest indoor arena in Puerto Rico dedicated to entertainment. ... Luis Muñoz Marín International Airport (IATA: SJU, ICAO: TJSJ) is a public airport located in Carolina, 3 miles (5 km) southeast of San Juan, Puerto Rico. ... The U.S. Census is mandated by the United States Constitution. ...

On November 15, 2006 the Government of Puerto Rico implemented a 5.5% sales tax. An optional 1-1.5% municipal tax had been in effect since May 2006. November 15 is the 319th day of the year (320th in leap years) in the Gregorian Calendar, with 46 days remaining. ... 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ...

Other statistics

• Industrial production growth rate: NA%

• Household income or consumption by percentage share:

• lowest 10%: NA%
• highest 10%: NA%

• Budget:

• revenues: $8.1 billion Central Government, $25 Billion with Public Corporations
• expenditures: $9.6 billion Central Government

• Electricity

• production: 17,765 GWh
• consumption: 16,521 GWh
• exports: 0 kWh
• imports: 0 kWh (1998)

• Electricity - production by source:

• fossil fuel: 98.06%
• hydro: 1.94%
• nuclear: 0%
• other: 0% (1998)

• Agriculture - products: sugarcane, coffee, pineapples, plantains, bananas; livestock products, chickens
• Exports - commodities: pharmaceuticals, electronics, apparel, canned tuna, rum, beverage concentrates, medical equipment
• Imports - commodities: chemicals, machinery and equipment, clothing, food, fish, petroleum products

Species Saccharum arundinaceum Saccharum bengalense Saccharum edule Saccharum officinarum Saccharum procerum Saccharum ravennae Saccharum robustum Saccharum sinense Saccharum spontaneum Sugarcane or Sugar cane (Saccharum) is a genus of 6 to 37 species (depending on taxonomic interpretation) of tall grasses (family Poaceae, tribe Andropogoneae), native to warm temperate to tropical regions... A cup of coffee Coffee is one of the most widely consumed beverages in the world. ... This does not cite its references or sources. ... Species Musa × paradisiaca A big load of plantains in Masaya, Nicaragua Cooking Plantains (pronounced plan-TINS) are a kind of plantains that are generally used for cooking, as contrasted with the soft, sweet banana varieties (which are sometimes called dessert bananas). ... This article or section does not cite its references or sources. ... This article or section does not cite its references or sources. ... Species See text. ... Caribbean rum, circa 1941 Rum is a distilled beverage made from sugarcane by-products such as molasses and sugarcane juice by a process of fermentation and distillation. ... The word drink is primarily a verb, meaning to ingest liquids, see Drinking. ... A giant grouper at the Georgia Aquarium Fish are aquatic vertebrates that are typically cold-blooded; covered with scales, and equipped with two sets of paired fins and several unpaired fins. ... Pumpjack pumping an oil well near Sarnia, Ontario Ignacy Łukasiewicz - inventor of the refining of kerosene from crude oil. ...

See also

• Economy of the United States

The United States has the biggest national economy in the world, with a GDP for 2006 of $13. ...

External links

• Brief History of Puerto Rico
• History of Puerto Rico
• Changing of the Guard: Puerto Rico
• UW Press: Sugar and Slavery in Puerto Rico

Notes

1. ^ CIA - The World Factbook -- Puerto Rico.
2. ^ PRLDEF.
3. ^ U.S. Census - Median Family Income.

v • d • e

Caribbean Community (CARICOM)

Antigua and Barbuda • Bahamas¹ • Barbados • Belize • Dominica • Grenada • Guyana • Haiti¹ • Jamaica • Montserrat² • Saint Kitts and Nevis • Saint Lucia • Saint Vincent and the Grenadines • Suriname • Trinidad and Tobago The Caribbean Community and Common Market or CARICOM was established by the Treaty of Chaguaramas[1] which came into effect on August 1, 1973. ... Image File history File links Flag_of_CARICOM.svg Flag of the Caribbean Community, based on image at the World Flag Database. ... Motto: Country Above Self Anthem: O Land of Beauty! Royal anthem: God Save the Queen Capital (and largest city) Basseterre English Government Parliamentary democracy Commonwealth Realm  - Monarch Queen Elizabeth II  - Governor-General Sir Cuthbert Sebastian  - Prime Minister Dr. Denzil Douglas Independence From the United Kingdom   - Date 19 September 1983  Area... Lc redirects here. ... Saint Vincent and the Grenadines — whose people are described as Vincentians — is an independent sovereign state of the Caribbean, having a British colonial history and now part of the Commonwealth of Nations. ... Motto: Together we aspire, together we achieve Anthem: Forged From The Love of Liberty Capital Port of Spain Largest town Chaguanas [1] English Government President Prime Minister George Maxwell Richards Patrick Manning Area  - Total 5,128 km² (172nd) 1,979 sq mi   - Water (%) Negligible Population  - July 2005 estimate 1,305...

Associate members: Anguilla • Bermuda • Cayman Islands • British Virgin Islands • Turks and Caicos Islands

Observer status: Aruba • Colombia • Dominican Republic • Mexico • Netherlands Antilles • Puerto Rico • Venezuela

¹ member of the community but not the CARICOM (Caribbean) Single Market and Economy
² territory of the United Kingdom awaiting British instruments of entrustment to join the CSME