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The economy of Puerto Rico is classified as a high-income economy by the World Bank and as the most competitive economy in Latin America by the World Economic Forum. [14] [15] The main drivers of Puerto Rico's economy are manufacturing, which primarily includes pharmaceuticals, textiles, petrochemicals, and electronics; followed by the service industry, notably finance, insurance, real estate ...
Cuba is not included in the list due to lack of economic data. Of the countries listed, some are not independent: Aruba is a constituent country of the Kingdom of the Netherlands, and Puerto Rico is a United States territory with special status and thus is measured separately from the U.S. by the World Economic Outlook.
Puerto Rico residents pay more in federal income taxes every year than do residents of six U.S. states: "From 1998 up until 2006, when Puerto Rico was hit by its present economic recession, Puerto Rico consistently contributed more than $4 billion annually in federal taxes and impositions into the national fisc."
Puerto Rico remains a territory of the United States, exercising substantial internal self-government, but subordinated to the U.S. Constitution in areas such as foreign affairs or defense. For this reason, it is not considered to be a full-fledged associated state under either international or U.S. domestic law. [58] [59]
Economic History of Puerto Rico: Institutional Change and Capitalist Development, by James L. Dietz. Princeton, NJ: Princeton University Press, 1986. The Disenchanted Island: Puerto Rico and the United States in the Twentieth Century, by Ronald Fernández. 2ª ed. Westport CT: Praeger, 1996.
The Biden administration is designating 31 technology hubs touching 32 states and Puerto Rico to help spur innovation and create jobs in the industries that are concentrated in these areas.
In 2017, Puerto Rico had a median household income of $19,775 — the lowest of any state or territory in the United States. [1] Puerto Rico is the only U.S. territory whose data is recorded annually in American Community Survey estimates (as if it were a state) — the other U.S. territories have their data recorded only once every 10 years. [2]
Government supporters gather for a rally to protest against economic sanctions imposed by the US during the first term of President Donald Trump, in Caracas, Venezuela, in 2019.