Puerto Rico Shows Positive Growth, Unemployment Falls to Three-Year Low
Above: Gov. Luis Fortuño
By the Caribbean Journal staff
Puerto Rico’s Economic Activity Index grew 0.5 percent in December 2011, the first year-over-year growth since the recession began in 2006, according to the Government Development Bank for Puerto Rico.
The territory’s unemployment rate fell to 13.2 percent, the lowest since January 2009.
“With the EAI moving into positive territory in December 2011, we are seeing the index continuing to establish a clear upward trend over the past four months,” said GDB President Juan Carlos Batlle. “We had not seen a positive year-over-year change since the March 2006 observation when the recession started.”
Payroll employment amounted to 934,600, a 0.2 percent increase over December 2010.
“This shows that our economy is showing signs of recovery, and that the measures taken by Governor Fortuño’s administration are working,” Batlle said.
The unemployment rate, which was reported separately by the government, represented a sharp decrease from the December 2010 rate of 14.7 percent.
The EAI looks at the current trends and dynamics of the Puerto Rican economy.