Puerto Rico Economic Index Fell 3.8 Percent in Last Fiscal Year: Report

Above: San Juan (CJ Photo)

By the Caribbean Journal staff

Puerto Rico’s economy fell by 3.8 percent in the last fiscal year, according to data from the Government Development Bank of Puerto Rico.

The Government Development Bank uses a metric called the Economic Activity Index, which measures general economic activity in the country.

Although the EAI is not a direct measure of Gross Domestic Product, it is typically highly correlated with it, according to the GDB.

In February, the Economic Activity Index was 127.1, a 2.4 percent reduction compared to February 2013, although that was the lowest year-over-year reduction since May 2013.

In January, the EAI fell by 3.4 percent compared to January 2013.

On the employment front, non-farm payroll employment averaged 929,200 in February, an annual increase of 0.1 percent. For the 2014 fiscal year, however, non-farm payroll employment fell by 1.9 percent compared to the 2013 fiscal year.