office of - pr · growth. furthermore, the edb-eai reached a 1.1% growth during 2019, the second...

OFFICE OFECONOMIC STUDIES

Economic Development Bankfor Puerto Rico

This report is subject to revisions. While the information

contained herein is collected from sources the Economic

Development Bank for Puerto Rico (EDB) deems reliable, the

EDB is not responsible for errors or omissions, nor for any results

or conclusions obtained through the use of this material.

31%

29%

30%

10%

Economic Development Bank for Puerto RicoAldebarán St. 638 Urb. Altamira San Juan, Puerto Rico 00920-4226

787.641.4300 Ext. 3224, 3225

The Economic Development Bank for Puerto Rico (EDB)’s Economic

Indicators Summary compiles nearly 150 key indicators in Puerto Rico's

economy, and compares data from the most recent month with the

preceding month, and with the same month from the previous year. It

also features a cumulative, year-to-date analysis for all of the indicators,

and a bi-weekly three (3) sector “in brief” economic outline section.

BANKRUPTCIESAUTO SALES

Total bankruptcies (all chapters) decreased by 2.4% in January 2020. This represents a decrease of 12 bankruptcy case filings when compared against the same month from the previous year. Likewise, for the July - January period of fiscal year 2020, a total of 4,361 filings were reported, which represent a decrease of 1.8% or 79 less cases when compared to the same period from the previous fiscal year.

Automobile & Light Truck sales totaled

6,664 units sold in January 2020; 1,508

less units, or a 18.5% drop, when

compared to January 2019.

Furthermore, for the July-January

period of fiscal year 2020, the Total

Sales decreased by 7.5% or by 4,991

less units when compared to the same

period from the previous fiscal year,

reaching a total of 61,694 units sold.

The EDB-EAI reached 122.3 in

December 2019, a 1.0% growth

compared to December 2018, the

third year-over-year increment after

four consecutive months of negative

growth. Furthermore, the EDB-EAI

reached a 1.1% growth during 2019,

the second consecutive annual

positive growth, after five years of

uninterrupted reductions.

ECONOMIC ACTIVITYINDEX (EDB-EAI)

BDEPROnline BDEPROnline www.bde.pr.gov

OFFICE OFECONOMIC STUDIES

Economic Development Bankfor Puerto Rico

PUERTO RICOECONOMIC INDICATORS

PUERTO RICOECONOMIC INDICATORSPrepared by the Office of Economic Studies


ECONOMIC DEVELOPMENT BANK FOR PUERTO RICO • Prepared by: Off ice of Economic Studies

updated as of March 4, 2020

20 FY 19 FYLabor Force (thds., n.s.a.) 1/ Dec-19 Nov-19 Dec-18 Jul - Dec Jul - Dec % Ch.

Civilian Population 2,617 2,621 2,661 2,627 2,669 -1.6 Labor Force 1,045 1,046 1,084 1,065 1,080 -1.5 Participation Rate 39.9 39.9 40.7 40.5 40.5 0.1 Employment, Total 949 957 992 977 987 -1.1 Non-farm Wage & Salary Employment 775 773 795 798 814 -2.0 Self-Employment 1a/ 157 162 178 163 160 1.7 Unemployed, Total 95 89 92 88 93 -5.5 Unemployment Rate (%) 9.1 8.5 8.5 8.3 8.6 -4.2 Employment Rate 36.3 36.5 37.3 37.2 37.0 0.5 Unemployment Insurance Initial Filed Claims 1b/ 5 5 6 31 34 -8.5

20 FY 19 FYLabor Force (thds., s.a.) 2/ Dec-19 Nov-19 Dec-18 Jul - Dec Jul - Dec % Ch. Labor Force 1,063 1,072 1,079 1,078 1,083 -0.5 Employment, Total 974 987 988 993 991 0.2 Unemployed, Total 89 85 92 85 92 -7.6 Unemployment Rate (%) 8.4 7.9 8.5 7.9 8.5 -6.9

20 FY 19 FYPayroll Employment (thds., n.s.a.) 3/ Dec-19 Nov-19 Dec-18 Jul - Dec Jul - Dec % Ch.

Total 894.5 882.7 896.7 875.7 868.2 0.9 Government 204.8 204.2 205.3 202.6 203.8 -0.6 Private 689.7 678.5 691.4 673.1 664.3 1.3 Construction & Mining 28.5 27.4 29.8 27.6 27.1 1.8 Trade 158.0 153.5 161.0 151.9 154.4 -1.7 Transportation, Warehouse & Utilities 17.4 17.1 17.4 16.8 16.7 0.8 Information 18.4 18.2 17.9 18.2 17.5 3.8 Finance, Insurance & Real Estate 43.8 43.4 43.0 43.3 42.1 2.8 Services 348.9 344.9 348.2 341.7 333.9 2.3 Manufacturing 74.7 74.0 74.1 73.7 72.7 1.4 Durable Goods 30.9 30.8 31.3 30.7 30.8 -0.2 Fabricated Metal Product 3.7 3.6 3.8 3.6 3.7 -2.3 Computer & Electronic Product 5.9 5.8 5.6 5.8 5.5 4.5 Electrical Equipment, Appliance & Components 3.7 3.7 3.8 3.7 3.9 -3.9 Other 17.6 17.7 18.1 17.7 17.8 -0.4 Nondurable goods 43.8 43.2 42.8 42.9 41.9 2.5 Food 12.3 12.1 11.9 12.1 11.7 3.7 Apparel 6.3 6.0 6.1 5.9 5.6 4.8 Chemical 16.8 16.7 16.5 16.7 16.5 0.9 Other 8.4 8.4 8.3 8.3 8.1 2.5 20 FY 19 FYPayroll Employment (thds., s.a.) 4/ Dec-19 Nov-19 Dec-18 Jul - Dec Jul - Dec

Total 871.3 872.9 871.7 873.7 868.5 0.6 Government 202.6 202.4 202.6 202.5 204.3 -0.9 Private 668.7 670.5 669.1 671.3 664.2 1.1 Construction & Mining 26.4 27.0 27.5 27.2 26.9 1.1 Trade, Transportation & Utilities 168.1 167.8 170.9 168.1 170.8 -1.5 Information 18.3 18.2 17.8 18.2 17.5 4.2 Finance, Insurance & Real Estate 43.4 43.3 42.6 43.3 42.1 2.8 Services 339.2 340.9 337.6 341.1 334.6 2.0 Manufacturing 73.3 73.3 72.7 73.4 72.5 1.3 1a/ Includes self-employment & family without payment.

1b/ Weekly Claims Data - Collapsed to monthly frequency.




20 FY 19 FYCruise Ship Visitors (thds.) 5/ Nov-19 Oct-19 Nov-18 Jul - Nov Jul - Nov % Ch.

Total Number of Visitors 146.5 129.9 174.9 609.2 673.0 -9.5

20 FY 19 FYTourism (thds.) 6/ Aug-19 Jul-19 Aug-18 Jul - Aug Jul - Aug % Ch.

Total Hotel & Paradores Registrations 204.5 239.5 163.9 444.1 361.6 22.8 Total Hotel Registrations 193.8 224.6 153.2 418.4 336.4 24.4 Residents 54.0 101.0 41.9 154.9 101.9 52.0 Nonresidents 139.9 123.6 111.3 263.5 234.5 12.4 Occupancy Rate, Total Hotels (%) 68.5 76.9 72.0 72.7 74.4 -2.3 Daily Average of Rooms Available, Total Hotels 11,641 11,574 11,091 11,608 11,122 4.4

20 FY 19 FYConsumer Price Index (% ch.) 7/ Jan-20 Dec-19 Jan-19 Jul - Jan Jul - Jan

Index Base: Dec 2006=100 All Families 0.0 -0.2 -0.4 0.3 0.8 Food & beverage -0.5 -0.1 -0.1 -0.1 0.5 Housing 0.3 0.0 -0.3 1.1 0.2 Apparel -1.6 -0.5 -2.7 -1.6 -2.5 Transportation 0.1 -0.8 -1.8 0.0 0.8 Medical care 0.9 -0.1 0.0 0.9 1.7 Recreation 0.0 -0.5 -0.3 0.4 -0.5 Education & communications 0.2 0.0 0.2 0.9 2.4 Others goods & services 0.0 0.1 1.2 0.3 2.9

20 FY 19 FYGasoline Dec-19 Nov-19 Dec-18 Jul - Dec Jul - Dec % Ch.Average retail price (dollars per gallon) 8/ 2.81 2.76 2.58 2.77 2.95 -6.3Consumption (millions of gallons) 9/ 79.2 74.4 75.2 457.7 473.2 -3.3

Electric Energy Consumption 20 FY 19 FY(mm kWh) 10/ Jan-20 Dec-19 Jan-19 Jul - Jan Jul - Jan % Ch.

Total 1,207 1,322 1,168 9,773 9,707 0.7 Residential 469 503 442 3,831 3,743 2.4 Commercial 568 625 539 4,528 4,522 0.1 Industrial 137 165 154 1,182 1,220 -3.2 Other 32 29 33 232 220 5.1

Electric Energy Generation 20 FY 19 FY(mm kWh) 10/ Jan-20 Dec-19 Jan-19 Jul - Jan Jul - Jan % Ch.

Total 1,325 1,561 1,410 11,274 10,903 3.4

20 FY 19 FYCement Data 11/ Dec-19 Nov-19 Dec-18 Jul - Dec Jul - Dec % Ch.

Domestic Production (94lb. bags) 1,022 1,097 964 6,070 6,035 0.6Total Sales ( 94lb. bags & bulk) 1,035 1,084 1,002 6,664 6,869 -3.0

20 FY 19 FYAuto Sales 12/ Jan-20 Dec-19 Jan-19 Jul - Jan Jul - Jan % Ch.

Automobile & Light Truck 6,664 12,484 8,172 61,694 66,685 -7.5 Japanese 3,531 5,957 4,433 32,185 35,383 -9.0 Korean 1,556 3,837 1,745 15,454 16,072 -3.8 European 353 587 399 3,355 3,299 1.7 American 1,224 2,103 1,595 10,700 11,931 -10.3

9a/ A 3-month moving average was applied available data.




20 FY 19 FYRetail Sales (million $) 13/ Oct-19 Sep-19 Oct-18 Jul - Oct Jul - Oct % Ch. Total 2,559.9 2,275.1 2,560.0 10,530.6 11,076.0 -4.9 Motor Vehicle & Parts Dealers 429.3 404.4 471.3 1,972.0 2,168.0 -9.0 Automobile Dealers 380.8 357.1 420.1 1,762.8 1,948.6 -9.5 Automotive Parts, Accessories, & Tire Stores 48.5 47.3 51.2 209.2 219.3 -4.6 Furniture & Home Furnishings Stores 58.0 45.7 61.9 197.5 227.9 -13.3 Electronics & Appliance Stores 81.3 84.1 29.0 291.8 127.4 129.1 Building Material & Garden Equipment & Supplies Dealers 86.6 67.9 95.7 311.4 364.9 -14.7 Building Material & Supplies Dealers 80.2 61.9 88.2 284.9 335.6 -15.1 Lawn & Garden Equipment Supplies Stores 6.4 6.1 7.5 26.5 29.2 -9.4 Food & Beverage Stores 285.8 281.1 293.1 1,173.0 1,246.4 -5.9 Grocery, Beer, Wine, & Liquor Stores 275.1 270.6 285.5 1,130.7 1,202.4 -6.0 Specialty Food Stores 10.7 10.5 7.6 42.4 44.1 -3.8 Health & Personal Care Stores 194.4 178.4 175.1 741.5 706.4 5.0 Pharmacies & Drug Stores 175.5 160.4 154.7 669.6 630.5 6.2 Cosmetics, Beauty Supplies, & Perfume Stores 18.9 18.0 20.4 71.9 76.0 -5.4 Gasoline Stations 155.4 161.4 164.3 594.5 632.2 -6.0 Clothing & Clothing Accessories Stores 134.3 118.3 140.0 548.7 602.0 -8.9 Clothing Stores 68.5 64.8 70.9 275.1 307.8 -10.6 Shoe Stores 49.3 41.2 51.2 216.0 234.3 -7.8 Jewelry, Luggage, & Leather Goods Stores 16.5 12.2 17.9 57.6 59.9 -3.8 Sporting Goods, Hobby, Musical Instruments, & Book Stores 14.6 13.5 16.3 60.7 71.9 -15.5 General Merchandise Stores 908.1 719.8 911.0 3,793.2 4,090.0 -7.3 Fuel Dealers 48.8 48.0 43.3 201.7 182.1 10.8 Food Services & Drinking Places 163.2 152.5 159.1 644.6 656.8 -1.9

20 FY 19 FYExternal Trade (million $) 14/ Dec-19 Nov-19 Dec-18 Jul - Dec Jul - Dec % Ch.

Exports 5,457 5,351 4,286 32,038 31,069 3.1 United States 4,459 4,112 3,395 23,853 24,038 -0.8 Foreign Countries 975 1,214 873 8,044 6,914 16.3 Virgin Islands 24 25 17 141 117 20.1 Imports 3,302 4,084 3,795 23,626 26,369 -10.4 United States 1,752 1,922 1,760 11,789 12,890 -8.5 Foreign Countries 1,543 2,160 2,035 11,774 13,391 -12.1 Virgin Islands 8 1 0 64 89 -28.0 Trade Balance 2,155 1,267 490 8,412 4,700 79.0

20 FY 19 FYTransportation & Cargo 15/ Sep-19 Aug-19 Sep-18 Jul - Sep Jul - Sep % Ch.

Air Passenger Traffic - LMM & Regional (thds.) Inbound 312 450 289 1,305 1,248 4.6 Outbound 331 461 305 1,339 1,262 6.1 Net Balance -19 -11 -16 -34 -14 -145.0 Air Cargo - Regional (thds. of lbs.) 15a/ Inbound 6,586 7,626 6,594 22,762 24,004 -5.2 Outbound 6,074 6,922 6,395 20,782 22,983 -9.6 Net Balance 512 704 199 1,980 1,021 93.8

13a/ From Oct 2016, PR’s Retail Sales are coded according to the Notrh American Indsutry Classification System (NAICS), thus there is no prior

available data.

15a/ After June 2013, LMM cargo data is not available.




20 FY 19 FYBankruptcies 16/ Jan-20 Dec-19 Jan-19 Jul - Jan Jul - Jan % Ch.

Total Bankruptcies 496 619 508 4,361 4,440 -1.8 Quarterly Change Outstanding BalanceCommercial Banking (million $) 17/ IV 19 III 19 IV 18 IV 19 IV 18 % Ch.Total assets -1,425.1 1,500.8 -791.5 70,015.3 65,097.8 7.6 Cash & Balances due from Depository Institutions -3,184.1 2,209.6 -887.3 5,048.4 6,930.5 -27.2 Investment & Securities 2,293.7 -187.4 660.6 24,193.1 16,377.1 47.7 Loans & Leases, Net of Unearned Income & Allowances -241.6 -401.0 -31.2 33,340.7 33,983.1 -1.9 Other Assets -293.1 -120.4 -533.6 7,433.0 7,807.1 -4.8 Total Liabilities & Capital -1,425.1 1,500.8 -791.5 70,015.3 65,097.8 7.6 Total Liabilities -824.9 1,298.3 -1,173.1 62,182.0 56,934.2 9.2 Deposits 29.4 1,461.0 -1,040.1 59,193.6 53,001.8 11.7 Non Interest-bearing -532.9 -148.8 233.0 12,407.4 13,110.7 -5.4 Interest-bearing 562.3 1,609.8 -1,273.1 46,786.1 39,891.1 17.3 Other Liabilities -854.3 -162.7 -133.1 2,988.4 3,932.4 -24.0 Capital -600.2 202.4 381.7 7,833.3 8,163.6 -4.0 Selected Loan Activity Real Estate -586.8 -537.9 -287.7 19,350.4 21,238.9 -8.9 Commercial, Indust. & Agr. -81.2 -72.3 -165.9 3,740.0 3,728.9 0.3 Individuals 47.5 111.7 79.1 5,935.4 5,634.3 5.3 Leases 13.5 18.9 24.3 463.1 393.0 17.8 Other Loans 171.0 -9.1 237.8 4,467.0 4,114.4 8.6

20 FY 19 FYGovernment Revenues (million $) 18/ Nov-19 Oct-19 Nov-18 Jul - Nov Jul - Nov % Ch.General Fund Gross Revenues 586.0 936.6 586.4 4,501.4 3,795.7 18.6 Less: Reserve for Tax Refunds -55.0 -55.0 -29.5 -281.0 -255.5 10.0General Fund Net Revenues 531.0 881.6 556.9 4,220.4 3,540.2 19.2 Tax Revenues 510.0 837.0 531.3 4,001.8 3,335.6 20.0 Income Taxes 234.9 557.5 235.9 2,277.0 1,581.7 44.0 Individuals 126.8 197.8 145.7 770.6 684.8 12.5 Corporations & Partnerships 81.6 318.7 48.2 1,325.2 635.1 108.7 Withheld to Nonresidents 23.6 32.8 37.8 156.0 243.4 -35.9 Sales & Use Tax 128.6 100.7 102.3 517.2 501.1 3.2 Excise Taxes, Total 144.8 176.4 192.0 1,196.0 1,242.4 -3.7 Alcoholic Beverages 19.0 24.4 25.6 106.8 122.0 -12.4 Motor Vehicles 44.0 49.4 50.3 182.9 226.4 -19.2 Foreign (Act. 154) 63.3 73.6 101.8 765.6 822.0 -6.9 Licenses, Total 1.3 1.9 0.7 9.3 7.6 23.2 Nontax Revenues 12.5 11.0 10.4 74.3 66.5 11.7 From Non-Commonwealth Sources 8.5 33.6 15.2 144.3 138.2 4.4 Excise on Offshore Shipments 8.5 33.6 15.2 144.3 138.2 4.4 18 FY 17 FYPromotion Activities 19/ May-18 Apr-18 May-17 Jul - May Jul - May % Ch.Number of Projects 4 5 1 40 24 66.7 Employment Committed 915 239 17 2,404 1,336 79.9 Payroll Committed ($ thds.) 23,499 18,806 256 96,871 35,614 172.0 Investment Committed ($ thds.) 26,899 66,839 200 145,845 70,551 106.7

20 FY 19 FYEconomic Activity Index 20/ Dec-19 Nov-19 Dec-18 Jul - Dec Jul - Dec % Ch.EDB Economic Activity Index (Jan 1980=100) 20a/ 122.3 121.8 121.1 121.5 121.4 0.020a/ Seasonally adjusted data are computed using seasonal factors derived by the TRAMO-SEATS Seasonal Adjustment Method.

SOURCES: 1/ Dept. of Labor and Human Resources, Household Survey. Not seasonally adjusted. United States Department of Labor. Employment & Training Administration, Unemployment Insurance Weekly Claims Data. 2/ United States Department of Labor. Bureau of Labor Statistics, Household Survey. Seasonally Adjusted. 3/ Dept. of Labor and Human Resources, Establishment Survey. Industry Classification: NAICS. Not Seasonally Adjusted 4/ United States Department of Labor. Bureau of Labor Statistics, Establishment Survey. Industry Classification: NAICS. Seasonally Adjusted. 5/ P.R. Ports Authority. 6/ P.R. Tourism Company. 7/Dept. of Labor and Human Resources. 8/ Department of Consumer Affairs. 9/ P.R. Highways and Transportation Authority. 10/ P.R. Electric Power Authority.11/ Production: CEMEX Puerto Rico & Argos Puerto Rico LLC. Sales: CEMEX Puerto Rico & Argos Puerto Rico LLC. 12/ United Automobile Imprters’ Group (GUIA). 13/ Puerto Rico Trade and Export Company. 14/ P.R. Planning Board. P.R. Institute of Statistics. 15/ P.R. Ports Authority. 16/ US Bankruptcy Court, District of PR. 17/ Commissioner of Financial Institutions. 18/ P.R. Department of the Treasury. Sales & Use Tax began in Nov 2006. 19/ P.R. Industrial Development Company. 20/ Economic Development Bank for PR. Note: percent changes reflect actual values (no rounding). Disclamer:This report is subject to revisions. While the information contained herein is collected from sources the Economic Development Bank for Puerto Rico (EDB) deems reliable, the EDB is not responsible for errors or omissions, nor for any results or conclusions obtained through the use of this material. http://www.bde.pr.gov /

office of - pr · growth. furthermore, the edb-eai reached a 1.1% growth during 2019, the second...

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