PR economic activity down 2.1% year-over-year in July

Written by  //  September 13, 2017  //  Economy  //  No comments

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The graph compares actual real GNP growth rates with projected real GNP growth rates based on the GDB-EAI.

Puerto Rico’s economic activity took a 2.1 percent dive in July 2017, when compared to the same month last year, according to the Economic Activity Index released by the Puerto Rico Fiscal Agency and Financial Advisory Authority and the Government Development Bank.

When compared to June 2017, the index known as the GDB-EAI, also shows a drop of 0.1 percent, the document shows.

The four main indicators used to measure economic activity are: total non-farm payroll employment, which in July 2017 averaged 871,300, reflecting an annual decrease of 0.6 percent; electric power generation, which totaled 1,794.2 million kWh in July, a year-over-year decrease of 1.5 percent; gasoline consumption, which was 76.2 million gallons in July, or 6.1 percent below July 2016; and, cement sales, which totaled 0.9 million bags in July 2017, registering an annual decrease of 0.5 percent, the report showed.

The GDB-EAI is an indicator of the general economic activity, not a direct measurement of real Gross National Product. It is a coincident index for Puerto Rico’s economic activity. It is highly correlated to Puerto Rico’s real GNP in both levels and annual growth rates.

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