Puerto Rico’s Economic Activity Index showed a 21.5 percent year-over-year growth in November 2018, the government announced.
The EAI-PR released by the Puerto Rico Economic Development Bank reached a level of 120.3 in November 2018, showing a decrease of 0.1 percent compared to October 2018.
The most recent results mark the third consecutive increase after 69 consecutive months of annual reductions, the EDB said.
The interannual change from November 2017 — when the island was still suffering from the collapse of the power system due to the impacts of Hurricanes Irma and María — to November 2018 was of 41.3 points, representing a change from -19.7 percent to +21.5 percent, the agency noted.
The EAI’s cumulative average for the first 11 months of calendar year 2018 recorded a level of 119.9, a of 1.5 percent increase versus the result for the same period of 2017. In addition, the EAI’s cumulative average from July to November of fiscal 2019 recorded a level of 121.7, which translates into a 7.6 percent growth, versus the result showed for the same period of fiscal 2018, the EDB stated.
Cement sales, power generation and nonfarm wage employment were the EAI’s components that exhibited an upward trend in annual terms in November 2018.
For the month of November 2018, the average nonfarm wage employment was 849,600 people — an increase of 0.07 percent over October 2018 and an increase of 0.9 percent compared with November 2017. Cement sales for the same period totaled 1.2 million 94-pound bags, which represents an increase of 6.3 percent over sales in the previous month and 64.3 percent over November 2017.
The preliminary estimate for gasoline consumption in November was 78.1 million gallons, 2.8 percent lower than in October 2018. The figure also represents a decrease of 6.7 percent compared to November 2017.
Power generation was of 1.5 billion kWh for the month of November 2018, an increase of 3.3 percent against the figure reported in October 2018 and an increase of 94.7 percent over November 2017.