P.R. economic activity slides 1.8% YOY in June
Puerto Rico’s economic activity index held up its downward spiral in June, when it reflected a reduction of 1.8 percent compared to June 2015, and a 0.2 percent reduction compared to May 2016, the Puerto Rico Fiscal Agency and Financial Advisory Authority (FAFAA) announced Monday.
On a year-to-date basis (July 2015 to June 2016) the decline was of 1.4 percent with respect to the same period of the previous fiscal year, the agency noted. The index recorded 123.7 points in June.
The index takes into consideration four key economic indicators to determine the island’s economic trends.
The first element, total non-farm payroll employment, averaged 888,200 for June 2016, an annual decrease of 0.8 percent. For FY2016 total non-farm payroll employment showed a 1.2 percent decrease with respect to FY2015.
Electric power generation for June 2016 totaled 1,806.8 million kWh, an annual increase of 0.4 percent. Electricity generation for FY2016 was 0.02 percent below the average value of FY2015.
The preliminary number for gasoline consumption in June 2016 was 80.4 million gallons, 3.4 percent above June 2015. On a YTD basis, gasoline consumption has increased by 0.3 percent.
The monthly gasoline consumption is estimated by the FAFAA from the Treasury Department’s monthly gasoline excise tax collections paid by importers, which are transferred to the Puerto Rico Highways and Transportation Authority.
These collections fluctuate due to changes in inventories and purchases, which do not necessarily reflect the actual monthly consumption reported by retailers, the agency noted.
Finally, cement sales for June 2016 totaled 1.03 million bags, registering an annual decrease of 19.5 percent. Sales for FY2016 were 11.5 percent below the value of FY2015.