P.R.’s Economic Dev. Bank to begin publishing Economic Activity Index
The Economic Development Bank for Puerto Rico will begin publishing the government’s Economic Activity Index before the end of April, agency head Luis Burdiel said.
Economists comprising the EDB’s new Economic Analysis Bureau — who transferred from the now closed Government Development Bank — will produce the report, he said.
“Investors and entrepreneurs need to have a clear economic visibility. The uninterrupted publication of the EAI will allow the private sector to integrate these statistics as part of their strategic business planning,” said Burdiel.
“We believe it is no coincidence that since past administrations decided to suspend the publication of certain economic indicators, the economic growth rate has not returned to the levels required by our economy,” he said.
“The lack of economic information is an obstacle to investment and thus to economic development,” he added.
The EAI is a coincident index of Puerto Rico’s economy of that summarizes the behavior of four major monthly economic indicators: total nonfarm wage employment, cement sales, gasoline consumption and power generation. Prior to April 2012, the power consumption variable was used as part of EAI instead of power generation.
The EAI and other financial information will be posted on the EDB’s website, Burdiel confirmed.
“Following the disappearance of the GDB, the EDB’s role becomes more important as the only government bank dedicated to promoting economic development by facilitating access to capital to local entrepreneurs,” said Burdiel.