EDB’s Economic Activity Index shows 3.3% YoY growth in August
The Puerto Rico Economic Development Bank’s Economic Activity Index reflected a year-on-year increase of 3.3% for last August, which represents the sixth increase after 12 consecutive reductions, the agency confirmed.
Compared to July, the same indicator reflected a slight improvement, an increase of 0.2%.
“While it’s true that these are positive indicators, we’re also monitoring other events that could eventually affect the Index, both positively and negatively,” EDB President Luis Alemañy-González said.
“We’re seeing considerable investment in infrastructure, driven by federal aid, among other positive signs, although the delay in the supply chain should also be a matter of concern,” said Alemañy-González.
The analysis by the EDB’s Center for Economic Studies found that although Puerto Rico has managed to contain the spread of the virus — due to the high vaccination rate and the measures established by the authorities — economic growth has turned out to be uneven due to the emergency caused in the distribution chain.
“Added to this are other factors, such as difficulties in recruiting personnel, insufficient materials for manufacturing, the high cost of energy, and lack of storage space,” said Gladys Medina, an economist from the Center for Economic Studies.
“Another positive factor is the increase experienced in cement sales, which remain at more than 1.2 million 94-pound bags per month, and the increase in in-person work that coincides with the rise in gasoline consumption,” said EDB Economist Juan Carlos González-Ruiz.