Puerto Rico Economic Activity Index drops 3.4% in May
The Puerto Rico Government Development Bank unveiled the Economic Activity Index for the month of May, which registered a 3.4 percent year-over-year reduction from the same month in 2012 and marked the sixth consecutive month of downward results.
The May 2013 EAI was 126.7, a 3.4 percent drop compared to May 2012. Cumulative value for year-to-date fiscal 2013 reflected a reduction of 0.5 percent with respect to the same period in fiscal 2012, the GDB said.
The index’s four indicators performed as follows:
• Gasoline consumption for the month of May 2013 was 99.4 million gallons. Cumulative value for fiscal 2013 was 969.8 million, 2 percent above the same period during fiscal 2012.
• Total non-farm payroll employment for May 2013 was 910,600, a year-over-year drop of 2.7 percent. Average employment as of May reflected a decrease of 0.4 percent.
• Electric power generation totaled 1,844.6 million kWh, a year-over-year decrease of 3.1 percent. The cumulative level was slightly less compared to same period during fiscal 2012, the GDB’s report showed.
• Cement sales totaled 1.40 million bags, registering a year-over-year reduction of 24 percent. Cumulative cement sales were 10.3 percent below the same period during fiscal 2012, reflecting the state of the island’s construction sector.
The GDB-EAI is a coincident index for the economic activity of Puerto Rico. It is highly correlated to the Puerto Rico’s real GNP not only on the levels, but also on the annual growth rates.