Puerto Rico’s Planning Board published the Statistical Appendix for 2021’s Fiscal Year yesterday, September 29, 2022. Said report showed that, contrary to the projections made by the Planning Board itself, Gross National Product grew by 1 % for 2021. This growth is greatly due to), the increase in total personal consumption expenditures by 19.0%, the increase in spending on machinery and equipment of 8.7% (especially by private companies and the increase in Construction (mainly by public corporations, but also in the private sector) of 7.1%.
This growth shown in the archipelago’s Economy is just one of 3 over the last decade. Looking into the future, the Planning Board projections show that GNP for 2022’s Fiscal Year (FY) should sit at around a 1.6% growth and a 0.3% contraction for 2023’s FY, meaning a growth of 1.3%.
It’s important to note that said projections were last decided based on the effects of the increase in the oil market due to the Ukrainian and Russian War, meaning other considerations such as the recent passing of Hurricane Fiona, could cause further changes in said projections.
