Puerto Rico's Economy at Its Lowest Since 1994

Puerto Rican economy hit the lowest point in two decades, as reported on Monday on an index by the Commonwealth Government Development Bank (GDB).

Even with non-farming employment growing for the sixth consecutive month, and up to 0.4 percent from last year, the banks' economic activity is down 1.1 percent compared to the same term from last year, the headline index reached its lowest level since 1994.

A serious drop in electric power generation and commercialization was also shown in the index, with a fall of 4.1 percent, meanwhile cement sales went down 22.4 percent.

The economy of Puerto Rico has been near recession levels for eight years now, even if the rate of decline is not as great as previous years, it must be addressed by policy makers attempting to reverse Puerto Rican economy.

The Economic Activity Index does not measure Puerto Rico’s gross domestic product, although is closely tied to it and is considered as the prevalent methodology to measure the advance or lagging of the economy.

The index went public shortly after the U.S. census showed that the household income in the island fell by 2.3 percent in 2013, a decline way more noticeable than any U.S. state.

A drop in electricity production and sales, and also in cement sales, toppled over the island's growing employment.

Puerto Rico's Economy at Its Lowest Since 1994