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Analysis by Region - Emerging Markets - Puerto Rico

Publisher Oxford Economics
Published May 26, 2023
Length 3 Pages
SKU # OFE17975038

Description

Analysis by Region - Emerging Markets - Puerto Rico



We've raised our 2023 GDP forecast for Puerto Rico by 0.5ppts to a 0.8% contraction, but have lowered our outlook for 2024 by 1.1ppts to 1.2% growth. Consumer spending and infrastructure projects, backed by federal funds, helped propel Puerto Rico to its strongest annual growth rate in two decades in 2022 at 3.5%, 0.5ppts higher than our estimate six months ago. But these funds mask underlying weaknesses in the economy. Consumers are scaling back spending due to dwindling excess savings and high prices, and a recession forecast is for mainland US in H2 2023.

Table of Contents

3 Pages
Please Note: Due to the brevity and/or nature of the content posted, there is no table of contents available for this report.

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