Why is tourism important to Puerto Rico?
Tourism has been a very important source of revenue for Puerto Rico for a number of decades given it is host to diverse natural wonders, cultural and historical buildings, concerts and sporting events.
How much does Puerto Rico rely on tourism?
Tourism is an important component of the Puerto Rican economy supplying an approximate US$1.8 billion per year.
How much does tourism contribute to Puerto Rico’s economy?
In Puerto Rico, the joint study estimates that during 2019, travel & tourism accounted for a contribution of $5.17 billion in economic activity, representing 5.0 percent of the island’s gross domestic product (GDP).
How does tourism help the economy in Puerto Rico?
Amid a recession, Puerto Rico’s tourism has been able to attract more visitors, generate more revenue and create more jobs than ever before. It was the tourism sector that spurred critical economic growth and helped maintain the energy and vibrancy of the island when it needed it the most.
Does Puerto Rico depend on tourism?
Tourism has traditionally been an important source of income for the island, with estimated arrivals of nearly 3.2 million tourists in 2013, and a 7% of the Island’s GNP, the tourism industry employees over 63,500 people. As of June 2015, Puerto Rico is on the brink of default.
What happened to Puerto Rico’s economy?
Levels of debt in Puerto Rico became untenable, as the tax advantages of holding Puerto Rico’s bonds expired, and Hurricane Maria wreaked additional havoc on the island’s floundering economy. An aging population, mounting costs of social programs, and a declining population, have exacerbated debt problems as well.
How does Puerto Rico contribute to the US economy?
Statehood increases taxes paid by Puerto Rico, but it also expands access to federal programs. Under statehood, federal expenditures to Puerto Rico would increase by $5.4 billion. Corporate taxes would increase by $8.1 billion.
What is Puerto Rico’s main industry?
Service. The service industry is Puerto Rico’s fastest-growing industry, and it has most recently overtaken manufacturing as Puerto Rico’s primary industry in terms of GDP production. The three branches of Puerto Rico’s service industry, described in further detail below, are finance and real estate, trade, and tourism …