Wednesday, May 18, 2022
Wednesday, May 18, 2022
    Home Puerto Rico Economy Employment in Puerto Rico falls to its lowest level in 30 years

    Employment in Puerto Rico falls to its lowest level in 30 years


    At the end of 2020, employment total in Puerto Rico was the lowest on record in almost 30 years , which could be associated with the closure of some 29,000 establishments and a practical collapse of expanding establishments, according to the Economic Dashboard of V2A Consulting 

    Similarly, in fiscal year 2020, net income to the General Fund plummeted 16.5%, breaking the favorable trend that had prevailed for 10 years .

    Both conclusions rest on data from the Puerto Rico Economic Board , a new analytical tool that has been prepared by the strategic consulting firm V2A Consulting and that will be available on its website, free of charge, for businessmen and professional organizations.

    The Dashboard, made up of 10 sections, groups together data published by the state and federal government, the World Bank and the , in relatively easy-to-understand graphs Fiscal Oversight Board (JSF), among others .

    The other most compelling evidence of the impact of the pandemic came from the General Fund.

    Since 2010, according to data grouped by V2A, income to the General Fund always closed higher, even by tenths of a percentage. This does not mean that the government received enough to cover its expenses or pay bondholders.

    Last fiscal year, net collections to the General Fund fell 16.5%, producing a break in a positive 10-fiscal-year trend. In fiscal year 2019, about $ 11,239 million was collected, that is, about $ 2,219 million less than in fiscal year 2018.