{"id":3323,"date":"2021-07-16T17:34:28","date_gmt":"2021-07-16T17:34:28","guid":{"rendered":"https:\/\/www.bmediagroup.com\/news\/?p=3323"},"modified":"2021-07-16T17:34:28","modified_gmt":"2021-07-16T17:34:28","slug":"industries-in-puerto-rico","status":"publish","type":"post","link":"https:\/\/www.bmediagroup.com\/news\/industries-in-puerto-rico\/","title":{"rendered":"Industries in Puerto Rico"},"content":{"rendered":"

Puerto Rico’s economy has had a long and dynamic history, especially as it relates to its status as a US territory. The island is known especially for the incredible beaches<\/a> and storied sightseeing destinations. This makes tourism one of its most important economic sectors. However, there is a lot about the industries in Puerto Rico that you may not know.<\/span><\/p>\n

Up until the mid-1900s, agriculture was the main industry supporting Puerto Rico’s economy. The island, which had limited mineral resources, was largely neglected by Spanish colonial rulers. However, San Juan became a major trade port in the Caribbean. In the decades that followed World War II, factories and manufacturing became very important to the Puerto Rican economy under American rule. This shift happened because of government-sponsored economic development and social welfare programs. These developments supported private business and updated Puerto Rico\u2019s transportation infrastructure.<\/span><\/p>\n

Now, however, Puerto Rico’s economy has shifted into a <\/span>service economy<\/span><\/a>, as manufacturing growth has slowed in the past few decades. The services sector, which includes things like trade, tourism, finance, and government work, has quickly become the leading industry in Puerto Rico. The services sector accounts for around half of Puerto Rico’s GDP and employs up to 75% of all workers on the island.<\/span><\/p>\n

\"industries<\/p>\n

Major Industries in Puerto Rico<\/h2>\n

Agriculture<\/strong><\/h3>\n

The agriculture industry is still alive in Puerto Rico. However, it is nowhere near the most dominant industry. According to recent data, agriculture makes up <\/span>less than 1%<\/span><\/a> of Puerto Rico\u2019s annual Gross Domestic Product (GDP).<\/span><\/p>\n

Puerto Rico used to have a relatively large sugarcane production industry, but this has mostly ceased to exist. This is in large part due to government regulations on sugar companies in the US and its territories, as well as on producers abroad that import to the US. Puerto Rico does have a thriving rum production industry, but it imports most of the molasses necessary. <\/span><\/p>\n

The three traditional farm products still produced in Puerto Rico are:<\/span><\/p>\n