Tertiary sector Economy of Puerto Rico

1 tertiary sector

1.1 finance
1.2 real estate
1.3 tourism
1.4 trade

tertiary sector
finance

the financial sector of great prominence, accounting 5.75% of puerto rico s gross national product (gnp) in 2010. similar other state of union, puerto rico s financial sector integrated u.s. financial system. federal regulations govern sector, being constituent part of jurisdiction of federal reserve bank of new york, responsible implementing monetary policy enacted members of federal reserve board in washington, d.c. throughout united states.

real estate

the real estate industry constitutes 14.8% of gdp, 1% of of employee compensation on island and, finance , insurance (fire), 3.7% of employment on jurisdiction.

tourism

tourism important component of puerto rican economy supplying approximate $1.8 billion usd per year. in 1999, estimated 5 million tourists visited island, united states. third of these cruise ship passengers. increase in hotel registrations, has been observed since 1998, , construction of new hotels , puerto rico convention center indicators of current strength of tourism industry. in 2009, tourism accounted 7% of islands gross national product.

the following includes public , private projects aimed @ increasing tourism industry in puerto rico:

trade

as unincorporated territory of united states, travel , trade between puerto rico , u.s. mainland or other u.s. territory not subject international border controls. however, goods moving puerto rico u.s. mainland subject agriculture inspection controls u.s. department of agriculture (usda). travelers , goods move without restriction between puerto rico , other u.s. territories such u.s. virgin islands. travel , trade between puerto rico , territory outside u.s. jurisdiction subject international border controls.

mail bound mainland puerto rico , hawaii subject usda inspection quarantined plant matter.

puerto rico may collect import duties same degree taxes same goods produced domestically.

puerto rico receives cross-over subsidies, generated approximately $371 million in 2008.

similar other states of union, puerto rico subject trade agreements signed united states. unincorporated territory, commonwealth restricted joining international organizations without consent of united states due current political status. however, due geographical , cultural nature, u.s. department of state allows puerto rico observer in international organizations potentially belong if puerto rico sovereign state.

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