Economic Development Bank to take over preparation of Puerto Rico Economic Activity Index
SAN JUAN – The president of the Economic Development Bank for Puerto Rico (EDB), Luis Burdiel, announced Thursday that “before the end of April,” the institution will begin publishing the Economic Activity Index (EAI) of Puerto Rico. It will be prepared by its new Economic Analysis Office, after the transfer of personnel from the Government Development Bank (GDB) as a result of the latter’s closure.
The EAI is a monthly summary of the behavior of four economic indicators: nonfarm payroll, cement sales, gasoline consumption and electric power generation.
“The operational closure of the GDB does not imply that an important function, such as the preparation of the Economic Activity Index (EAI), will not be carried out. For this reason, the economists who, among other things, prepared the EAI will now be transferred to the Economic Development Bank. Now that the GDB has closed operations, the preparation and publication of the EAI will be worked on at the EDB,” Christian Sobrino, GDB president and chairman of the Fiscal Agency and Financial Advisory Authority, said in the release.
Burdiel assured that the index, along with other economic information previously published by the GDB will be published on the BDE website, www.bde.pr.gov, and will continue to be released monthly. A “seasonal series” of economic indicators will be made available as well, along with “other reports of a financial nature” in the coming months.
“The uninterrupted publication of the EAI will allow the private sector to integrate these statistical inputs as part of its strategic business-planning processes,” Burdiel said. “We believe it is no coincidence that since past administrations decided to suspend the publication of certain economic indicators, the rate of economic growth has not returned to the levels required by our economy. The lack of economic information represents an obstacle to investment and therefore to economic development.”
The official added that “the role of the EDB will become even more important as the only government bank dedicated to fostering economic development, facilitating access to capital for local entrepreneurs.”
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