May Economic Activity 1.8% Lower than in 2015
SAN JUAN – Puerto Rico’s newly established Fiscal Agency and Financial Advisory Authority (FAFAA) has taken over theGovernment Development Bank’s role in producing the Economic Activity Index (EAI).
The EAI is an economic indicator that summarizes current trends and dynamics of the Puerto Rico economy. It has a high correlation with the island’s real gross national product (GNP). This means it accurately follows the behavior of the economy.
Of the four EAI indicators — payroll employment, electric-power consumption, gasoline consumption and cement sales — only one, gasoline consumption rose compared with the year-ago period.
The May figure for the EAI was 123.8, a 1.8% reduction compared with the same month last year, and a 0.1% reduction compared with April 2016. On a year-to-date basis (July 2015 to May 2016) the decline was of 1.4% with respect to the same period of the previous fiscal year.
Total non-farm payroll employment for May averaged 893,200, an annual decrease of 1.2%. And electric power generation for May on the island totaled 1.8 billion kilowatt-hours, an annual decrease of 0.4%.
The preliminary number for gasoline consumption in May, estimated from the Treasury Department’s monthly gasoline excise tax paid by importers, was 82.2 million gallons, or 3.5% higher than in May 2015.
Cement sales for May totaled one million bags, registering an annual decrease of 15%.
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