Puerto Rico economic activity declines for third consecutive month

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Puerto Rico’s economic activity declined in November for the third consecutive month, according to the local government’s economic activity index.

The index value for November was down 0.2% from October and 1.3% from August, the peak since Hurricane Maria.

Compared to November 2017 the index was up 21.5%. November 2017 was the low after Maria. After that month the index climbed every month until July 2018.

“We have been anticipating for months that the recovery is losing strength, as the Federal Emergency Management Agency money ends,” Gustavo Vélez, chairman of Inteligencia Económica, wrote on twitter. “Today the government's own data validates it. Sad and regrettable.”

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PROMESA Commonwealth of Puerto Rico Puerto Rico Sales Tax Financing Corp (COFINA) Puerto Rico Electric Power Authority Puerto Rico Aqueduct & Sewer Authority Puerto Rico Industrial Development Co Puerto Rico