June 19, 2021

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Economic Activity Index for November 2020 reports low

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SAN JUAN – The president of the Economic Development Bank for Puerto Rico (BDE), Pablo Muñiz Reyes, published on Saturday the data related to the Economic Activity Index (IAE) for November 2020.

The report reveals a reduction of 6.8 percent when compared to the month of the previous year.

“In cumulative terms, the average of the IAE-BDE for 2019 was 122.6. This is evidence of a 1.6 percent increase versus fiscal 2020, the second consecutive annual growth after five years with consecutive annual reductions. However, the accumulated average of the IAE-BDE for the previous year ended at 119.6, which translates into a decrease of 2.0 percent versus fiscal year 2019, ”Muñiz Reyes said in written statements.

This would be the ninth consecutive decline after 20 months of year-on-year increases.

Muñiz Reyes highlighted that the crisis created by the COVID-19 pandemic caused job losses and complicated the operation in the health sector, which is why the Government faces new challenges. These include developing other strategies that encourage economic activity, investing in small and medium-sized businesses to accelerate the recovery of displaced jobs.

The accumulated average of the IAE-BDE for the period from January to November of the year 2020 was 115.3 points, which represents a reduction of 5.9 percent.

In turn, the accumulated average for the first five months of fiscal year 2021, between July and November, is 114.2 or a decrease of 7.1 percent, when compared to the same period of fiscal year 2020.

During November 2020, one of the four components of the IAE-BDE: cement sales, increased 4.3 percent. While non-agricultural salaried employment, electricity generation and gasoline consumption showed decreases of 7.3 percent, 2.6 percent and 9.5 percent, respectively.

These results were compared against the figures for November 2019.

Finally, when compared with the month of October 2020, non-agricultural salaried employment increased 0.2 percent, electric power generation 5.4 percent, gasoline consumption -13.4 percent, and cement sales decreased 7.8 percent. hundred.

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