Public debt of Puerto Rico

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Distribution of Puerto Rico's outstanding debt.

The public debt of Puerto Rico is the money borrowed by the government of Puerto Rico through the issue of securities by the Government Development Bank and other government agencies. The current[clarify] debt is about $67.7 billion USD or about 66% of Puerto Rico's gross domestic product (GDP).[1][2][3][4][5][6] By October 2013 the debt had ballooned to $87 billion including pensions.[7]

History and commentary[edit]

In May 2007, local economists expressed serious concerns when it was revealed that the Puerto Rico public debt equaled to 76% of its gross national product (GNP), making it one of the most indebted countries by percentage in the world, even more than the United States.[8][needs update]

Economists have criticized the government's fiscal policy, whose level of expenditures and indebtness has increase significantly within the past decade while the economy was grown at a much slower pace. Between 2000 and 2006 alone, Puerto Rico's GNP rose 5.37%, while its public debt's relation to GNP rose 18%.[8]

See also[edit]