Why has manufacturing become a greater part of Puerto Rico's economy than agriculture?

See Answers (1)

Accepted Answer

Up until the 1940s, sugar production dominated Puerto Rico's economy. Since that time, manufacturing has eclipsed agriculture as the main source of economic activity and revenue, accounting for nearly half (about 46%) of the island's GDP. Pharmaceuticals, electronics, textiles, petrochemicals, processed foods, apparel, and textiles are among the top industries. The service sector is then followed by the financial, insurance, real estate, and tourist sectors. Up until recently, Puerto Rico had one of the most vibrant and competitive economies in the Latin American and Caribbean area. However, Puerto Rico's economy is mostly dependent on federal assistance from the US government. Puerto Rico's economy has been negative since 2006, nevertheless. The decline is related to the removal of tax advantages that had encouraged US businesses to invest in the island since the 1950s. As a result, the scarcity of jobs for an increasing population and the pace of economic growth are currently Puerto Rico's biggest problems.Learn more about Manufacturing here:https://brainly.com/question/13440987#SPJ1