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also reported that the firm Technical Studies, Inc.
wrote in a quarterly publication that Puerto Rico would suffer three years of economic contraction through 2016.
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Two new pieces of data for Puerto Rico point to continued economic contraction.
reports that the asset base of Puerto Rico banks continues to shrink: [Puerto Rico] bank assets declined 5.3 percent between 20, a drop of $3.5 billion in 12 months, according to the Office of the Commissioner of Financial Institutions (FICO). Total assets of commercial banks decreased from $66.8 billion in 2012 to $63.3 billion in 2013.
The GDB had held its previous investor call on October 15, 2013 and it hadn’t issued any financial information in the four months between calls.
Investors were starved for information aside from the monthly Economic Activity Index data issued by the GDB.
This varies substantially from the government’s economic projections and is important for estimating tax revenues for upcoming years.