NEW YORK, May 14 (Reuters) - Puerto Rico’s economic activity index declined 0.4 percent in March compared to the same month last year, the U.S. territory’s Government Development Bank (GDB) said.
On a monthly basis the index rose 0.5 percent from February to March and has posted three consecutive months of modest gains, the GDB said in the release on Wednesday.
The index measures economic activity on the island based on cement sales, gasoline consumption, electricity generation and non-farm payroll. The GDB says the index is correlated with Gross National Product (GNP).
The index is being published under an adjusted methodology, the GDB said. Under the previous methodology, the year-on-year decline would have been 1.5 percent. (Reporting by Edward Krudy; Editing by Ted Botha)