UPDATE 1-Puerto Rico's economic activity drops in November
(Adds component data)
NEW YORK Dec 24 (Reuters) - Puerto Rico's economic activity index (EAI) fell in November, pressured by a drop in cement sales and electricity generation, according to data released on Wednesday by the U.S. commonwealth's Government Development Bank (GDB).
The index, which the GDB says is closely correlated with overall economic performance measured as gross national product, fell 2.1 percent year-on-year in November, marking 23 months of consecutive declines for the troubled economy.
Economic activity in Puerto Rico, as measured by the index, is currently at it lowest level in 20 years.
November was also the second straight month when the decline has been over 2 percent. The index started the financial year with a sub 1 percent drop in July, appearing to consolidate a trend showing a slowing rate of contraction.
November's reading was pressured by a 3.3 percent decrease in electric power generation and a drop of 19.5 percent in cement sales. The two other components posted small gains. Gasoline consumptions rose 1.3 percent and employment rose 0.5 percent.
The EAI rose 0.1 percent in November compared with October. (Reporting by Edward Krudy; Editing by Diane Craft)
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